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ARE THERE ANY OPTIONS TO REFINANCE FOR ME? I JUST HAVE AN ASSOCIATE DEGREE - NO UNDERGRAD - AND FAIR CREDIT
September 4, 2017
11:19 am
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September 4, 2017
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I have been unable to secure a lender that will refinance my federal loans because I did not complete my undergrad degree. I only have the Associates degree I earned at junior college. Plus my credit scores are currently 628 and with a max middle score going up to about 660 in a month or two. I will earn about 65k or so this year. I ‘ve been out of school for at least 15 years. I am a single male with no dependents. Are there any options out there for someone in my position to secure a better rate via a refinance? My current rate is 7.25 and I have 55k of a total balance. Thanks so much in advance!!

September 9, 2017
1:56 pm
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Indiana
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Before we jump into the specifics of your problem, I feel like I should first ask a very important question. Are you certain you want to give up all of the federal benefits associated with having a federal loan?

These benefits include important borrower protections such as income-driven payments and student loan forgiveness.

September 19, 2017
2:57 pm
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I am so sorry for the long delay in responding. So I am currently at 7.25% paying $410 per month on a 55k balance. I’ll make about 65k this year as I said. I will likely earn between 55 and 70 k annually going forward. I am not exactly sure what direction is best for me at this time so I would greatly appreciate any and all guidance and information you can offer me. I can have my credit up to 680 in about a months time if that helps matters at all. Thanks in advance!

September 20, 2017
9:02 pm
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Indiana
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Not having a bachelors and having fair credit are both roadblocks to refinancing at a better rate.

Fortunately, shopping rates only takes a few minutes with each lender. I don’t know of any particular lender that excels in this, but it is worth trying with each to see if anyone will offer you a good deal.

October 16, 2017
8:05 pm
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Stacey Van
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What lenders do you suggest? I’m in the same situation, I won’t finish school until spring of 2018 and I want to refinance now. I have very good income and want to refinance my Wells Fargo student loan which is too high of an interest rate. (I finished my Bachelors a few years ago)

October 16, 2017
8:20 pm
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Indiana
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Stacy,

If you are in the same situation, you may have to shop around with a number of different lenders before you find one that will approve the loan. As far as what I suggestion, my refinance lender rankings page should help.

If you can’t find a lender willing to refinance because you are still in school, you might also look into getting a personal loan. These loans don’t have education requirements, but they typically come with higher interest rates.

Hopefully that helps.

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