Basically, I have a family member that has had issue with with their student loans. Their parents are co-signed. They have been paying ~ $3500/mo somehow but are no longer able to do so. I am asked to help but IDK what to do. My loans have been Federal so I don't have much experience here. Here is what I know:
Sallie Mae:
- $9,800 @ 8.38% fixed
- $27,000 @ 13% variable
- $6,500 @ 11.25% variable
- $6,300 @ 11.88% variable
- $300 @ 8.63% variable
LendKey:
- $14,000 @ 8.12% variable
- $17,300 @ 8.12% variable
- $23,000 @ 5.77% variable
- $20,000 @ 5.77% variable
My instinct is to refinance, especially the Sallie Mae ones because of the high rates. The problem is, this person's parents don't want to co-sign their loan. They want out. The person on their own has about $40k take home per year (without much expenses). Their credit score is ~760.
Any advice would be helpful but I also have some specific questions:
- Can I refi only a few of these loans and not all of them?
- Would only refinancing the high interest ones be easier based on their income and credit score or does it not make a difference?
- Where to refi? I heard Sofi, Laurel Road, Earnest, Common Bond, and local credit union. Anywhere else?
- Any other option aside from refinancing? Maybe something I am not thinking of.
Thank you in advance.
Trying to help a family member with their student loans, don't know where to start.
byu/Ok_Meaning_5676 inStudentLoans
Posted by Ok_Meaning_5676
1 Comment
Start by refinancing any loans over 10%. Looks like about $40k worth – the borrower should be able to get approved for those without a co-signer. The best lender is the one that gives them the best rate – shop around using aggregators like credible or [studentchoice.org](http://studentchoice.org)