Deanna Said:

What short term effect would the refinancing of a defaulted student loan have on my credit rating?

We Answered:

It depends. Your score may go down for a few months, because you'll have a new loan on the report and passed due debts will still show up on your report. After a few months, it's going improve.

Or it can go up, depending other factors.

Connie Said:

Is it a good idea to include a $18,000 student loan in the refinancing of my home?

We Answered:

Student loan interest is often deductible, rates are generally very low, and they're often for extended periods of time. The longer you have to pay it, the cheaper those payments become over time.

I almost NEVER recommend paying off student loans with mortgage debt. I don't care if it saves you another $50/mo. It's just not a good idea. Unless for some reason you're at some stupidly high rate on those loans? Anything over 9%, I'd consider it. Anything under, not.

Nelson Said:

Where is the best place to Refinance student loan?

We Answered:

Yes I do know a place, I just got a loan myself

Franklin Said:

Is there a new rule (or law) about refinancing under 20,000 in student loan debt that happened on Oct 1?

We Answered:

i work for a consolidation company.
first of all the only thing that changed Oct 1 are the interest rate reductions, before you could get at least 1.25% off, now you can maybe get a .25% off. That whole thing about the 20,000 is probably the companies minumum balance to consolidate. after you sign a consolidation application you have 60 day appox. to cancel, once the debt is paid or "funded" you cant cancel, so I would get there fax number asap and fax in writing that you want the application cancelled.
what the goverment mandates are things like the intrest rate, when you are eligble to consolidate things like that.

The company I work for is Academic Financial Solutions, if you want to give us a call we will be happy to consolidate the loans for you and answer any other questions you have.
866-416-6333
www.academicfinancial.com

-good luck
athena

Nicole Said:

Ever heard of refinancing student loans through the government?

We Answered:

I would make to appointments: one with the government and one with the bank. See who makes you the better deal and then lump the government and bank loan to one agency - it will make payments easier cause they will all be on one bill.

Make your private loan your first priority - get a second job if you must but take care of that first. Social cost is bigger than financial cost every time. Where money is concerned, don't screw friends and family.

Kristine Maitland
Consultant
http://www.kmaitland.ca

Bobbie Said:

Is student loan still tax deductable when refinancing a student loan with a personal loan?

We Answered:

Nope, sorry, but personal loan won't qualify, as you will have nothing in writing to say that it is student loan interest.

Kirk Said:

How can one refinance a student loan if it is already consolidated?

We Answered:

You can, I get offers from banks all the time, just be aware that you'll lose some of the priviledges such as a forbearance, etc.