If you are refinancing the student loan with a personal loan, you will lose access to any protections and entitlements of the student loan.
I know some long term readers, especially those who don’t have student loans any more are probably sick of it. My email box and blog comments are one ongoing stream of student loan management questions.
Frankly, it was a big pain for me to learn about student loan management myself, since I never really had any significant loans. Second, the student loan issue is only getting worse with the rapid rise of tuition.
The reader saves thousands in interest and get a bonus of 0-500. But even there, the government gets its money back to loan to another student who can go to school, which is the whole point of the government student loan program anyway.
The main caveat to student loan refinancing still applies: IF YOU’RE GOING TO GET YOUR LOANS FORGIVEN, DON’T REFINANCE THEM.
Every lender is different, so it is important to explore your options with yours.
Your lender likely doesn’t offer private student loan forgiveness. For example, many top student loan refinancing companies offer either deferment or forbearance.Examine Sallie Mae's student loan refinancing and consolidation options.Since you are already a customer at Sallie Mae, you may be entitled to interest rate discounts on your refinancing or consolidation.Opp went to The Art Institutes and University of the Arts. Of that amount, ,539 was completely discharged, Sallie Mae settled a ,100 balance for ,000 at 3% interest, and RBS Citizens settled ,000 at 0% interest payments at per month.I call that a substantial reduction in debt and terms.The examination of the private student loan cases shows those who are most likely to have their student loans fully discharged are those that have a sufficient underlying medical situation that would make repayment of the loans either impossible or subject the debtor to a below minimal standard of living.