Ask Terry Questions Student Loan Refinancing

Student Loan Refinancing

By Terry Savage on June 11, 2015 | College Savings / Student Loans

I have looked for opportunities to refinance my student loans, to no avail. To qualify for services such as SoFi, I need to have a bachelors degree from a supported institution, which I do not have. I earned an associates degree from Joliet Junior College in Illinois, but entered into a career before earning the bachelors degree.

This is a common requirement, which I do not meet. Given that I currently have $125,000 in student debt from other schools, with interest rates ranging from 2.35% to 9.75%, I am being excluded from an opportunity to make a serious dent in these loans.

What can I do?

Terry Says:   For years, students have been locked out of the refinancing market.  You might try again at — especially if you have a good job and a track record of a regular income.  They said they can be flexible.  Other than that you are really stuck.  The only solution is a second job, paying double on the highest rate loans, and working extra hard.

And, as I think about it,  it’s hard to imagine that you have $125,000 in loans just to get an associates degree from a junior college!  Perhaps you were a serial student at different schools, accumulating debt but not degrees.  Maybe that is what’s turning them off.

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