- Looking to Refinance Student Loans?--You Can't.
- Funding Your College Education with National Student Loans
- How to Select a Student Loans Company
- Getting a Private Student Loan
- Having Trouble Getting Enough Money from the Federal Government?--Consider Sally Mae Student Loans.
- Can You Get Low Interest Student Loans with Bad Credit?
- When to Consider Student Consolidation Loans
- An Introduction to Subsidized Student Loans
- You CAN Fund Your Education with Student College Loans
- How to Solicit Student Loans for College
Looking to Refinance Student Loans?--You Can't.
If you're looking to refinance student loans for money you borrowed from the Federal government, you will quickly find that you cannot. It simply isn't possible. But why? Because Federal student loans cannot be refinanced; they can only be consolidated.
What's the difference? If you were refinance student loans, you wouldn't actually get a different interest rate on your loans; you would simply lock in the current student loans rate. For instance, let's say you own a home. You originally financed it at a high rate because you had bad credit. Now that your credit has improved significantly, you decide that you want to refinance your home and try to get a better rate—a lower “real” interest rate (or nominal interest rate minus interest that is created purely from inflation). With your house, you could do this; you could refinance and get a better rate if you have better credit. This is not so with student loans from the Federal government.
Regardless of your credit rating's movement, you cannot get a better rate. You cannot refinance student loans. You can only lock in your current debt at the current student loans rate, which is based off of the 91-day Treasure Bill rate. This will ensure that you neither gain or lose from future Fed decisions or inflation. Rather, you will be entirely impervious to fluctuations.
Depending on government policy and the current market outlook, this could be either a good or a bad decision. But if you're really only interested in having complete control over your rates and your payments, you may simply want to lock in your current rate with a student consolidation loan (not a student refinance loan). Whether or not you make a good decision, at least you wont be at the mercy of forces you cannot control.
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Use Caution When Doing Student Loan Consolidations
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