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 SoFi.com — 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.