How can I refinance a student loan or $46,000 I have at 8.5% into a lower rate?
608383
If you could provide a little additional information, that would help.  What kinds of student loans do you have?  Have they been consolidated? Are you a teacher?\n\nIf the loan is private, there isn't much that you can do to lower your rate -- most private loan rates are variable meaning that they change with the market and, sometimes, with your credit.  \n\nIf your loans are federal I have to ask: Are you sure the rate is 8.5%??  Federal Stafford loan interest rates have been capped at 8.25% for years.  And the only way your rate would be FIXED that high there would be if you had consolidated when rates were at an all-time high (the last time rates were that high was in 1999).  \n\nIf you haven't consolidated yet, consider doing it right away -- it's the easiest and safest way to (1) lower your monthly payments and (2) lock in a low interest rate while still maintaining the protection of the Federal student loan programs (just make sure you apply for a *Federal* Consolidation Loan).  When you consolidate, any eligible, Federal student loans that you have will be lumped into one new loan, your rate will be fixed at today's rate (5.3% if you're consolidating only Stafford loans) and your repayment term will be extended out beyond the standard 10-year repayment term (for a loan of $46,000, you will probably receive 25 years to repay). Extending your repayment term will mean that your monthly payment will be lowered (often significantly).\n\nIf you have consolidated, the only way that you can re-consolidate is if you...\n\n(1) borrow a *new* Federal student loan (probably not a wise decision, financially, as it wouldn't change your overall rate much)\n\n(2) if you "have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to [you]," you can obtain a Direct Consolidation Loan, which is the other type of student loan consolidation that the federal government offers. \n\nThis might be your best option. Just make sure that your current loan is a Federal Consolidation Loan (if it's already a Direct Consolidation Loan, you're out of luck). If it is, check the Dept. of Ed's website to see if you are eligible: http://loanconsolidation.ed.gov/borrower/beligible.shtml . There's no credit check on these loans, so it can't hurt to try!\n\nThere are private companies out there that claim to be able to "reconsolidate" any federal consolidation loan. These companies are SO disreputable that I hesitate to even mention them. DON'T DO IT. They're in business only to make money off of you. Many of them don't even deal in Federal Consolidation Loans, so you could end up with a "reconsolidated" private loan with horrible terms and none of the benefits and security of the Federal student loan that you started with.\n\nFinally, about student loan forgiveness: loan forgiveness is almost always not an option for someone who has consolidated, so you will need to make the choice between Loan Consolidation and Loan Forgiveness.  Before deciding, keep in mind two things: \n(1) interest rates are on the RISE and scheduled to rise to 6.8% in July, so if you want to consolidate, you should do it before July 1\n(2) Forgiveness (a.k.a. "cancellation") of Stafford loans is rare unless you are a teacher in a low-income area.  To see if you qualify for teacher forgiveness, read this site carefully:\nhttp://studentaid.ed.gov/PORTALSWebApp/students/english/teachercancel.jsp?tab=repaying\n\nBy all means, if you qualify, go for it!
253596
its around 4-5%. i have a student loan and my interest rate is 4.6%
559736
M.K\n\nActually you can consolidate your loan with the government now http://www.loanconsolidation.ed.gov (Borrowers Services) and it's actually not as bad as you think. \n\nBefore you consolidate your loan check out the Borrowers Services and see if you can get a better rate. You can consolidate any amount even your $50,000 debt and its free to consolidate your loan!\n\nI know Salliemae is one of the best student loan consolidators but sometimes their rates can be a little high depending on your situation.\n\nDoesn't hurt to check them both out. Hope you get it worked out soon!
662291
Depending on your needs (and credit rating!), you may find that a home equity loan is more appropriate than a total refinance.  You would save on closing costs and be able to choose how much to take out and when.  These loans are typically higher interest rates, but the savings may work out for you.\n\nAt 8%+ that loan sounds very high.  I would shop it at several lenders until you get the best rate for you.  If you can find a reputable mortgage broker/lender you may be able to submit to several companies at once. (Yes I know "Lend Tree" has the same service, but I've found their lenders are all very similar). \n\nDon't give up! With prime rates still in the 5% range, you can probably save 2-3% by being thorough.\n\nMy company does NOT make or sell loans, but I will be glad to help you find a lender if you run out of resources. If you're looking to resolve a load of debts I can help you with that decision as well.  Call 888-221-2711 and ask for the Director.
133083
Start with a mortgage broker.  Talk to your friends and/or family and have them refer one to you.  Talk with the loan officer and don't be afraid to ask questions.  Make sure you feel confident and comfortable with them.\n\nAlso, shop around for rates.  You owe it to yourself to get the lowest rate at the lowest possible costs.  Ask each person to give you a Good Faith Estimate and if they would be willing to lock the quoted rate same day.  (Rates can change throughout the day, so don't spend *too* much time shopping around).\n\nAlso, do not allow people to randomly pull your credit.  This will lower your score for several months, and excessive  inquiries may lower your score enough to disqualify you for the best possible rates and programs.\n\nMake sure you are 100% honest and up-front with your loan officer.  We can typically navigate through many problems, but the ones that surprise us can sink the ship.\n\nGood luck, and happy hunting!
456695
I am assuming you are asking one of two questions...\n\n1) How far can I buy my rate down with points? or,\n2) What is the maximum amount of fee's/points I can be charged?\n\n1) This will depend on the type of loan be it an A-Paper or Sub-Prime deal. All of the lenders will have a floor rate for your specific product. Say you are offered a 10 year ARM at 6% with no points but you decide to pay 1 point to get a 5.5% rate; great you say, what if I pay 4 points thinking this will get you 4%... Wrong, the floor for this product maybe 5.375% minimum... (I made these number up BTW). An A-paper product will typically have a lower floor than a sub-prime product plus many lenders will only allow you to apply so many points for buy-downs.\n\n2) If your asking what the maximum 'points' in fees can be this will vary state to state and by transaction type. For instance FL is an 8% state on purchases meaning that adding all of the fees for origination, loan discount, appraisal, credit report etc, etc... can not equal more that 8% of the loan amount before it is a high cost loan. In Texas on a cash out refinance the maximum fees are 3%... Many lenders use a 5% cap across the board excluding Texas just top be safe.\n\nI hope this somewhat poor explanation is what you were looking for.
722071
This isn't specific to Sallie Mae -- it's the result of Federal regulations.  The regulations for the refinancing of Federal student loans are very different from mortgage refinancing. Whereas you could refinance a mortgage as often as you want (well, sort of), reconsolidation isn't technically supposed to be possible for student loans. There a a few loopholes, though. The only way you might be able to "re-consolidate" would be:\n\n(1) if you borrow a *new* Federal student loan. If you have another loan that is unconsolidated, you can apply for a new consolidation loan that would combine this new loan with your old consolidation loan. However, this would only lower your rate a little bit since your new interest rate would be based on the weighted average of the rate for your new loan and the rate of your old loan. So, if you currently have a Federal Consolidation Loan of, say, $20,000 at 8% and you borrow a new $5,000 Stafford Loan at 4.7%, you'd have four times as much at 8% than you do at 4.7%, so your consolidated rate would become 7.375% -- not much lower, huh?\n\nThat said, you won't be able to obtain a new Federal student loan unless you are a student, so this may not even be a viable option for you.\n\n(2) if you "have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to [you]," you can obtain a Direct Consolidation Loan, which is the other type of student loan consolidation that the federal government offers. \n\nThis might be your best option. Check the Dept. of Ed's website to see if you are eligible: http://loanconsolidation.ed.gov/borrower/beligible.shtml . There's no credit check on these loans, so it can't hurt to try!\n\nThere are private companies out there that claim to be able to "reconsolidate" any federal consolidation loan. These companies are SO disreputable that I hesitate to even mention them. DON'T DO IT. They're in business only to make money off of you. Many of them don't even deal in Federal Consolidation Loans, so you could end up with a "reconsolidated" private loan with horrible terms and none of the benefits and security of the Federal student loan that you started with.
88921
Save enough to pay off the school is your first step, then use Americorp to help pay your current tuition (interest rates on student loans are higher now than a few year years ago).  You may also think about "consolidating" your Stafford loan to get a fixed rate before June 30, 2006.
160491
I am actually a mortgage consultant. You can goto my site if you would like, and enter your info, and I can email you with any info. But for now, to make a mortgage affordable, put down as much as you can. The more down, the less the payments will be. Most people cannot put down 20% these days, which is fine. It is very common to do two mortgages, one for 80% of the sale price, and then another for the rest minus down payment, using two over one that is more than 80% removes PMI, which is Private mortgage insurance, which is almost always required for a loan above 80% of the value of the home. Also, with an adjustable rate mortgage, like a 3/1, which means the rate is fixed for 3 years at a low rate and then can fluxuate once a year after that, that is good for first time buyers. Or even a 5/1 , working the same way. That way, you get a lower rate, and if you move within 5 years great, whihc is the average for first time home buyers, and if you decide to stay, you can always refinance, when the rates are low again. If you want some more information, just goto my site, and I will email you back. In the box down the bottom, make sure you let me know that you got the link from here. I cannot help in all states, but I can def. help you out informationally.
1141058
Try this:\n\nPrivate people lending money for just about anything.  They bid the rates down and your rate is based on your story and your ability to pay back.\n\nOf course if it is for school, why not a student loan?
608479
As a branch manager for a direct lender/brokerage, I would stay away from the 2/28 at this time.  We may have more rate hikes, hindering you from refinancing in 2 years due to whats called payment shock!  It is a risky loan at this time as nobody knows if rates will decrease. You will be fine to refinance in 2 years; at the going rate at that time.. The 2 year fixed is a way for that loan officer to earn income off of you two times.  It may not be the best program for you after seeing your hesitance.  Email me at ryan.wood@truelend.com for other options.
830600
Hello Carrie,\n\nMy name is Jason Fry, and i am a student Loan advisor with Student Aid Lending..\n\nWe are a title IV lender administered by the department of education...\n\nMy company does both consolidation loans, as well as new loans for students (and parents)\n\nAll lenders that are licensed with the Deparment of Education have the same programs, rates, and options... Everything is regulated by the government so there is no difference technically in which lender you work with..\n\nThe only differences you can find from one student loan lender to the next is the type of rate discounts offered..\n\nThe department of education offers 3 rate discount options... Each individual lender determines if they will offer the rate discounts or not..\n\nMy company honors all discounts offered by the government...\n\nThis includes:\n\n*** .60% rate reduction for consolidation prior to graduation..\n\n*** .25% rate reduction for automatic debit\n\n*** 1% reduction for 36 months of ontime payments..\n\nMost other lenders out there will only offer 1 or 2 of the three.. Again, we honor all of them..\n\nIf you would like mor information about my company, please visit my yahoo 360 profile..\n\nhttp://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1\n\nFrom there you can find the direct link to our website as well..\n\nDont hesitate to call or email me at anytime and i can walk you through the entire process!!\n\nGood Luck, i hope this helps!\n\nJason Fry\nStudent Aid Lending\n1-800-964-0642 Ext. 114\njasonf@studentaidlending.com
1016557
I think they are all pretty much offering a rate of 3.5 if you look online. I suggest you consolidate or refinance before June 1st. Here in CT the rates are about to go up to 7%
1024028
Ask you bank for a line of credit. The interest rate is cheaper than a credit card. Otherwise consolidate all your debt to give you a smaller monthly payment.
69856
There are many loan programs that would offer you a 30yr fixed product and little or no closing costs.  Write me an email if you would like to ask additional questions about the process or if you would like a quote. Check my bio (by clicking my screen) for my email address if you like.
709385
Hello.\nI am a Private Lender, I think i can help You Get The Loan You Required,That will be If You are still interested.My Interest rate is considerate.\nContact me Via email,edward_loanfirm@yahoo.com\n\n  Mr Edward Pellicane.
1042862
Interest rates for any new Federal Stafford loans made after July 1st will will be 6.8% for all borrowers (in-school or otherwise).  \n\nIf you already have a *variable* rate Federal Stafford loan, your rate on that loan will remain variable and will be expected to increase to 6.54% (for borrowers in school, grace, or deferment) or 7.14% (for borrowers in repayment).\n\nInterest rates for any new Federal PLUS loans made after July 1st will will be 8.5% for all borrowers (in-school or otherwise).  \n\nIf you already have a *variable* rate Federal PLUS loan, your rate on that loan will remain variable and is expected to increase to 7.94% for all borrowers.\n\nPerkins rates and terms will effectively stay the same (5% fixed rate).