Ask Terry Questions parent plus loans for students

parent plus loans for students

By Terry Savage on June 26, 2015 | College Savings / Student Loans

I read your column in the Chicago Tribune on sunday, june 21st on 5 things to know about refinancing student loans. Going forward, I’m wondering how I should proceed because we have a couple parent plus loans and they’re both carrying 7.9% which is outrageous as you say yourself. Our parent plus loan 1 is currently under graduated repayment because he graduated a couple years ago ( balance of $42000). Our parent plus loan 2 is currently deferment until 12/16 because our 2nd son is still in school and is senior (balance $21000). Needless to say, both loans accruing interest. Should we wait until 2nd starts repayment before possibly refinancing with Sofi? Our credit rating is good to excellent and my wife who is listed as co-signer has steady job as registered nurse. Thanks, waiting for your advice.

Terry Says:  Well, it certainly makes sense to try to refi those loans to a lower rate now, while all rates are low (when the Fed moves all rates will rise).  And if you can start paying now, you’ll save a lot of interest over the long run.  I’d suggest contacting right away to see what they say.



a personal
finance question