Can I refinance my student loans with my bank since interest rates are low?
I have ~12,700@~7% and 12,500@5% in student loans. Can I refinance with my bank? Should I?
Student loans are covered under a government program in that they are guaranteed from the banks perspective. If the bank will refinance a "student loan" you will pay almost the same rate you are now. If you go to a bank to refinance it outside of a student loan program (which would be awesome because if you default, which I don't endorse, you are not followed by the debt if you file bankruptcy if it were a student loan) you have to think about it from a bankers perspective…for them it is basically a $25,200 unsecured loan. Most unsecured loans carry really high rates like 10 to 20 percent. Just something to think about….
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This entry was posted on Tuesday, March 24th, 2009 at 8:57 pm and is filed under refinance student loans. Follow the comments through the RSS 2.0 feed. You can post a comment, or leave a trackback.
yes, my bank have a special loan program for school loans. if you already deal with a bank and in good standing, you should speak to someone about refinancing those school loans to take advantage of the low interest rates.
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May 20th, 2009 at 3:03 am
Hi,
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http://urlhawk.com/58k
References :
May 20th, 2009 at 3:48 am
Student loans are covered under a government program in that they are guaranteed from the banks perspective. If the bank will refinance a "student loan" you will pay almost the same rate you are now. If you go to a bank to refinance it outside of a student loan program (which would be awesome because if you default, which I don't endorse, you are not followed by the debt if you file bankruptcy if it were a student loan) you have to think about it from a bankers perspective…for them it is basically a $25,200 unsecured loan. Most unsecured loans carry really high rates like 10 to 20 percent. Just something to think about….
References :
May 20th, 2009 at 4:32 am
Hello how are you? You can absolutely refinance your student loan with your bank. There are plenty of options for refinancing and reducing your monthly payments. The first thing you should do is look into the interest rates at the initial source where you got your loan. Then shop around and compare rates. For additional student loan information you can visit my source.
References :
http://www.how-to-get-a-student-loan.com
May 20th, 2009 at 4:49 am