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Student Loan Refinancing
December 11, 2017
2:16 pm
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December 11, 2017
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Hello,

Just joined, my apologies if this topic already exists. What I would love is if there would a place I could go to sit down and talk to someone about my student loans and what to do but that does not seem to exist. I am currently paying $800 per month, ($645 to Navient and $155 to Fed) I just brought my Fed student loans out of default but I am told that after 3 months my monthly rate will increase to $690, meaning, I will soon be paying $1,335 a month. I sent SoFi an introductory email in the hopes I will be able to refinance a pay a reasonable monthly fee that will cover all of my loans, (loan details below) any advice is most welcome and thanks for reading.

My current situation:

Federal Loans
Current Principal Balance: $45,951.58
Unpaid Interest: $12,104.55
Total Current Balance: $58,056.13

(5) Signature Student Loans through Navient

Signature Student $18,286.25 7.250%
Signature Student $17,930.82 7.250%
Signature Student $9,677.16 6.250%
Signature Student $11,667.24 6.250%
Signature Student $23,518.86 11.625%

TOTAL: $81,080.33

December 11, 2017
5:45 pm
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Indiana
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Forum Posts: 321
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May 3, 2014
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I’m assuming the signature loans through Navient are Private loans. The interest rates on those loans are rather high, especially the 11.625% loan.

Companies like SoFi (full list here: https://studentloansherpa.com/student-loan-reviews/ ) offer student loan refinancing. They will also refinance your federal loans, but this is generally not suggested unless you are certain you will be able to pay off the loan in full. This is because refinancing federal loans means that you no longer qualify for income driven repayment plans or student loan forgiveness.

The catch with the refinance companies is that they only refinance for borrowers with credit scores and income that are high enough to qualify.

December 12, 2017
11:17 am
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James
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Thank you so much for the reply Michael!

My credit is pretty much non-existent. I do not have any credit card debt but I do have a very low credit score – sounds like I wouldn’t even qualify.

Are you saying is that it is best to stick with paying off my private loans through Navient, same with my Federal loans? Also, any advice on lower my monthly payments on my Private Loans with Navient? It is impossible to talk to those people.

Perfect world, I would pay around $400 per month for all of my loans but it seems like this is just not realistic. It is extremely hard to put anything away and I am beginning to accept the fact that until I make over $200,000 a year these loans are going to continue to rule my life.

Thanks again Michael!

December 13, 2017
1:04 pm
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Indiana
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Forum Posts: 321
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May 3, 2014
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With your current credit situation, refinancing likely won’t be an option.

I know first hand how difficult it is to deal with Navient, but it can be done. You might want to look into the Navient Rate Reduction Program

Good Luck!

December 14, 2017
11:51 am
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James
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Thank you for all of your help Michael!

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