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June 18, 2018
4:18 pm
New Member
Forum Posts: 1
Member Since:
June 18, 2018
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I co-signed a NAVIENT private student loan for my daughter years ago. After paying as agreed for years the loan has only decreased slightly from 50k to 46k. Trying to determine what options I have other than refinancing with SC Student Loan for a fixed rate of 5.24% to repay in 10 yrs.

June 18, 2018
4:24 pm
Forum Posts: 357
Member Since:
May 3, 2014
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The slow reduction of the principal balance is definitely an issue.

Refinancing is certainly one option… get a lower interest rate and more of your monthly payment will go towards principal.

As for SC Student Loan, that is not a company I am familiar with. What I can suggest is that there are many different refinancing companies. Shopping around is by far the best way to get the lowest rate possible. Here is a list of over a dozen national refinance lenders: https://studentloansherpa.com/student-loan-reviews/

Another option is to pay extra each month. When you pay extra, that money all goes towards principal.

Often the best option is to refinance at the lowest rate available and then pay as much as possible. This route ensures minimal interest spending.

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