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

    1. 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)

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