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Subject: Refinancing student loans
Posted by: wiggs
- Leader [04991311] Tue, May 14, 2013, 21:19
Not sure if this is really the place to post this, but I figured I would give it a shot.
I am currently paying back my students loans, I have a large federal loan and a smaller private loan, both are at 7.5% interest. I am thinking that is too big of an interest rate, but I cant find where to go to consolidate/refinance them. Any help would be greatly appreciated. |
| 1 | GO
ID: 120252515
Wed, May 15, 2013, 11:11
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I'd like to know similar. Got about 40K in loans between us - would be nice to consolidate and get an income contingent payment option.
They are killing me right now.
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| 2 | Perm Dude
ID: 201027169
Wed, May 15, 2013, 14:50
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Student loans can all be paid off with a regular bank loan. I'd suggest going to your bank with your student loan papers and have your bank make an offer for a standard bank loan. Even with a small amount of up-front fees, you're going to be cutting your interest in half, probably.
Banks *love* it when you come in with a high-interest loan to pay off.
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| 3 | wiggs
Leader
ID: 04991311
Thu, May 16, 2013, 18:38
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no such luck- bank only offers 5 year loans so the price would be considerably higher
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| 4 | Perm Dude
ID: 201027169
Fri, May 17, 2013, 00:20
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That must be a term limit they use for unsecured loans?
I don't suppose you would be able to collateralize the loan? If you own your home, for example, and are willing to use it as collateral, you will free up a lot of cash, in the end.
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| 5 | beastiemiked
ID: 53512921
Fri, May 17, 2013, 01:48
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Banks are stingy these days. Avoid the national banks since they'll make you jump through 1000 hoops only to deny you when you don't make 150k a year. Try some local banks that keep loans in house.
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| 6 | loki
ID: 7116710
Mon, May 20, 2013, 11:34
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Try going directly to SallieMae. It may be able to consolidate your loans at a lower rate and longer term.
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