what does it mean to refinance a student loan and do yo get money in the process?
369619
You can refinance your student loans but only to get a better interest rate and or consolidate multiple loans into one loan. There is no equity so you can not pull money out. However if you are still in school, and are receiving loans, usually all of your loans are in deferment until six months after graduation, unless otherwise stated by your schools financial officer. If you have finished a degree, you can go back and enroll and complete 6 units or halftime and all of the loans that are defer-able will go back into deferment. Double check with your loan company. Also if you are married don't consolidate or refinance with your spouses loans, because if anything bad should happen(God-Forbid It) but divorce, or even death you will still be responsible for your spouses loans.  Hope this helps....If I can help you with more info just let me know. Take care
124086
Do you mean getting a loan, or just having money?
160339
It means that you will be taking a new loan to replace your old loan.  This is good IF:\n- The interest rate of your old loan is higher than the existing rate.  This will make your new payment go down\n- You have built enough equity (read: paid for a long time), that way you can borrow based on your current home value and use the extra money for paying debt, remodeling, college, etc\n\nKeep in mind, you will have to pay all those closing costs, and origination fees to the lender again.
1033413
bridge loan will secure the house you want but will be pricey after awhile. if you get a new loan/mortgage you'll get the house and will be able to use the money from the sale to help pay some of it off. make sure you get little or no prepayment penalties. your refinance will only be advantageous if your credit score is good. you will need some seasoning in order to get a refinance as most lenders will not loan you money right after you move in. some will but for a very high rate. either way, you're taking out more money than you need to secure what you want. my advice, get a new mortgage, I assume you've paid or are close to paying off your old one?, and secure your new house since it is very important to you. once you sell the house, retain a good majority of the money, pay off the old mortgage is you haven't already. if you rate and terms are good, then keep them for your new mortgage. if they're bad, wait at least 6-8 months before refinancing.
1150331
If you refinance, the place refinancing your loan will pay off that lender in full and free up that money for them to use for a higher rate loan somehwere else.  They are also trying to do you a favor.  You don't have to refinance if you don't want to, but with an adjustable, why not lock in a rate?
206298
Depends entirely on your lender, in terms of fees, prepays of interest, which loan term you choose, whether you go through a broker or direct lender, etc.  Ask around, get some offers, and compare.  Also, they should tell you how long it will take you to recoup the cost of the refinancing--and you can consider whether or not you'd still be living in the house at that point, or will have sold it.
306736
Take out the loan docs you were given at your signing and find the page that says "NOTE" and read it. It will explain (in more detail than you would ever want to know) the re-payment of your loan. If you look through all of the other documents you'll find something along the line that sending in a check saying "full and final payment" etc... will have no effect on your loan; the lender can apply your funds however they choose to basically as long as they follow the ground rules obtained in the note.
499661
How much cash you can get out depends what the property is presently worth.  There's nothing to stop you from refinancing any mortgage even the day after you take the loan, but some loans have pre-payment penalties that make it ineffective to do so.  If the goal is just to get cash out and the value supports it, a 2nd mortgage or Home Equity Line of Credit avoids a pre-pay penalty and has less costs than a full-fledged refinance.
415650
Not necessarily.  The amortization, or repayment, schedule on a mortgage loan can be of differing lengths (e.g., 30 years, 15 years, 10 years, etc.).  It is possible that by refinancing, you would chose a term of the loan equal to the remaining term of your existing loan, and thereby not start over.  One of the reasons to refinance is to take advantage of interest rates that may be lower than your current interest rate.  So it is possible to refinance, get a lower interest rate, but the term of the loan (the time over which you will repay the loan) will not change from your original loan - and it is possible that because you are paying less interest because of the lower rate, that saved money could actually be used to prepay principal, and thus allow you to pay the loan earlier than you otherwise would have.
1060772
Absolutely not. Three reasons:\n\n(1) Once you consolidate, your repayment starts now. If you're still in school, that means you're probably paying off one loan with another, which is a bad investment.\n\n(2) After July 1st, the Feds are switching systems. Your old loans will continue to be variable rate, but new loans will be fixed rate. If you're not in very deep yet on your student loans, then keeping the variable rate isn't going to matter much because the majority of your loans will be fixed anyway.\n\n(3) After you graduate, if you make less than $60,000 you can write-off the repayment costs of your loans on your income taxes. And most lenders and schools and graduate programs (and even employers) have loan repayment assistance programs. \n\n\nAll that adds up to -- don't consolidate now!! Ask yourself one question -- what do banks want to do on a loan? Answer -- make money!! So if the bank wants you to do something like consolidate now... the reason why is so they make money. Don't take the bait.
821264
You can't receive the money directly to you because the money is for your tuition and fees.  any additional funds remaining you will receive a refund check.  Schools don't receive interest off of grants or loans that are not disburse to students.  Interest accrues once the aid is disperse.  In addition, if you don't have any outstanding requirements to satisfy then you should have received part of you aid by now.  Also, schools have different time schedules when it comes to certifing aid, especially if you asking for the funds later in the semester.  I hope this helps.
362302
Thanks to the recent Deficit Reduction Act, a LOT will be changing with Federal Student Aid.  Student Loan interest rates tend to change every year, but this year its different because not only are the rates changing, they are becoming fixed (so when they do change, they change "for good").\n\nCurrently Stafford Loan interest rates are reset every July.  They were capped at 8.25% but for the past 3 years have been much lower than that cap (in some years, rates were lower than 3%).  For the 2005-2006 academic year, these interest rates are as follows:\n\nFor borrowers in school or in their grace period : 4.7% \nFor borrowers in repayment: 5.3%\n\nBeginning July 1, 2006, Stafford loan rates will become FIXED at 6.8%.  If you want to consolidate to "lock in" today's 4.7% (or 5.3% if you are already in repayment) do it before July 1st.  You can save yourself a lot of money by knocking 2% off your rate.\n\nPLUS loan interest rates will also become fixed.  Currently they are variable and, for 2005-2006, are set at 6.1%.  Beginning July 1, they will become fixed at 8.5%, though most lenders offer additional benefits which could lower this rate to 7.25% or more. PLUS loans can be consolidated, too, (with each other or with any loans borrowed by the same person) so anyone with a PLUS might want to do so to lock in today's 6.1% rate.\n\nPerkins loan rates won't change.  They've been fixed at 5% for ages.
365920
If the loan is an interest only loan you don't have to refinance. If it is a balloon you do have to refinance.  An interest only loan should only be used to purchase either a larger home than the one affordable using a conventional loan (if you plan on keeping it) or a home that you plan on selling it before the I/O term selected expires (very useful in hot markets where properties appreciate a lot in 5-7 yrs). But if the house is not in a hot market and you expect to live it forever then you should go with a conventional loan. As to what happens to the interest paid, you can deduct it from your taxes if your state allows for such a deduction.  Another good use for an I/O loan is when interest rates are high and you plan on refinancing when these come down.
1161408
Your loan agency (the government, or a private institution) will distribute the money to your college, usually about 4 weeks after your semester has begun (for a full length semester).\n\nThe school will then use the money to pay off any outstanding debts you have (for classes, for registration, for tech fees, etc.).\n\nMoney that is left over, will be given to you in the form of a check, about 2 weeks after that. \n\nYou then have the option of either returning it to your loan agency (so you won't owe more later, and so you don't reach your loan limit before you have finished your degree)...\nOr cashing it and sending part of the money back to the loan agency (same reasons as above, plus building up a good line of credit, showing you pay your debts)...\nOr cashing it and either spending or saving it.\n\nI suggest using what you need for books, then sending the rest back to the loan agency, or depositing it into a bank account that will give you interest. Keep this money separate from the rest of your spending cash or it will soon dissapear, and remember, you always pay interest so you always end up having to pay back more than you borrowed (which is why I returned the checks, uncashed, to the government, my first two semesters in college).\n\nBy the time you get to your last 1.5 years, try saving all the money...because 6 months after graduation, you have to start making large payments to the loan agency, and if you don't have a good job, you won't have the money on hand...so save their money and pay them back with it!
648324
if u live in california i can do the work for you. does your friend currently have a second on his house? if he does refinance depending on how much equity over the house you have u can join both loans into one and at the same time add in the $5-10 k you owe(u would get a check or cash if ud like at the signing). if he only has one loan on his house he can open up a second for the total equity you have available. im pretty sure they wont do a $5-10k loan but wat will happen is that u open a second for the total equity available to u and u just use what you need that come with really low interest rate
1134957
You should consolidate now, you are allowed to consolidate if you are in-school.\n\nCurrently if you are in-school your stafford loan rate is 4.7%, consolidation would put you at 4.75%, if you are in repayment your current rate is 5.3% and you would consolidate at 5.375%.\n\nJuly 1st interest rates will increase to 6.54% if you are in-school and 7.514% if you are in repayment.  It will definitely pay to consolidate right now because of the amount of dollars you will save in interest over your repayment.  (Consolidating will extend repayment out over a longer period of time than what you are currently scheduled to repay, so the lender recoups some of the interest that way.)\n\nFind out who you have loans with at www.nslds.ed.gov under the Financial Aid Review tab.  This will tell you more info than you probably ever wanted to know about your loans in one place. (You will need your Dept of Ed PIN to access this information, to have your PIN emailed to you request a duplicate at www.pin.ed.gov)\n\nIt is up to you to choose who to consolidate with.  Emergency legislation passed earlier this month revoked what was called the Single Holder Rule so you can choose to go with any lender you would like.  It is good to find out if you get to keep your grace period, do you get an interest rate or principle reductions for making on-time payments or electronic payments to your account.\n\nThis application must be completed by midnight on June 30th, so act quickly.
771501
If you own the house you can refinance it.  Just be aware that if your loan amount(s) exceeds the selling price, you will have to bring money to the closing.