Student loan refinance

[DuckDogDr]

Hey guys just curious with the feds dumping all the student loans, has anyone figured out a viable solution for re-financing?
Mine are supposed to be serviced / transferred to a lending agency.. but on initial glance at their website I’m not going to be happy with their terms.

Thanks for any suggestions

 

[Rich M]

What do you mean? The rate isn't gonna change. You gotta pay monthly.

I paid mine off last year (yay!), and had kept paying monthly even tho we didn't have to. That was pretty bad cause many folks stopped paying and basically forgot they have this loan hanging over their heads. Gonna suck for them when things start up again.

 

[Bubblehide]

You used to be able to transfer to any participating lender you wanted to, maybe check into that.

 

[txtransplant]

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[awasome]

Unless you are getting a rate that blows your current rate out of the water AND you plan on having your student loan around for a very long time, I would think long and hard about not refinancing your student loans. Your loans can not be forgiven if you are in one of the fields that has loan forgiveness. Your loan can not be discharged in the event of your death or if you become permanently disabled, so your spouse/family will have to use some of your monies to still pay off the loans.

I paid my student loans off 7 years ago. I threw all my extra money at paying them things off. I was tired of lugging them around for years and losing part of my pay checks to them each month. One of the best decisions I ever made.

 

[DuckDogDr]

@Rich M

I have done like you and paid through the pandemic and trying to knock them down while there was 0% interest. Total balance has gone from 97k down to 65k.

Now that uncle joe, kamel toe and Peach snops have decided they no longer want to service them.
Mine were dumped to a servicing company that currently has a class action lawsuit for mishandling payments… and is part of joe’s build back better initiative to re-instill trust ….FML .. and they are also wanting me to pay the original payment even though it’s 30k less.

So I’m trying to figure out all options for refinance … who has consolidated , which company, any pitfalls I should watch out for that’s red flags

 

[DroptineDC18]

Check out the White Coat Investor blog on student loans. Lots of good info there with lots of companies to compare. He has a lot of great content.

 

[browning2480]

Lots of good info in link below and the only site I would trust. They endorse Splash Financial, IF it makes sense to refi. I know many don’t like Dave, but can’t argue that he will push to pay these things off and not trust the government

Results

Learn to budget, beat debt, save and invest with Ramsey Solutions, founded by Dave Ramsey, bestselling author, radio host and America’s trusted voice on money.

www.ramseysolutions.com

 

[billoo349]

What? Haven't you always had a third party servicing your loan? I used to have Navient but recently it switched to aidvantage. Frankly I'm waiting to see if 0% interest gets extended in may when it's up and if not I'll focus hard on knocking out the last bit I have. Either way, I wouldn't refinance until the interest resumes on your current loans. No point in refinancing away from a 0% loan even if it's only a couple months longer.

Sent from my motorola one 5G UW ace using Tapatalk

 

[william schmaltz]

Can't really help you on who to refi with, but I would agree that as long as the govt has the zero interest stuff in place I would just let them be and pay em down. When refinancing a house, the closing cost to refi depends on the size of the loan so I would imagine it's the same with student loans. May as well pay them down as much as possible until you need to refi to keep that cost as low as possible. Who knows, with inflation up and the way this admin is doing things, they might keep extending the zero percent for another few years until the point you have them paid off. So I personally would have a plan in place but not do it until this zero interest rate stuff is expired. And double check everything I said, I'm just another moron on the internet!

Congrats to the guys cleaning them up! We knocked ours out a few years ago ($145K in 3 years). It sucked but it's so worth it! And you'll feel like a rich man once it's done and you're used to living like that and all the money stays in your account.

 

[WCB]

Now that uncle joe, kamel toe and Peach snops

Funniest Sh1t I have read in a while I about pissed myself.

I apparently fell asleep and didn't even realize that they stopped taking my money for like the first 9months they did it. And I haven't even elected to start them again...I'm just paying the rest off in full this weekend ($4500). And be done with it.

I agree with everyone above research (as you are now) and wait till it comes off the zero interest gig before refinancing. I would have a hard time seeing them taking that away or even requiring any payment due to the elections in Nov. Can you imagine the hissy fit all these adults will through when they have to pay back money that they signed a contract for? He will lose the last 20% of his approval rating.

 

[CorbLand]

I took the risk and reduced to only paying a 100 a month with the 0% interest. I didn't want to put a ton of money into paying them off to watch them be wiped in the flick of a pen. Probably wasn't the greatest idea but you win some and you lose some.

I would bet that they will wait to see what happens with midterms to even try and forgive loans. If Rs get control of House and Senate, they will try, it will fail and Ds can blame the Rs.

As far as refinancing, I wouldnt do anything until rates go back up. No reason to if they are going to continue to keep them at 0. That is a strong possibility to alleviate the initial pain of inflation people are feeling.

 

[BwanaKubwa]

I agree with everything here. I have my doubts that payments will resume since the economy is a dumpster fire right now and elections are a few months away.

 

[MT257]

Ours will be gone by the time the required payments begin. My question is for those who have paid them off did you see a major drop in your credit score when paying them off, due to history of the credit line no longer being there?

 

[awasome]

Ours will be gone by the time the required payments begin. My question is for those who have paid them off did you see a major drop in your credit score when paying them off, due to history of the credit line no longer being there?

When I paid off my student loans my score didn't change much even though my age of credit decreased.

 

[WCB]

Ours will be gone by the time the required payments begin. My question is for those who have paid them off did you see a major drop in your credit score when paying them off, due to history of the credit line no longer being there?

I wouldn't worry about it too much...wife paid hers off and almost no change. The whole credit score thing is a racket.

 

[DuckDogDr]

@WCB .
Ha thanks.
I wish I was paying my skit off this weekend … I still have 65k to go

According to my loan officer the biggest impact to credit scores is CC debt .. they said they don’t worry about student loans too much

 

[quinnjalan]

Mine are finally paid off but at one point we took a few of the higher interest ones and rolled them into and paid them off in a house re-finance. The interest on what I was was so low we like a few have already mentioned paid a few more dollars when we could and took care of them.

 

[svivian]

What do you mean? The rate isn't gonna change. You gotta pay monthly.

I paid mine off last year (yay!), and had kept paying monthly even tho we didn't have to. That was pretty bad cause many folks stopped paying and basically forgot they have this loan hanging over their heads. Gonna suck for them when things start up again.

I am doing mine the same but in a different way. I took my payment that I was normally paying and put them towards monthly contributions into a TD ameritrade account. With the growth i had in the account i have more than enough to pay off whats left. Now its just a waiting game to see what they are going to do with student loans.

 

[WCB]

@WCB .
Ha thanks.
I wish I was paying my skit off this weekend … I still have 65k to go

According to my loan officer the biggest impact to credit scores is CC debt .. they said they don’t worry about student loans too much

Yeah CC is the big one...I can tell you when I don't pay my CC off fairly quickly and put a big charge on it the score drops more so than you would think...even when you pay it off quick you only gain a percentage of that back..

I'll be paying my student loan off this weekend ($4500) or so and be done with it. making timely payments and throwing a couple hundred more at it once in awhile has almost ZERO effect on my rating. Realistically I should just wait and see what they do with loans because my payment is only $146 a month. But personally I'd feel like a freeloader if they got canceled...I took them out I will pay them back.

Weird thing my wife has like an 800 score and the only thing she has ever owned was our current house. Never a credit card or anything and had minimum college debt she paid off a few years ago (maybe $20,000)