Repayment of student loans that are private through Sallie Mae.
My daughter received a sports scholarship, her first two years of college. Then she left the school and applied for a student loan from Sallie Mae, private. The interest rate was an adjustable and it keeps increasing even though her credit score is very good. What is your advice on her refinancing, and what’s a best place to refinance the loan?
She did get an inheritance, but it’s not enough to pay off the full amount, should she use that to pay it off?
Terry Says
Rates on private student loans are very high — and yes, she should consider refinancing. Start at
Credible.com to compare rates from different lenders.
And, depending on her other needs, I’d suggest using at least half of that found money inheritance to pay down the balance at the time of refinancing.
