Student Loan Refinance
I am looking to help my granddaughter refinance her student loan. I have listened to you for years and trust that you know how to steer people in the right direction. Can you please tell me which lending company is the best for this? Thank you
Terry Says
Well, that depends on the loan — and whether it is a Federal student loan or a private loan. She should NOT refinance a Federal loan into a private one, because she loses all kinds of protections in doing that. And if it is “her” loan, it is probably a Federal loan. Of course, you could just give her a gift and make sure it is put toward paying down the principal of the outstanding loan amount!
Private student loans are something else. If it’s a private loan, her parents likely co-signed. They can re-fi their loans. Check out the offerings at SoFi.com or Credible.com. Learn more about student loan repayment at Finaid.org — before you make an expensive mistake.
