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Interest Rate / Deferment
January 17, 2019
5:20 pm
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CalWall
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Hello,

I have $35K remaining on a private loan at 9.3% with Sallie Mae which, based on a call with ELFI, I should be able to refinance (I’d been looking for a refinancer who would take my loan while I am still a student, so I’m glad that they seem to not find it a problem so long as I have a cosigner who is aware of the cosigner release).

I suppose my request for advice pertains to deferment and whether it will impact my credit score.

Also does anyone knows whether Sallie Mae’s Rate Reduction (which requires that we be late on payment since there is no way to get a hold of collections team AT ALL – has anyone had any luck on this) will also jeopardize my credit score and chances of getting a refinance?

I’m a little nervous since I was hoping to defer for a month or two (while I am still in school) before the refinance just to buy a bit of time for the transition (as well as for myself).
Running low on funds for repayment and about to be sans scholarship so getting tricky.

Any advice appreciated. Thanks!

February 7, 2019
10:20 am
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Indiana
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Forum Posts: 334
Member Since:
May 3, 2014
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I don’t think the rate reduction will lower your credit score, but I can’t say for certain.

If you are currently on a deferment, it will make refinancing much more difficult.

Generally speaking, the Rate Reduction program is for people experiencing a major hardship with their student loans, while refinancing is best suited for borrowers that are very low risk (hence the lower interest rates). Having a cosigner may help your efforts, but I haven’t really seen examples of people who were able to do both.

Best of luck!

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