The Notch filter is often recommended for that type of noise removal. If the one in Premiere Elements 10 is not doing the job, have you looked at the Notch in the free audio editor Audacity?
We will be watching for further details.
Yes, I agree that the Notch Filter can be very useful, and mentioned it along with a few other "possibilities," such as EQ and High-pass and Low-pass Filters (depends on the spectrum of the static), in that "noise" article.
Now, I have never used the one in PrE, so cannot comment on how well it works. With problem Audio, I usually head to Audition pretty early in the workflow. For those, who do not have Audition, I do recommend the great, free Audacity. It can also work with many VST's that are available on the Internet (both free and for-pay).
Also, that Magix Cleaning Lab is an amazing little product, especially considering that it only cost me about US $29. It's "noise" presets have saved me a lot of time over the various cleaning operations in Audition, so with many issues, I will run to it, even before Audition.
Audition CS 6 has gotten even better at noise-removal, and I have been exploring that.
Good luck to the OP,
I used the noise fader and nose reducer and they seemed to help some. Its more tolorable now and not as loud.
"Tolerable" might well be as good as it gets. At least things ARE better.