student loans

Refinancing student loans with LOWER interest rates?

Since I have several clients with LARGE student loans and rates around 10%, I thought I'd do some research and post how to go about consolidating/refinancing.

Several hours later, I had found interesting links on rehab and consolidtion and to SCAMS and NEW student loans, but nothing on REFIS with LOWER INTEREST RATES.

Current student loan consolidation interest rates

As of today, from at the "current interest rate" for DIRECT LOANS:

1.   Current Consolidation Interest Rate.

Student loan consolidation specials / incentives?

In a quick web search I only found incentives for certain professions, but nothing for economic hardship. 

One of the EASIEST and FAIREST means to increase consumer buying power would be to offer no interest government student loan consolidations, giving borrowers LOWER payments and more cash to spend on the economy.

Please post if you hear of anything.

It might be better to wait if you could file for bankruptcy or creditors could get judgments against you

If you're defaulting on your unsecured debts and there is a chance that you might be forced into a Ch. 13 repayment plan because your income is too high, you obviously do NOT want to consolidate until AFTER you discharged your debts.

SHOULD you consolidate or refinance your student loans?

There are THREE considerations:

  • Lowering the interest rates
  • Improving FICO scores
  • Convenience

I have clients with HUNDREDS of thousands in student loans at over 10% interest.

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