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Can you refinance student loans after you have consolidated them?

Nov 07, 2008 by jno | Posted in Financial Aid

I consolidated my student loans a couple years ago and got them to a fixed interest rate. I didn't know what I was doing--I was young and no one explained to me what was going on. Now that I'm a little older, I know that my interest rate is not the best that it could be. I'd like to refinance, but I don't know if it's possible since I have already consolidated. Please help! Thank you!

There's not much you can do. Student loans are not something that another lender will willingly take on. Your best bet at this point is to call the lender who holds your loans and ask if the rate can be adjusted a couple of points. Very often, after 12 consecutive, on-time payments, you can get a break on the interest.

Failing that, the best thing to do is to voluntarily increase your payment amount. You will be amazed at the impact this will have on your balance and repayment term.

I had about $5000 in student loans set up to pay $50 a month for ten years. I paid $100 a month and paid them off in three years. You don't have to double your payment to get results. Any extra you pay goes a long way to reducing the debt, the accumulated interest and the repayment period.

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.

Do credit unions refinance student loans?

Jun 18, 2008 by GenesisM | Posted in Credit

I have a little under $20,000 in student loans. I am trying to look for a bank or credit union that I can I guess "refinance" my loans with. The company that I pay only has a 10 year plan which makes my minimum payment near $300 a month. I am looking to extend my 10 year plan to 15 or 20 years so that it is more affordable for me now... and then later I can pay more as I move up in my career. Any suggestions?

Why don't you seek government student loans called Direct consolidation Loans which are financed by Government and have very flexible terms with a repayment of up to 30 years.
Check out site below for more information.

What's a good company to refinance my student loans with?

Aug 20, 2008 by jkeating | Posted in Personal Finance

I'm looking for a reputable company that I can refinance my student loans with for 6% interest or less with no penalties for early repayment.

Stay away from finance company's
Check with student aid councilors

Can I refinance my student loans with my bank since interest rates are low?

Apr 11, 2008 by dl204612000 | Posted in Financial Aid

I have ~12,700@~7% and 12,500@5% in student loans. Can I refinance with my bank? Should I?

Student loans are covered under a government program in that they are guaranteed from the banks perspective. If the bank will refinance a "student loan" you will pay almost the same rate you are now. If you go to a bank to refinance it outside of a student loan program (which would be awesome because if you default, which I don't endorse, you are not followed by the debt if you file bankruptcy if it were a student loan) you have to think about it from a bankers perspective...for them it is basically a $25,200 unsecured loan. Most unsecured loans carry really high rates like 10 to 20 percent. Just something to think about....

Can you refinance your student loans if they are allready consolidated?

Sep 07, 2006 by r_muasher | Posted in Personal Finance

Student loan payments are in excess of $600 per month, is there anything that can be done about this?

Consolidating merely means you wind up paying a third party less per month but more total. Sorry, you could try borrowing enough to pay them off, or making the payments. You owe the total due, and they didn't twist your arm to make you take the money.

If I have already consolidated my student loans, is there still a way to "refinance" for a lower rate?

Apr 23, 2006 by conrack | Posted in Financial Aid

I currently have a 7.625 rate on my consolidated student loans. Is there a refinancing process for student loans the same way there is for, say, a mortgage?

The regulations for the refinancing of Federal student loans are very different from mortgage refinancing. Whereas you could refinance a mortgage as often as you want (well, sort of), reconsolidation isn't technically supposed to be possible for student loans. There a a few loopholes, though. The only way you might be able to "re-consolidate" would be:

(1) if you borrow a *new* Federal student loan. If you have another loan that is unconsolidated, you can apply for a new consolidation loan that would combine this new loan with your old consolidation loan. However, this would only lower your rate a little bit since your new interest rate would be based on the weighted average of the rate for your new loan and the rate of your old loan. So, if you currently have a Federal Consolidation Loan of, say, $20,000 at 7.25% and you borrow a new $5,000 Stafford Loan at 4.7%, you'd have four times as much at 7.25% than you do at 4.7%, so your consolidated rate would become 6.75% -- not much lower, huh?

That said, you won't be able to obtain a new Federal student loan unless you are a student, so this may not even be a viable option for you.

(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.

Good luck!

Refinance Student Loans?

Jan 15, 2007 by Jim C | Posted in Other - Business & Finance

I want to know if there is a way to refinance my student loans? I graduated in 1993 and have since consolidated my loans. I'm currently paying 9% interest on these loans. I don't know what the current rate is on student loans, but I know it's alot lower than 9%. Why can I refinance my home, my car, consolidate my credit cards, but can do nothing with my student loans?

You may want to try nelnet at nelnet.net they have several different plans to choose from and will consolidate several student loans into one. That's who I went with and it's working out pretty nicely. I don't know what interest I'm paying, but my payment is really low, less than 50 bucks a month. My payment goes up every couple of years, but it's ok, it doesn't go up by too much. Hope this helps.

How do I refinance my student loans from Bank of America to Sallie Mae ?

Jan 19, 2009 by Love Oasis | Posted in Financial Aid

What's the right process ? Who do I call first ?

Thanks
I have not consolidated them yet, I am currently in the grace period.

Are there advantages to refinancing student loans?

May 07, 2007 by brownlocks41 | Posted in Financial Aid

I need to know the truth about whether it is worth it to refinance my current student loans?

Yes, there are advantages to consolidating your student loans. Instead of making several payments a month, you will be making a single payment, and it could mean more money in your budget for other things. Also, you could extend out your payments in order to make it fit your budget. However, I do not recommend consolidating your student loans until the 6 month grace period is almost over because in some cases, it will end your grace period. The only bad reason not to consolidate your student loans is if you qualify for a loan forgiveness program in either the teaching or medical professions because some loan forgiveness programs will not handle consolidated loans. Good luck!