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Where is the best place to Refinance student loan?

Oct 13, 2008 by bashfulpapi | Posted in Financial Aid

I Would like to refinance my student loan and maybe consolidate it.
What are my best options and the best banks. By the way i have a personal loan .
Does anyone know?

Yes I do know a place, I just got a loan myself

Can you refinance a student loan before repayment begins?

Nov 24, 2008 by heather_d72902 | Posted in Financial Aid

If you have a student loan with a co-signer, can the borrower refinance that loan and put the loan strictly in their name, before repayment begins?

Yes. However, check the terms. If you've graduated, the repayment can begin immediately and you will lose the grace period before repayment begins. Make sure you understand when you will have to begin repaying.

Best way to refinance the student loan?

Sep 12, 2007 by Hakuna Matata | Posted in Financial Aid

My girlfriend has an outstanding student loan of $3,000 with 8% annual interest day. What's the best way to refinance this loan in order to reduce the payments? If you know any good student loan programs, I would like to hear about them.

Typically lenders won't do a refinance for any amount less than $7,500, it's just too costly for them to make sense.

Contact the current lender to see if the offer any type of rate reduction program. Some lenders offer a discount if you allow them to auto deduct the payment from your checking account, also if you have a good payment history you may get a discount for that.

I am looking to refinance my student loan. Any ideas of what company to go through?

Jul 12, 2008 by troyman2000us | Posted in Personal Finance

My direct student loan is now through the government, and I feel like I am absolutely getting nowhere with them. I have had my loan through them since 2004 and my balance has went from 35000 to 32000. I really need some suggestions of what companies to go through to possibly refinance. My credit score is in the middle area. Thanks for your help.

Are you just making the minimum payment on the loan? When I got out of college I had a student loan. Each month I would pay an additional amount. In the memo section of check I would write $50 towards principal only. Also on the payment slips there should be a place to put the extra payments. Remember the extra payment pays in two ways. It cuts down the principal owed next month but will also increase the amount that the regular payment pays down the debt next month. Each month that amount will grow thereby paying the loan off faster.
Keep making the payments on time and the extra as this builds good credit scores.

How can one refinance a student loan if it is already consolidated?

Jul 28, 2006 by jengyk | Posted in Higher Education (University +)

How come one can refinance cars, houses, loans, etc, except student loans. You get a consolidated rate versus refinancing a student loan

You can, I get offers from banks all the time, just be aware that you'll lose some of the priviledges such as a forbearance, etc.

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

Jun 17, 2006 by drew2718281 | Posted in Credit

I keep receiving mail from my lender telling me to refinance before July 1, when the rate on my current, adjustable rate student loan will increase. I understand how this benefits me, but what does my lender get out of the deal? Why are they advertising this? Do they expect rates to drop enough over the course of the loan that I would be better off sticking with the adjustable rate?

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?

Can refinance my student loan through MY bank?

Nov 25, 2008 by feeddaneed | Posted in Financial Aid

If I have a student loan at another bank—can refinance them through MY bank where I have my checking account?
I am in repayment now.

If the bank will allow it. But I doubt it, it depends on how much you owe and how good your credit is. It would likely be set up as a signature loan,,, and not a student loan. Meaning this would be bad for you, you could not deduct the interest you pay on your taxes, you could no longer defer payments for hardship circumstances or going back to school. If they are federal loans, you could not have them forgiven if you become disabled or die. Don't do it. It doesn't help you any to refinance... except maybe make your interest rate higher.

If you are a non-US Citizen/Permanent Resident, what are your options to refinance an existing student loan?

Mar 19, 2008 by shopper_ca | Posted in Financial Aid

i'm so frustrated as a non-resident in the US and not able to refinance my student loan when the fed is cutting taxes like crazy.

Contact a private bank and ask their about policies and procedures. Wachovia's and Bank of America's websites probably list their 24 hour numbers.

How can I refinance a student loan or $46,000 I have at 8.5% into a lower rate?

May 02, 2006 by klholton | Posted in Financial Aid

I've also heard about student loan forgiveness programs. How is one eligible? I owe a lot of money and don't make that much now. The interest alone is over $350 a month.

If you could provide a little additional information, that would help. What kinds of student loans do you have? Have they been consolidated? Are you a teacher?

If the loan is private, there isn't much that you can do to lower your rate -- most private loan rates are variable meaning that they change with the market and, sometimes, with your credit.

If your loans are federal I have to ask: Are you sure the rate is 8.5%?? Federal Stafford loan interest rates have been capped at 8.25% for years. And the only way your rate would be FIXED that high there would be if you had consolidated when rates were at an all-time high (the last time rates were that high was in 1999).

If you haven't consolidated yet, consider doing it right away -- it's the easiest and safest way to (1) lower your monthly payments and (2) lock in a low interest rate while still maintaining the protection of the Federal student loan programs (just make sure you apply for a *Federal* Consolidation Loan). When you consolidate, any eligible, Federal student loans that you have will be lumped into one new loan, your rate will be fixed at today's rate (5.3% if you're consolidating only Stafford loans) and your repayment term will be extended out beyond the standard 10-year repayment term (for a loan of $46,000, you will probably receive 25 years to repay). Extending your repayment term will mean that your monthly payment will be lowered (often significantly).

If you have consolidated, the only way that you can re-consolidate is if you...

(1) borrow a *new* Federal student loan (probably not a wise decision, financially, as it wouldn't change your overall rate much)

(2) if you "have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to [you]," you can obtain a Direct Consolidation Loan, which is the other type of student loan consolidation that the federal government offers.

This might be your best option. Just make sure that your current loan is a Federal Consolidation Loan (if it's already a Direct Consolidation Loan, you're out of luck). If it is, check the Dept. of Ed's website to see if you are eligible: http://loanconsolidation.ed.gov/borrower/beligible.shtml . There's no credit check on these loans, so it can't hurt to try!

There are private companies out there that claim to be able to "reconsolidate" any federal consolidation loan. These companies are SO disreputable that I hesitate to even mention them. DON'T DO IT. They're in business only to make money off of you. Many of them don't even deal in Federal Consolidation Loans, so you could end up with a "reconsolidated" private loan with horrible terms and none of the benefits and security of the Federal student loan that you started with.

Finally, about student loan forgiveness: loan forgiveness is almost always not an option for someone who has consolidated, so you will need to make the choice between Loan Consolidation and Loan Forgiveness. Before deciding, keep in mind two things:
(1) interest rates are on the RISE and scheduled to rise to 6.8% in July, so if you want to consolidate, you should do it before July 1
(2) Forgiveness (a.k.a. "cancellation") of Stafford loans is rare unless you are a teacher in a low-income area. To see if you qualify for teacher forgiveness, read this site carefully:
http://studentaid.ed.gov/PORTALSWebApp/students/english/teachercancel.jsp?tab=repaying

By all means, if you qualify, go for it!

Can anybody suggest a reliable source to refinance a cheaper student loan?

Sep 11, 2008 by boocheese | Posted in Financial Aid

I have a $11K consoliated student load at 4.75% with wells fargo. I have seen peopl with ony 2% interest rate, does anybody know a reliable insitution to refinance my student load?

Thanks in advance!!!

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