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.
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...
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.
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?
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?
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.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.