Sallie Mae interest rate locked in at 8.25%....

do you happen to know what the interest rate was on your previous loans before they were consolidated? I work at sallie mae, however I do not work in the consolidation department...however, i do know that when they consolidate your loans, they take the average rate of all included loans and round up to the nearset eigth of a percent...I know currently the grad loans are set at a fixed rate of 8.25%. So it really just depends on what the previous rates were in reguards to if it can get any lower!

Consolidated interest loan rates are set at a weighted average of your previous loans. Staffords disputsed late in the 90's had an interest rate of 8.25. You can check out rates atg http://www.finaid.org/loans/historicalrates.phtml

Unfortunately you are stuck with this rate.

I would like to know this too. Does Sallie Mae take an average of all your Sallie Mae loans at the current rate or over the life of the loans? I am looking to lock in my rates, due to my payment being under 500 dollars.

Private or federal loan??

my loans are through Sallie Mae as private Signature Student loans. I want to lock them in. If they say they can't be, they are lying. I've also been lied to in that they say they can charge whatever rate they want. I was also told that Sallie Mae has no other relief other than their Select Step program if you can't make a payment. That only makes you owe more.

You are stuck with the terms of your prom note....read it. Private loans dont come with many options....they are not required to.

Your situation is exactly the same as me. I think the only thing I can do is pay it with a mortgage roll-in, or somehow manage to re-loan this money. The rate is ridiculous, and that Sallie Mae isn't looking to negotiate some of this is stupid.

Shop your debt! I am. This is a rip-off.

If this is a federal loan, it is not sallie mae....interest rates are set by the governement.