How to get student loans at 2%

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NEW YORK (CNNMoney.com) -- Question 1. How are people able to get their student loans down to 2%? Two of my children have student loans and we'd be very interested to know this. Thank you very much. -- Diane, North Dakota

We got a LOT of e-mail from folks wondering the same thing. If your children have older variable rate Stafford or PLUS loans that were issued before July 1st 2006 and they haven't been consolidated, you may be able to consolidate them now so you can take advantage of that 2% interest rate. That's a historic low.

But, if you have loans that were originated after that date, your interest rate will be the weighted average of all your loans combined (generally that will be 6 to 8.5%). For more information, call your lender.

Question 2. How do you get a credit rating when you have no credit history? What things should I be considering before going ahead? -- Joan

The truth is you'll need to get a credit card in order to start creating your credit history.

To start, become an authorized user on someone else's card. An "authorized user" is someone who uses someone else's credit card without being responsible for the bill. A lot of people do this to help their kids or their spouses build good credit.

Shop around for the best credit card terms at cardratings.com or creditcards.com. And to make sure that once you get that credit card that you always pay your bills in full and on time. Eventually you'll build up a stellar credit history.

Question 3. What is your advice on Reverse Mortgages for seniors over 83, who need more income to maintain? --Faye

A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live there.

You're essentially taking out the equity of your home. And these products may be a good idea if you have a lot of equity in your home and you're not going to move. But there can be a lot of fees associated with this kind of loan, so make sure you go to aarp.org for more information.