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Frequent Contributor
Posts: 320
Registered: ‎07-08-2012
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Refinancing student loans

Is it possible to refinance a private Sallie Mae loan? I only have like $7,000 with them but they are on a variable rate and are still 9+% interest.

Does anyone know if you can do this? Any ideas what kind of interest I could expect?
Frequent Contributor
Posts: 320
Registered: ‎07-08-2012
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Re: Refinancing student loans

Bump?
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Community Leader
Valued Contributor
Posts: 1,275
Registered: ‎06-09-2008
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Re: Refinancing student loans

There are a few lenders still offering private student loan consolidations, but if you only have one loan, that may not work for you.  Another option would be to look into another type of credit, like taking out a personal or home equity loan, but the rate and terms of the loan would depend on your credit, income, and other debt.

 

Honestly, with a relatively small loan like that, I would focus more on getting it paid off ASAP, then trying to refinance, which, while it might save you a few % in interest, could cost you in fees and time spent.

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