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Refinance Student Loan Rates

Julian Said:

Can I refinance my student loan through Sallie Mae since the interest rates were lowered?

We Answered:

Dear alessia

Legally eliminate your debt.

Wish you a good luck,

Bernard Said:

How do I refinance a private student loan?

We Answered:

Your best bet is to contact the lending insitution and see if they can adjust the payment plan. If not then look at options with your credit union, maybe their is a loan offered that you can take out to pay off your private loan. Often, there are some good deals but you have to look around.

You could check with an entity like Sallie Mae to see if they would buy the loan and "consolidate" the payments into a longer time period at smaller payments.

My gut tells me you want to look at trying to work something out with your lender/banker who holds your private loan. That is the best option.

Second best is seeing if your credit union has a decent rate loan that could be used to pay off your private loan.

Lois Said:

Why does my lender want me to refinance my student loan?

We Answered:

If you refinance, the place refinancing your loan will pay off that lender in full and free up that money for them to use for a higher rate loan somehwere else. They are also trying to do you a favor. You don't have to refinance if you don't want to, but with an adjustable, why not lock in a rate?

Discuss It!

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