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Refinancing a Student Loan?

Lizard King

Lizard King

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Sep 9, 2010
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With mortgage rates at a low, is it possible to refinance a student loan? My wife is paying 5.5% interest on hers and it is driving me crazy! Was thinking of getting a 0% credit card and rolling the balance on there for a year and then roll it again, but if there are reputable refi companies out there would rather do that.
 
tommyguns2

tommyguns2

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What is the present rate on a home equity loan? I used one about a decade ago for liquidity, and I think it was only about 2.75% at the time. Pretty cheap money. But it is a variable rate, so that's a negative.
 
Lizard King

Lizard King

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I just refinanced my mortgage and closed on Friday, don't want to take out a second mortgage.
 
monsoon

monsoon

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Is your wife a doctor?

Sine they're non bankruptable the lender really has no incentive to refi
 
tommyguns2

tommyguns2

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Is your wife a doctor?

Sine they're non bankruptable the lender really has no incentive to refi

The lender won't refinance unless he's convinced you're going to refinance with someone else. Less biz is better than no biz.

If you think you can pay down a decent amount in the next year, your idea on the credit card makes sense, but credit cards give me the creeps. You can typically get a better rate from the mafia. Except the credit card companies won't pay you a visit if you're late.....
 
Lizard King

Lizard King

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Wasn't going to try with the same company for a lower rate, was wondering if there were specific companies you could refinance a student loan with.
 
JackD

JackD

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Wasn't going to try with the same company for a lower rate, was wondering if there were specific companies you could refinance a student loan with.

you can refinance that and if there is multiple loans they can be rolled into one. There is also zero payments and interest during this time so you can pay that principal down quick during the next 6 months.

I’ll PM you the company later tonight when I get home.
 
Lizard King

Lizard King

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you can refinance that and if there is multiple loans they can be rolled into one. There is also zero payments and interest during this time so you can pay that principal down quick during the next 6 months.

I’ll PM you the company later tonight when I get home.
Her father consolidated 6 loans into 1, and when he did so the combined monthly amount became unpayable for her right out of college so she defaulted. NYS in their infinite wisdom since these were NYS Higher Education loans tacks on a $7,500 default charge and then keeps the juice running, worse than the mob. When we got married I took over all of her finances, got her out of default and set up a deferment to come right out of her paycheck but it's just not moving and pisses me off every time I look at it.
I can hammer it the next 6 months, send me that info. Thanks!
 
tommyguns2

tommyguns2

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I can hammer it the next 6 months...

Leave that poor woman alone! She's already suffered enough. Instead, why don't you pay off as much of that loan as possible during that time frame?! LOL
 
Lizard King

Lizard King

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Leave that poor woman alone! She's already suffered enough. Instead, why don't you pay off as much of that loan as possible during that time frame?! LOL
I see what you did there....
 
tommyguns2

tommyguns2

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One of my clients is kicking me in the nuts today, so I'm feeling a bit punchy.... It was close enough, so I had to take it.
 
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