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Refinance student loan
Posted on 5/14/14 at 12:40 pm
Posted on 5/14/14 at 12:40 pm
Before my sr year at LSU , at the last minute I had to take a loan to pay for the year , it was too late to apply for financial aide so I took out a private loan (through chase )
The terms are variable at 9% . My monthly payment is 170 and I've hardly made a dent in four years .
I don't have the extra cash to put toward the loan and it will be some time before I can put a significant amount toward the loan in lump sum ,
What are my options for refinance ? I have a steady salary position and 750 credit .
The terms are variable at 9% . My monthly payment is 170 and I've hardly made a dent in four years .
I don't have the extra cash to put toward the loan and it will be some time before I can put a significant amount toward the loan in lump sum ,
What are my options for refinance ? I have a steady salary position and 750 credit .
This post was edited on 5/14/14 at 12:41 pm
8
Posted on 5/14/14 at 1:04 pm to BearCrocs
Option 1 is to refinance with another private student loan company and/or bank.
Option 2, depending upon the balance and your other assets/liabilities, is to get the money from another source, pay off the student loan, and then work on paying the new loan back. For example, if you have access to a home equity loan.
Option 2, depending upon the balance and your other assets/liabilities, is to get the money from another source, pay off the student loan, and then work on paying the new loan back. For example, if you have access to a home equity loan.
Posted on 5/14/14 at 1:23 pm to BearCrocs
Elizabeth Warren is leading the fight to make this easier for you
This post was edited on 5/14/14 at 1:38 pm
Posted on 5/14/14 at 3:21 pm to BearCrocs
Dude, 170? I pay more than ten times that per month towards my student loans, more than our housing. You should be able to sacrifice some and pay more if you have any decent salary.
Posted on 5/14/14 at 4:49 pm to BearCrocs
quote:
What are my options for refinance ? I have a steady salary position and 750 credit .
Probably pretty good but you'd need to ask a lender for a real answer.
quote:
My monthly payment is 170
Drink less beer and pay 250 a month instead.
Posted on 5/14/14 at 4:56 pm to foshizzle
I don't drink . It's not the note , is the 9% interest . 140 of the 170 goes to interest , not principle
Posted on 5/14/14 at 5:20 pm to BearCrocs
quote:
140 of the 170 goes to interest
That's precisely why you should be paying extra each month. Even if it's just a little bit.
Posted on 5/15/14 at 8:24 am to BearCrocs
quote:Damn, that's brutal. I have about 5 student loans (2 private) and they are all below 4%
The terms are variable at 9%
Posted on 5/15/14 at 9:26 am to lsujro
lsujro,
Is that for private or federal loans? Or both?
Is that for private or federal loans? Or both?
Posted on 5/15/14 at 1:09 pm to mkibod1
quote:
Is that for private or federal loans? Or both?
i rolled both fed and private into one loan. i wasn't one of the lucky ones with under 4% fed rates. my lowest was about 7.
Posted on 5/15/14 at 1:25 pm to lsujro
How much were you able to knock them down? We've got 4 loans with the bulk of them (95% of the principal) being at 7-7.5%
I'd love to get them down to 4-5%
I'd love to get them down to 4-5%
Posted on 5/15/14 at 1:47 pm to BearCrocs
Reducing your loan 5% is indeed better than than what you have now, but....the bottom line is you have to bite the bullet and start paying a lot more towards the loan to make any difference.
Posted on 5/15/14 at 2:12 pm to lsujro
Sounds like I need to jump on this. I have a federal loan that has been consolidated, but I also have 4 different private ones. And the privates ones effing suck!!! Like 8-9%. Gotta get those things down badly. Gonna have to look into this site. Thanks!
Posted on 5/15/14 at 2:21 pm to Golfer
quote:
How much were you able to knock them down? We've got 4 loans with the bulk of them (95% of the principal) being at 7-7.5%
I'd love to get them down to 4-5%
4.66% variable, -.25% for autodraft. i hoped for lower because i have excellent credit. i asked what biggest factor was in their determination of rate, and the guy told me the total loan amount as compared with your yearly income. overall it is pretty awesome, though. my minimum payment will be about 2/3 of current, and i'll save about $20k in interest if i keep paying amount i have been.
Posted on 5/15/14 at 2:22 pm to mkibod1
Sofi just declined my wife. Waiting for them to call me back because there was no opportunity to include a co-signer or request a different amount.
Posted on 5/15/14 at 2:41 pm to BearCrocs
quote:
I don't have the extra cash to put toward the loan
Either manage your money better or man up and get a side job to pay the loans of. $170 is a joke
Posted on 5/15/14 at 2:44 pm to Golfer
quote:
Sofi just declined my wife. Waiting for them to call me back because there was no opportunity to include a co-signer or request a different amount.
hope it works out for y'all. if you don't mind, post their response in here. i have recommended them to a couple friends, and would like to know how this plays out in case they end up in similar situation.
Posted on 5/15/14 at 3:05 pm to lsujro
Just heard back. They want you to combine your income and work experience into one. Then once conditionally approved, add the consigner request.
Posted on 5/15/14 at 3:06 pm to Golfer
Sorry to hear that. So what all was part of the application process? Like what do they ask? And is there a limit as to how high they are willing to go? Like I know Wells Fargo Student Loan Consolidation caps it at 100K. I'm not at that level but with Fed and Private, mine is around half that.
ETA: I hope I'll be ok with the work and pay portion. 65K with 2 years experience. My problem is cosigners. Being 1 of 4 children blows.
ETA: I hope I'll be ok with the work and pay portion. 65K with 2 years experience. My problem is cosigners. Being 1 of 4 children blows.
This post was edited on 5/15/14 at 3:17 pm
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