NewsCenter 5 asked Betsy Mayotte for advice. She’s the president and founder of The Institute of Student Loan Advisors or TISLA, a Massachusetts-based nonprofit which provides free, impartial student loan advice.
“Especially when people first get out of school, they find the lowest payment they can get, which is probably all they can afford at that moment. And then they set it and forget it,” Mayotte said. “Even though interest rates are going up, if I had double-digit interest rates, I’d be looking into refinancing that private loan to see if I could get a lower interest rate.”