Can these student loans be refinanced?

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So I'm trying to help my girlfriend manager her finances. It isn't completely hopeless, but every dollar matters at this point. I never racked up student loans myself, so I don't have as much experience. I took a look at hers. It is under 10k, at a 6.8% interest Stafford loan. It was for a degree (certificate I believe) in cosmetology. Looking around, it doesn't appear to be something that most of these companies appear to cover. It looks like she needs to have a Bachelor's, which she does not have. Is there any hope in getting this interest cut down? Thanks.

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I'm going to go Dave Ramsey on you and suggest she just work to pay it off. 10k is not an unreasonable amount to pay down within a year or two.

You wont get any private lender to refinance loans without a real degree making real money. 6.8% is generous. On the private market a cosmetology degree would probably not get underwritten for less than 30-40% APR...

If you arent a deadbeat and actually have decent credit, best way to save $ is taking some 0% balance transfer money on a CC.

jd2010 said:   If you arent a deadbeat and actually have decent credit, best way to save $ is taking some 0% balance transfer money on a CC.I wouldn't advise this for someone who borrowed 10K for a certificate in cosmetology and is in a situation where every dollar matters...

Just pay it off for her and have her sign a promissory note to you.
Pics?

Come on FW, I know there is something out there I'm missing.

I'm not putting that on my card and becoming responsible for it.

It's less than $10K. Tell her to get a job and pay it off. If she can get some 0% BT cards, advise her to do that, maybe not for the full amount at first, until her income justifies it. Do not co-sign. Do not pay it for her. Do not do anything that will cost you money and/or ding your credit. If she complains that you're not doing enough for her, or that she needs you to be a "good BF" and "step up" and "take care of me" use the magic words: THERE'S THE DOOR.

If there is some equity in her car she can refinance her car. DCU has rates as low as 1.74%. Penfed also has low auto rates. Then again at less than 10k 6.8% is not bad. Since it's student loan interest it is deductible so its really 5.78% if she's in the 15% tax bracket, 5.1% in the 25% bracket.

InFlamed said:   Come on FW, I know there is something out there I'm missing.

I'm not putting that on my card and becoming responsible for it.

  
I agree, JD must have misread the OP. Just to be clear:

DO NOT ASSUME THIS DEBT.

DO NOT COSIGN ANYTHING.

DO NOT MOVE THIS DEBT TO YOUR CREDIT CARDS.

STUDENT LOAN DEBT IS USUALLY NOT DISCHARGED IN BANKRUPTCY.

That was a collective you. I'm saying the gf should be the one putting it on a BT card.

If you play the shell game correctly it can then later be discharged in bk once on a CC

DTASFAB said:   It's less than $10K. Tell her to get a job and pay it off.
x2

Tell her to step it up. My friend in college paid off a 10k car serving tables as a broke student. My sister makes near min wage and paid off a 17k car. Both people are financially indoeendent. Not that hard.

matrix5k said:   Tell her to step it up. My friend in college paid off a 10k car serving tables as a broke student. My sister makes near min wage and paid off a 17k car. Both people are financially indoeendent. Not that hard.Why did you let your min-wage-making sister get a 17k car?

She got it 9 years ago and still drives it. Why does it matter to you?

scripta said:   
matrix5k said:   Tell her to step it up. My friend in college paid off a 10k car serving tables as a broke student. My sister makes near min wage and paid off a 17k car. Both people are financially indoeendent. Not that hard.
Why did you let your min-wage-making sister get a 17k car?

  
Why would his sister need his permission to buy a car? 
 

Someone making minimum wage should not be spending 17K on a car, and matrix5k should have explained it to her. But I guess this happened before he joined FWF.

scripta said:   Someone making minimum wage should not be spending 17K on a car, and matrix5k should have explained it to her. But I guess this happened before he joined FWF.

Don't worry about controlling other people. Stop threadcrapping and go back to original topic.

matrix5k said:   scripta said:   Someone making minimum wage should not be spending 17K on a car, and matrix5k should have explained it to her. But I guess this happened before he joined FWF.Don't worry about controlling other people. Stop threadcrapping and go back to original topic.I'm still on the original topic. Your advice "to step it up" (and your lack of advise to your sister) lacks an important lesson -- major expenses need to be weighed carefully against their potential returns.

scripta said:   Someone making minimum wage should not be spending 17K on a car, and matrix5k should have explained it to her. But I guess this happened before he joined FWF.
 

  There's a big difference between "talking through the financial implications of a decision" and "let[ting]" someone make that decision. 

Wow, that's some pricey H.



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