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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......

05-16-2016, 07:33 AM	#4
Cool Beans Registered User iTrader: (0) Join Date: Jan 2009 Posts: 1,044	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......