| Looking to lower interest rate on student loan |
|
|
|
|
|
Maggie14Mae
New Poster
Cash: $ 0.45
Posts: 2
Joined: 23 May 2012
Location: Raleigh, NC
|
| Looking to lower interest rate on student loan |
 |
|
I consolidated my student loans about 10 years ago at 6.25% (back then that was a good rate). However, there is currently no way to re-finance. I was hoping with mortgage rates and others at all time lows, that perhaps there was a way to get a rate lower than 6.25%. To date, I have been unsuccessful. I have not been able to find any unsecured bank loans at a favorable rate and I do not have any rich relatives. Does anyone have any ideas or know of where I may turn for assistance?
If not....I wonder... with savings/money market rates close to 0%, would it be possible to find an individual willing to loan me $60,000 at 3%? 4%? I cannot be the only one in this boat but my fear is that without governement intervention, there will be no other options. To my knowledge, there is nothing in President Obama's recent student loan revamping that helps with this scenario either. Any ideas or assistance would be GREATLY appreciated!
|
Wed May 23, 2012 2:08 am |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
It depends on the assets that you have accumulted in the past 10 yrs since you consolodated. If you have either a paid-for car or a house with equity, you can get 4% loans on them.
I've done both - I fnanced a late-model truck at our credit union for 5 yrs. And I refinanced a home mortgage (more than once). You don't have to do the whole thing - eg, you could get $8000 on a car, $30,000 on a home, and keep $22,000 at your 6.25% rate. BTW, that's not a bad rate, I think new loans are at about 6.8%.
|
|
Wed May 23, 2012 3:10 am |
|
|
clydewolf
Senior Member
Cash: $ 50.25
Posts: 248
Joined: 27 May 2012
|
| Re: Looking to lower interest rate on student loan |
|
|
quote:
Originally posted by Maggie14Mae
Any ideas or assistance would be GREATLY appreciated!
Maggie14Mae,
Have you tried your Credit Union?
Or any Credit Union?
Avoid any lender that wants to charge a Prepayment Fee.
Some day you will want the option to pay off the loan early.
I found this from a 2009 (a bit old) FORBES article discussing student loans,
"If you would like to consolidate your private student loans, you should turn to either Chase, NextStudent, Student Loan Network or Wells Fargo ( WFC - news - people ). All offer slightly differing terms, and all have caps on the amount of total debt you can consolidate.
|
|
Mon May 28, 2012 5:48 pm |
|
|
Maggie14Mae
New Poster
Cash: $ 0.45
Posts: 2
Joined: 23 May 2012
Location: Raleigh, NC
|
Oldguy & Clydewolf,
Thank you for your suggestions. Unfortunately, due to a recent divorce, I no longer own a home, nor a old model car. I had not considered a credit union, but will definitely look into it!
Incidentally, since my original post, I heard there is a bill before the Legislature that would wipe out student loan debt for all debtors that have been making their payments consistently, and as required, for at least 10 years. I'm praying it goes through but am not holding my breathe either. That would be too good to be true.
Thanks again.
Maggie14Mae
|
|
Sat Jun 02, 2012 4:48 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
quote:
a bill before the Legislature that would wipe out student loan debt for all debtors that have been making their payments consistently, and as required, for at least 10 years. I'm praying it goes through but am not holding my breathe either. That would be too good to be true.
LOL - well, not so good for those of us that would be paying for those loans? (the tax payers)
|
|
Sat Jun 02, 2012 5:07 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
quote:
a bill before the Legislature that would wipe out student loan debt for all debtors that have been making their payments consistently, and as required, for at least 10 years. I'm praying it goes through but am not holding my breathe either. That would be too good to be true.
LOL - well, not so good for those of us that would be paying for those loans? (the tax payers)
|
|
Sat Jun 02, 2012 5:08 pm |
|
|
clydewolf
Senior Member
Cash: $ 50.25
Posts: 248
Joined: 27 May 2012
|
That is not good for the tax payer.
There are some very easy payment options based on income.
As a minimum, the amount borrowed needs to be paid by the borrower.
Today, Federal Student Loans are not forgiven in bankruptcy.
The loan is for life or until paid.
|
|
Sat Jun 02, 2012 5:54 pm |
|
|
|
