Can I refinance a student loan?

[dakcp2001]

I have a student loan with an interest rate of 4.375. It was through Direct LoaN but now it got turned over to Nelnet. Is there a way to refinance and get a lower rate? The rate seems high. Any advice?

 

[STLDisney_Freak]

As far as refinancing, I don't think you can unless you consolidated. Your interest rate isn't high. I have a 12% one that cost me an arm and a leg.

 

[sonnyjane]

Agree with PP, that's actually not a high rate, and no, you can't "refinance" a student loan.

 

[howlongtildisney]

The only sort of refinancing that I have heard of people doing with student loans is refinancing their mortgage and then using the proceeds to pay off the student loans. However, there isn't much difference between the rate on that loan and current home loan rates.

 

[sweetdana]

I have a student loan with an interest rate of 4.375. It was through Direct LoaN but now it got turned over to Nelnet. Is there a way to refinance and get a lower rate? The rate seems high. Any advice?

You can consolidate 1 time. You can refi your home take cash out and pay them off too.

 

[sonnyjane]

You can consolidate 1 time. You can refi your home take cash out and pay them off too.

But I would never, never recommend that. Student loans are not dischargeable in bankruptcy. If you can't pay them, you get a low credit score and they could POSSIBLY garnish your wages or tax refunds, but if you take out a mortgage and can't pay THAT, they can take your HOME away. Not worth it.