I can't imagine you doing any better than 6% for an unsecured personal loan regardless of your credit. The only way to do better would be balance transfers which would require a 3% up front fee and be due in 12 to 18 months. If I were you, I'd pay as much on them as I could every month and cut down on expenses until they were paid in full.
Hello,
I read through your information to give you a more informed answer. I hope that doesn't offend you. Yes, if you qualify, there is a possibility of getting a private loan. You will lose the possible protections of a federal loan such as loan forgiveness, discharge, Income-driven repayment plans, subsidies, forbearances and deferments. If the unexpected happens or you can't afford a payment one month, it's unlikely you'll find a loan that will be as flexible. Additionally, plans like REPAYE guarantee that a) your interest will never be based on more than the original principal and b) that as long as you re-certify your income on time your interest will never capitalize.
You may or may not qualify for a $90k loan. They will take into account more than just your credit score. The loans offered might have a variable rate or might a penalty rate, fees if you miss a payment. You also might not be offered the lowest rates they advertise. Credit unions are a good interest rates, although you can probably find others.
Over the past year or so, since you've consolidated I think I read your balance had increased from ~$79k to $90k+. Given that you have to be on an Income-driven repayment plan after federal loan consolidation, are you currently projected to have the loan forgiven or to pay it off early?
I think you've got a good interest rate locked in and if it were me I'd attempt to make significant progress on the loan for a year or two before attempting to refinance it. If the interest continued to accrue, I would instead stuck with whatever Income-driven repayment plan would provide the most forgiveness. Forgiveness would make any interest rate irrelevant.
One last thing, did you know that plans such as REPAYE and IBR have an interest subsidy? On REPAYE, for the first three years they will pay all the interest that isn't covered by your payments on your subsidized loans. After that they'll pay half. For your unsubsidized loans, they'll pay half of the Interest not covered by your payments, for the duration of the loan. This would, in effect, reduce your interest rate.
(Ok, I'm biased against private loans, but I hope this helps).
I read through your information to give you a more informed answer. I hope that doesn't offend you. Yes, if you qualify, there is a possibility of getting a private loan. You will lose the possible protections of a federal loan such as loan forgiveness, discharge, Income-driven repayment plans, subsidies, forbearances and deferments. If the unexpected happens or you can't afford a payment one month, it's unlikely you'll find a loan that will be as flexible. Additionally, plans like REPAYE guarantee that a) your interest will never be based on more than the original principal and b) that as long as you re-certify your income on time your interest will never capitalize.
You may or may not qualify for a $90k loan. They will take into account more than just your credit score. The loans offered might have a variable rate or might a penalty rate, fees if you miss a payment. You also might not be offered the lowest rates they advertise. Credit unions are a good interest rates, although you can probably find others.
Over the past year or so, since you've consolidated I think I read your balance had increased from ~$79k to $90k+. Given that you have to be on an Income-driven repayment plan after federal loan consolidation, are you currently projected to have the loan forgiven or to pay it off early?
I think you've got a good interest rate locked in and if it were me I'd attempt to make significant progress on the loan for a year or two before attempting to refinance it. If the interest continued to accrue, I would instead stuck with whatever Income-driven repayment plan would provide the most forgiveness. Forgiveness would make any interest rate irrelevant.
One last thing, did you know that plans such as REPAYE and IBR have an interest subsidy? On REPAYE, for the first three years they will pay all the interest that isn't covered by your payments on your subsidized loans. After that they'll pay half. For your unsubsidized loans, they'll pay half of the Interest not covered by your payments, for the duration of the loan. This would, in effect, reduce your interest rate.
(Ok, I'm biased against private loans, but I hope this helps).
calyx:
Student Loan Hero has been a much more informative website than the government website probably ever will be. They mentioned the subsidy and when I contacted them, they gave me a very detailed answer with the referenced regulations. D of E chat was useless.
I think the only people who can possibly benefit from private loans are people with incredibly high incomes with no debt and enough emergency funds to cover payments for a while. I think it's too risky.
Edit: IDR Q&A
" I understand that under the REPAYE, PAYE, and IBR plans, I may not have to pay some of the interest on my loans. How does this work?" ...
https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven/questions
Student Loan Hero has been a much more informative website than the government website probably ever will be. They mentioned the subsidy and when I contacted them, they gave me a very detailed answer with the referenced regulations. D of E chat was useless.
I think the only people who can possibly benefit from private loans are people with incredibly high incomes with no debt and enough emergency funds to cover payments for a while. I think it's too risky.
Edit: IDR Q&A
" I understand that under the REPAYE, PAYE, and IBR plans, I may not have to pay some of the interest on my loans. How does this work?" ...
https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven/questions