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Is it possible to refinance a private student loan into a federal loan?
December 16, 2015
7:58 pm
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December 16, 2015
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I recently got married, and my wife has several private student loans. She works as a social worker at a mental health agency, so if her loans were federally backed we could go into a IBR plan, and they would be forgiven after 10 years. Unfortunately most of her loans are private, so 90% of her debt doesn’t qualify for this. I think I know the answer to this, but is there any way to refinance her existing private loans into a fed loan, or combine it with her single existing federal loan, so that her loans would all be federally backed, and thus she can apply for IBR?

I appreciate any help you guys can offer. Her current monthly payment is almost 1/2 what she makes per month, and it’s not like social workers make much to start with.

December 16, 2015
8:56 pm
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Jay,

I hate to say it, but I think your fears are probably right. IBR is an option only for certain federal loans and there presently is not any route to convert a private loan into a federal loan. Senator Elizabeth Warren has proposed some legislation that might help you out, but the odds of success seem pretty remote at this time.

As for dealing with your current debt, I’d suggest checking out this article: https://studentloansherpa.com/drowning-debt-guide-lower-student-loan-payments/ many of the suggestions for dealing with private loans may apply to you.

Good luck,

Michael

December 16, 2015
9:27 pm
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Thank you so much for the help Michael. I had a feeling this was the case, but hope and desperation drove me to check against reason. I will check the link you mentioned and see if there’s anything there that may help.

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