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  • April 24, 2019, 05:35:00 AM

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Author Topic: Unable to Refinance Private Student Loan  (Read 435 times)

believe1nmagic

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Unable to Refinance Private Student Loan
« on: March 28, 2019, 06:46:32 AM »
I owe over $110,000 in private student loans alone. My monthly payment is a little over $1,300. I tried to refinance, even with a cosigner who has excellent credit, but I keep getting denied due to my credit score (my average is a 661 or higher) and/or lack of income (gooooooo figure).

I am desperate in trying to find a solution to bringing down my minimum monthly payment. Any ideas or suggestions? I've tried Credible and got nothing out of it. I am at a total loss.

Thank you in advance!

TheCollegeInvestor

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Re: Unable to Refinance Private Student Loan
« Reply #1 on: March 28, 2019, 08:14:40 AM »
Best advice is to wait six months and try again. During that time, work on boosting your credit score and maybe side hustle to earn more (and bring down the loan balance a bit).

NgocAnh94

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Re: Unable to Refinance Private Student Loan
« Reply #2 on: April 09, 2019, 12:59:32 AM »
 Student loan refinancing isn't for everyone — if you refinance federal loans with a private lender