View Full Version : Refinancing Student Loans?


nightfighter
05-15-2016, 07:24 PM
I want to look into lower rates. Mine is a Parent Plus loan in my name for my daughter, now graduated. Currently a little over seven percent. Anybody refinance theirs? Thoughts? Discussion?

Duke41
05-16-2016, 06:20 AM
I am at 8%.

nightfighter
05-16-2016, 07:05 AM
Looking at credit unions.....

Cool Beans
05-16-2016, 07:33 AM
I am in the same boat. Parent Plus loan paying back through Great Lakes something or other.

I spoke with Navy Federal who offers refinancing of student loans at 3.5%, unfortunately federal regulations will only allow them to refinance PRIVATE student loan. They are not permitted to refinance Federal student loans, and the Parent Plus is a federal loan.

I think it is crooked as hell, that the federal government won't allow students to refinance federal loans! They made it so you cannot get out of paying their interest rate. My youngest, who is starting this fall will be entirely using PRIVATE student loans from Navy Federal Credit Union. Unfortunately it seems I am screwed on this $30,000 Parent Plus loan......

piemma
05-16-2016, 08:22 AM
But can't you get a home equity line of credit at like 3% and pay off the student loan. As far as I know once you have the Line of Credit, you can use it for whatever you want. I have one and I have used it to by a tractor, a camper (which I flipped and a lot of other stuff).
No one at the bank ever asked me what I was doing with the money.

WESTPORTMAFIA
06-01-2016, 09:31 PM
But can't you get a home equity line of credit at like 3% and pay off the student loan. As far as I know once you have the Line of Credit, you can use it for whatever you want. I have one and I have used it to by a tractor, a camper (which I flipped and a lot of other stuff).
No one at the bank ever asked me what I was doing with the money.
Helocs are a thing of the past. And have been for a very long time. Lenders and investors pretty much gave up on them or made it impossible to get one. The banks kept doing them and still do along with a few lenders. You can get a heloc at a decent rate and pay off loans, buy hookers, snort drugs and anything else you want if you qualify. But the bank or lender in a second lien hold position is gonna want to see a solid credit score over 720, a CLTV no more than 65% and a documented DTI under 35%So at this point a small maybe 5% of homeowners qualify for one. And keep in mind that the bank or lender will absolutely close your line if home values drop. I'm soo glad I'm out of the business after 15 years.
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Raider Ronnie
06-02-2016, 11:05 AM
No need to worry.
We will all soon be feeling the Bern
and everything will be free
:-p
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Raven
06-02-2016, 01:33 PM
JUST DON'T even think about wells fargo

they are the absolute worst people ever

WESTPORTMAFIA
06-02-2016, 02:27 PM
JUST DON'T even think about wells fargo

they are the absolute worst people ever

They are pretty much all the worst people ever. Especially BOA
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Swimmer
06-08-2016, 06:03 PM
JUST DON'T even think about wells fargo

they are the absolute worst people ever

Wife and I just settled an estate for wifes aunt who had a reverse mortgage through Wells Fargo, biggest dickheads ever. They ran into a buzz saw with Bev though. Wells Fargo just assumes they will be able to foreclose on all those reverse mortgaged properties. Working through that took a toll on my wife, but she ened up kicking their ass!
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