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Federal Student loan and Parent Plus Refinancing questions
December 11, 2017
8:16 pm
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December 11, 2017
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Hi everyone. I’m glad to find this website.
I’m trying to research the best options for my refinancing my student and parent plus loans. I am currently through Navient, which wasn’t my choice, it was a change made by Sallie Mae. I’ve read things like Navient is charging interest they shouldn’t and/or not applying full payment amounts to you loans. Not sure if this is all true yet, but it made me start exploring options. And of course when I google the best options for student loan refinancing, more options than I can count come up online.

I have a total of $5606 balance in unsubsidized loans and about $24,831 parent plus loans. Not a huge balance, but the monthly payments are $737 and don’t seem to come down as I think they should. Interest on unsubsidized is 6.8 and parent plus interest is 7.9. I’ve been paying this amount for a long time now, and can’t figure out why the balance isn’t lower. I did see on their website where some months more is put on principal than other later months. That doesn’t make sense to me.

Any help is appreciated.
Thanks
therese

December 11, 2017
9:26 pm
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Indiana
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May 3, 2014
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It sounds like all of your loans are federal loans. Before exploring refinance options, the first question to answer is whether or not refinancing is a good idea.

Federal loans have a lot of consumer protections such as income-driven repayment plans and student loan forgiveness. Refinancing gives up the protections. Are you 100% certain that you will never use these programs?

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