My husband consolidated his federal student loans back in 1999, when the rates were 8-9%. We've investigated every possible alternative for getting this interest rate down and have found nothing. The Dept of Ed says you can only consolidate one time. No private banks will touch it because it is federal. I find it ironic and disheartening that you can refinance everything in life - house, car, private debt - but a student who naively consolidates at a high interest rate has no future options. Is it true that we have no options?

I wish I had better news, but I do not. I share your frustrations.

It is true that you can not re-consolidate your federal loans. When you fix your interest rate it is locked at that time. Sadly the late 90's produced some of the highest interest rates for students loans ever seen.

I'm in exactly the same situation. I consolidated a portion of mine and my wifes federal loans in 2003, $45,000 at 8% with Sallie Mae as a Federal Consolidated loan (LSC/FL) since then my wife and I have had several hardship issues but in the end she is staying home with our children and I'm trying to pay off both of the loans. It is unbelievable that we cannot get these loans refinanced. I feel like I'm paying for the education of others at this point.

It seems like a private company would be interested in several million dollars worth of loans for folks that are actually making payments.
Does anyone know of a bank that would be interested in creating large private loans for those with jobs? Then we could just pay off these giant conglomerates without giving them any more interest at 800% the amount they are borrowing at.

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