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Can you refinance student loans after consolidation?

Jan 15, 2007 by Minion26 | Posted in Financial Aid

I consolidated my student loans years ago (when interest rates were high). Last year I called my lender to see if I could refinance and take advantage of the lower interests rates. I was told that I could not do this because I had already consolidated my student loans and you would not refinance without consolidation. Is there any way around this?

I am back in school and currently paying cash for tuition. If I instead took out a small student loan this term, could I then consolidate that loan with my other student loan and take advange of the lower interest rates that way?

Your lender is correct. I would think the only way you could refinance and get a lower rate would be if you borrowed a new loan from a bank or an equity loan on your house and used those funds to pay off the consolidated loan.

Now if you borrow now you can reconsolidate all your new loans with your old loans but the interest rate will be a combination of the rate on the old loans and the rate on the new loan not what the old loans would be if they were not consolidated currently so unless you borrow a lot more it won't drop your interest that much.

Where should I go to refinance a student loan consolidation?

Aug 23, 2008 by DJ Ango | Posted in Financial Aid

I have $35,000 student consolidation loan which I have been paying off for the last two years with a 7.25% fixed rate. I've been paying double the monthly payment, but it's been depressing seeing the interest eat up most of that. At this rate I'll be paying it well into my 30s. Where should I go about refiancing? I have excellent credit, a well paying job, and interest lates are low now, so I figured it might be a good time to refinance. Is that a fair assessment? If so, where should I start?

Refinancing my private student loan during the current economy?

Jul 21, 2008 by desmy | Posted in Financial Aid

I'm trying to find someone to refinance my student loan for a little more than $13,000. But so far nobody is accepting new consolidations because of the economy. Any ideas?

Right now, just about all private loan consolidation has ceased because of how student loans are right now, and some lenders have even stopped offering their loan products all together. You'll just have to wait until things start getting better to consolidate. You could always see about getting a personal loan to payoff your student loan to get a lower rate. Other than that, you really do not have any options.

What short term effect would the refinancing of a defaulted student loan have on my credit rating?

Jun 11, 2007 by mrman617 | Posted in Personal Finance

I recently consolidated a defaulted student loan and need to purchase a new vehicle. Approximately how much of an impact on my credit score will the consolidation have the day after it hits my credit report? I'm just curious if anyone could ballpark the number of points it could jump, with no other factors considered.

It depends. Your score may go down for a few months, because you'll have a new loan on the report and passed due debts will still show up on your report. After a few months, it's going improve.

Or it can go up, depending other factors.

Consolidation of student loans?

May 19, 2006 by Muy Thai Guy | Posted in Personal Finance

So here's the deal... I'm 21, married, have a 7 month old son, and will be graduating in a year and a half (hopefully with an accounting degree). I'm getting mailed all these "deals" about consolidating my loans. Is there a catch? Are they really good deals? Some of them say to "consolidate by June 1 to lock in low rates." Are the rates really going to get high enough to seriously consider consolidation? Should I do it while I'm still in school? What about refinancing... is it an option? I've reviewed some of the other questions on this topic, so please try to be specific to my particular situation. Thanks

Student loans are usually a pretty good deal. Wait until you graduate. After you have a job, if you still want to refi, you'll find much better deals.

Best of success.

Help in Refinancing Private Student Loans!?

Dec 22, 2006 by Jessica A | Posted in Financial Aid

I have four private student loans that have an unsatisfactory interest rate. Can anyone relate any experiences or advice with consolidation of private student loans that would help me in the search to lower my payment and get a satisfactory interest rate? What to stay away from, a company that is particularly helpful, anything! My credit score and future need you!

Sallie Mae consolidates private student loans. Private loans, including consolidation loans, are credit-based, so your interest will be based on your credit score. If yours isn't the best, it can help to have a cosigner with a good credit score. Also, extending your payment term will lower your monthly payments, but keep in mind that means you'll pay more interest over the life of the loan. Just like a credit card. You can find more info on private student loan consolidation at http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/private.htm