“I need urgent advice. I’m struggling to find a job after graduating. I have $87k in Sallie Mae private loans with high monthly payments and steep interest rates, plus $106k in federal loans on income-driven repayment. I’ve considered refinancing to lower my payments and shopped around, but lack of income is a barrier. Laurel Road seems open to my application, but I’m hesitant due to a language barrier with my parents and concerns about a credit check. My sister advises focusing on finding a job first, while speakloans suggests refinancing now. I’m unsure what to do—should I pursue refinancing?”
Refinancing your student loans could be beneficial under certain circumstances. It’s worth considering if you stand to save money through lower interest rates or better loan terms. Qualifying for refinancing typically requires a solid credit score, a clean credit history, and stable finances. These factors are crucial for securing the best rates and ensuring that refinancing helps you manage your debts and living expenses effectively.
Hello
For the past three and a half years, both debts have been refinanced to 0%. It is my sincere wish that you took advantage of that and pursued them. I’m not sure what to say if you didn’t.