Private Student loan
Good morning, after reading your article regarding PSLF I am curious as to whether there is any
program to assist people with private student loans. Thank you for any assistance.
Terry Says
Private student loans really have people over a barrel. They do not offer refinancing at lower than the original rates. They mostly do not offer income-based repayment plans. So you really have to get outside the system to see how to pay them off.
For example, if someone in your family has a mortgage they could refi and take cash out, you could pay down the loan (thought the mortgage interest would not be deductible to them if used to pay down student loans).
OR if you have income and reasonable credit, you could go to Credible.com and look at refinancing offers from other sources.
Sadly, the people who could MOST use refinancing in this manner typically do not qualify based on income or credit for a private loan refinance, and so are stuck paying high interest rates.
