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Federal Student loan and Parent Plus Refinancing questions
December 11, 2017
8:16 pm
New Member
Forum Posts: 2
Member Since:
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.

December 11, 2017
9:26 pm
Forum Posts: 328
Member Since:
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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