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Topic: Student Loans, Refinance Options?< Next Oldest | Next Newest >
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PostIcon Posted on: Jan. 29 2013, 11:05 pm  Skip to the next post in this topic. Ignore posts   QUOTE

Just curious if anyone's ever refinanced their student loans.  It irks me that my interest rate (on the smaller of my two loans)  is 8.25% while my mortgage and car are both under 4%.  The loan balance isn't much ($6000 or so) but I can't help but wonder if I'd be better off just taking out a signature or some other type of loan with a lower interest rate.  

I make too much money to deduct any student loan interest, so keeping the debt classified as a student loan isn't really a concern.


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PostIcon Posted on: Jan. 29 2013, 11:51 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Sounds like a good idea to me.   Did you mean to post this in Trailhead Register?  :)

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PostIcon Posted on: Jan. 30 2013, 6:51 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Check out AES - after I graduated I consolidated my loans through them at 6%

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PostIcon Posted on: Jan. 30 2013, 8:26 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(Deborah @ Jan. 29 2013, 11:51 pm)
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Sounds like a good idea to me.   Did you mean to post this in Trailhead Register?  :)

Haha, yes, I did!  Oops!

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PostIcon Posted on: Jan. 30 2013, 11:40 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I have not refi'd my debt, but I did consolidate initially (which helped).  I could be wrong, but I don't think many banks will refi student debt because it's not a typically profitable endeavor.  

That said, it doesn't hurt to ask a few banks if they would (maybe a smaller, local bank/credit union would be willing?).  

I think you have already hit on your best option, which is to take out personal/signature loan (if it has a better rate of course) and just pay off your student debt with the proceeds from the new loan.


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PostIcon Posted on: Jan. 30 2013, 1:56 pm Skip to the previous post in this topic.  Ignore posts   QUOTE

You get to refi them once.  If I were you, I would jsut pay it off.

Ben


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