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BoobieWatcher
Yale Fan
Team BOOB
Member since Jun 2010
4534 posts
| Refinance Student Loans (Posted on 1/24/13 at 4:12 pm)
This post was edited on 3/27 at 4:04 pm
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TheWiz 
LSU Fan
NOLA
Member since Aug 2007
6528 posts
| re: Refinance Student Loans (Posted on 1/24/13 at 4:21 pm to BoobieWatcher)
You can do a loan consolidation and shave off .25%, but other than that you can't really do much.
My wife and I have a close, personal hookup. We were able to consolidate both of our student loan debt, pay interest only for the first five years, and then the loan goes into term for five years. It's a pretty large sum and those last five years will be brutal, but well worth it in savings.
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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12372 posts
| re: Refinance Student Loans (Posted on 1/24/13 at 4:28 pm to TheWiz)
quote:
My wife and I have a close, personal hookup.
Go on ...
quote:
We were able to consolidate both of our student loan debt, pay interest only for the first five years, and then the loan goes into term for five years. It's a pretty large sum and those last five years will be brutal, but well worth it in savings.
Yup, this is financial awesomeness. Who do I need to suckle to get this deal?
quote:
Getting hit with 6.8% is stealing when the government borrows at .25% How can I lower my rate? Is there a way I can actually get it lowered?
Ya, only consolidation could lower it that I know of. In that case, you would need some other loans with lower percentages to weigh it down. So basically, 6.8 is the rate you're gonna be stuck with from what I know.
This post was edited on 1/24 at 4:59 pm
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barry 
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
34655 posts
| re: Refinance Student Loans (Posted on 1/24/13 at 4:43 pm to BoobieWatcher)
quote:
Getting hit with 6.8% is stealing when the government borrows at .25% How can I lower my rate? Is there a way I can actually get it lowered?
Problem with student loans is they are far riskier because you aren't buying a tangible asset.
Yes I have mounting student loans and yes the rate is ridiculous. I'll be paying them off ASAP.
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TheWiz
LSU Fan
NOLA
Member since Aug 2007
6528 posts
| re: Refinance Student Loans (Posted on 1/24/13 at 5:00 pm to Teddy Ruxpin)
quote:
Who do I need to suckle to get this deal?
Let's just say that my FIL has a few 100 million tied up with a local bank in New Orleans. They were more than happy to accommodate our little  $248,000 consolidation loan.
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bubbz 
Baylor Fan
Team Boxtard
Member since Mar 2006
15092 posts
| re: Refinance Student Loans (Posted on 1/24/13 at 6:16 pm to barry)
Same here...I got to start paying on them this year. Going to try and do a consolidation after tax season.
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LSUSUPERSTAR
LSU Fan
Arlington, TX
Member since Jan 2005
8705 posts
| re: Refinance Student Loans (Posted on 1/24/13 at 7:28 pm to BoobieWatcher)
Does the gov really borrow at .25%?
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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12372 posts
| re: Refinance Student Loans (Posted on 1/24/13 at 8:26 pm to TheWiz)
quote:
Let's just say that my FIL has a few 100 million tied up with a local bank in New Orleans. They were more than happy to accommodate our little $248,000 consolidation loan.
You are a lucky SOB.
I don't want to tell you what me and the most probably future Ms. have together 
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guttata
LSU Fan
prairieville
Member since Feb 2006
18234 posts
| re: Refinance Student Loans (Posted on 1/24/13 at 8:31 pm to LSUSUPERSTAR)
My wife and I had the opportunity to consolidate our loans as well, but after talking it over with a few people decided it was t a very smart move. If one of us were to die, the other would have the burden of both loans. Same goes for if one of us left the other. Someone would be stuck with a whole lot of student debt. We started out with about $100k in student loans and have finally gotten it down to $15k. Seemed like it would never go down, but we just kept plugging along and eventually got it down.
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Pumpkins
LSU Fan
Baton Rouge
Member since Oct 2010
11448 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 8:24 am to guttata)
Wow that is a lot. I'll only have about 10k when I graduate. I'm hoping I'll be able to pay them off quickly.
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bubbz
Baylor Fan
Team Boxtard
Member since Mar 2006
15092 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 8:26 am to guttata)
According to new laws after 20 years, student loan debt is forgiven.
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LaFBfan 
Washington Fan
Baton Rouge
Member since Jan 2013
651 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 9:04 am to bubbz)
quote:
According to new laws after 20 years, student loan debt is forgiven.
What are you talking about?
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guttata
LSU Fan
prairieville
Member since Feb 2006
18234 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 9:09 am to LaFBfan)
I've never heard that. If that's the case, why would anyone pay their student loans?
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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12372 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 9:46 am to guttata)
quote:
I've never heard that. If that's the case, why would anyone pay their student loans?
Because the amount forgiven becomes taxable income.
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schlow mo 
Mississippi St. Fan
New Orleans
Member since Feb 2010
5074 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 9:49 am to Teddy Ruxpin)
quote:
Because the amount forgiven becomes taxable income.
That will be changed. I have zero doubts in my mind. The gov will not allow people to get stuck with 150k of forgiven student loans counting as taxable income.
I only have 19 years left haha.
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17391 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 10:26 am to TheWiz)
quote:
$248,000
I just can't see how one could justify this... good luck man.
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txtiger21
LSU Fan
Dallas, TX
Member since Jul 2010
201 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 12:22 pm to LaFBfan)
quote:
If you have a federal loan and you're on an income-based repayment (IBR) plan, you can have the balance of your student loan forgiven after 25 years, or 10 years if you work in public service. All Federal student loans are eligible except, student loans in default, Parent PLUS loans, and Parent PLUS consolidation loans. Your monthly student loan payments are capped based on your income and family size. For example, family of 3 with an annual income of $45,000 would only pay $157 a month on an IBR plan. You can apply for IBR by contacting the lender servicing your loan. Loans taken out after July 22, 2014 on the IBR plan will be forgiven after 20 years instead of 25 years. President Obama recently announced plans to speed up that date to 2012. Visit the Federal Student Aid website and IBR Info for more information.
So you must be paying your loans off to get them forgiven. (ie you can only get them forgiven if you don't make much money)
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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12372 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 12:30 pm to txtiger21)
quote:
ie you can only get them forgiven if you don't make much money
Let me tell ya, if you have 150k in loans or more, the chances you ever make enough to break out of IBR are slim to none. It isn't even a concern for those who think they may not be eligible 20 years from now.
Well unless our monetary system gets really weird or something.
This post was edited on 1/25 at 12:32 pm
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Pumpkins
LSU Fan
Baton Rouge
Member since Oct 2010
11448 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 1:08 pm to Teddy Ruxpin)
Why would anyone take out over 150k in loans? That is just insane.
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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12372 posts
| re: Refinance Student Loans (Posted on 1/25/13 at 1:15 pm to Pumpkins)
quote:
Why would anyone take out over 150k in loans? That is just insane.
Its called a Top 50 law school and the illusion of grandeur.
Not to mention the market tanked as we were enrolling. It was somewhat justifiable when firm jobs were being handed out before you even started your 3L year.
The result, as of now, is a job that pays me 40K and rising more than what I would have made with my undergrad degree. However, there were 3 years I wasn't working of lost income. Tempered by loan repayments of course.
This post was edited on 1/25 at 1:17 pm
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