by Romiex69x on April 14th, 2007

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I have a horrible student loan for $18k with 14.5% interest rate, I want to refinance it, what's the best place to go to, is there and government subsidized place to go?

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by SarahK on September 19th, 2007
Oh, wow, I'm sorry to hear that. I've heard some horror stories. I'd get that sucker taken care of ASAP. You can only refinance your student loans ONCE. The problem is that your wages can be garnished for PRIVATE loans! Transferring it to an unsecured loan is a good idea. Many cards will offer a 0% APR for balance transfers (but may charge a 3% fee... less than your interest, though!) for so many months, you could just transfer the balance again if your credit's good enough. If you're still in school, you're probably bombarded with credit card offers. Good luck!
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- My credit went down, and the loan is for $18k, between my 3 cards I only have credit of $7k. Is there a way to refinance a private loan?
  
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  by Romiex69x on September 20th, 2007
- I notice now that I wasn't clear. I meant most NEW cards offer 0% balance transfers. I don't know if you get solicitations in the mail (even if you do, they're "subject to review of your credit report" and whatnot), but that should give you a start. You could also check the list at
  http://www.cardtrak.com/cards/categories/balance-transfer.html but many of those offers are for those with good credit. You could also ask on the MyFico.com forums for advice on a card for someone with whatever credit range you have who wants to do a balance transfer.
  
  Best of luck!
  
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  by SarahK on September 20th, 2007
- Thanx, apprecaite it, will look into it...
  
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  by Romiex69x on September 20th, 2007
- No problemo. I have a friend at Duke who owes over $100,000 in student loans (no, he wasn't a trust fund baby) and I cringe whenever I think about his situation!
  
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  by SarahK on September 20th, 2007
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by Norcalty on September 11th, 2007
Depends on if it's a private or a government funded loan. I got stuck into a private (state funded) loan and it was horrible. I actually got an American Express card with a really low transfer balance rate (3.5%) and transferred my student loan onto the credit card. It was a much better way to pay it off because the rate was so low.

If it's Federal (stafford loans) you can easily combine them/refinance them.
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- yeah, it's private, bank of american's maximizer loan
  
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  by Romiex69x on September 12th, 2007
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I have a horrible student loan for $18k with 14.5% interest rate, I want to refinance it, what's the best place to go to, is there and government subsidized place to go?

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