This is an embarrassing thing for me. Growing up my family believed money is a bad thing that shouldn’t be talked about. I have found this philosophy hasn’t served me well and abandoning it. I recently completed school and am repayment for student loans. A lot of people tell me the interest rate I am paying is high. I’m wondering if there’s anything I can do about it? I got an email today saying I’m eligible for the Repayment Assistant Plan (which would reduce my monthly required payment), but I don’t see how just postponing it would help?
My original repayment amount was $18,820 and my amount owing is $14,220.00. Original term is 114 months and remaining term is 88 months. Current interest rate is 6.45% floating and daily interest is $2.11.
How much should I repay each month? As much as I possibly can? Should I take out a lower with a lower interest to repay this one?