What sorts of loans are available to pay back student loans?

[PizzaDude]

Here's the deal. I'm going to have about $40k in student loans and they're all private loans @ ~ 7% interest. I'm interested in taking out a new loan to pay these off at a lower interest rate closer to 5% if at all possible.

What are some options?

 

[Alone]

Any bank loan at a lower interest rate would be fine.

 

[Tylanner]

mortgage 😛

 

[DaveJ]

I consolidated my loans with CFS Loans 6 years ago and they were easy to work with. Their rates were fairly competitive too, definitely better than what I had before. Otherwise maybe you could talk to your bank about a consolidation loan.

Dave

 

[MercenaryForHire]

Originally posted by: Alone
Any bank loan at a lower interest rate would be fine.

 

[PizzaDude]

Originally posted by: DaveJ
I consolidated my loans with CFS Loans 6 years ago and they were easy to work with. Their rates were fairly competitive too, definitely better than what I had before. Otherwise maybe you could talk to your bank about a consolidation loan.

Dave

Can I consolidate private loans, too? I was under the impression that I could only consolidate Federal loans such as Stafford loans.

 

[DaveJ]

Originally posted by: PizzaDude

Originally posted by: DaveJ
I consolidated my loans with CFS Loans 6 years ago and they were easy to work with. Their rates were fairly competitive too, definitely better than what I had before. Otherwise maybe you could talk to your bank about a consolidation loan.

Dave

Can I consolidate private loans, too? I was under the impression that I could only consolidate Federal loans such as Stafford loans.

Yes, CFS will consolidate both Federal and private loans. Mine were a mix of some Federal and mostly private and I was able to combine them into one payment.

 

[meltdown75]

I just paid mine off with a 2.9% credit card. I will have the balance paid by the end of the year. Beats paying 7-9% which is what it was at. I won't save a TON of cash, but I will save some. When it is paid off, I will most likely cut up the card or just let it expire.

 

[MercenaryForHire]

Originally posted by: meltdown75
I just paid mine off with a 2.9% credit card. I will have the balance paid by the end of the year. Beats paying 7-9% which is what it was at. I won't save a TON of cash, but I will save some. When it is paid off, I will most likely cut up the card or just let it expire.

Negatory - keep it open, just don't use it.

- M4H