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Posts tagged with: student loan refinancing

Student Loan Refinance

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I’m sure I sound like a total flake after just saying (in my most recent post) that I likely would NOT be refinancing all of my student loans at this time….but now I’m leaning the other way again.

Here’s the deal – Navient just won’t get their act together and stop pissing me off! It’s just such a terrible company to do business with. I hate them so much I’m really considering giving up my interest-forgiveness just so I can get rid of working with them as a lender!!!

Remember my most recent Navient snafu? As a quick catch-up, they overcharged me for 2 months over the summer (to the tune of about $500 each month). I called to have the money re-allocated toward the correct loans (I want the money to all go toward my unsubsidized loans – as currently dispersed the over-payment was spread equally across all loans). I was told this problem was being resolved (second time I called about it). On call #3 I’m basically told it’s just not going to happen. They claim that my initial Income-Based-Repayment plan application was denied.

This, in spite of the fact that I have NEVER received any documentation from the company saying anything about a denial. In fact, quite the opposite, I have documentation showing my IBR renewal was approved.

I’m told that it was initially denied due to over-payment on my loans (go figure). Then when I called in early October about the discrepancy, somehow they went ahead and approved the IBR, which went into effect in October. Essentially meaning that during the previous two months (August & September) I was not on IBR and, therefore, was not overcharged on my monthly payment. There would be no payment re-allocation, I am told.

That’s it.

I have no fight left in me. I’ve been down this road before – I’ve written my legislatures, I’ve involved a third party conflict-resolution group, I’ve jumped through all the hoops and taken all the necessary steps, spending hours of time, attention, and never-ending phone calls and ultimately I lost. I’m not even going to fight it this time. I haven’t the time.

So I kind of feel defeated. But at the same time, I feel like I absolutely cannot stand to do business with Navient any longer.

And so, perhaps a little sooner than I’d thought just one week ago, I’m going to start researching student loan consolidation programs.

I’ve already received lots of great comments on what many readers have done, but this time around I want more specifics. If any of you have refer-a-friend codes, please leave them in the comments. I’m going to look into at least a few different loan consolidation programs/places to check for interest rates. I’ll probably do a consolidation in December. I’m still not sure if it will be a full or partial consolidation (I still may opt to only consolidate unsubsidized loans initially – I want to look into different options). Just any tips or suggestions would be appreciated. I’ll certainly report back on what I’ve found when I am done with all my research, too!


Loan Refinancing

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Has anyone had any luck with refinancing student loans?

To my knowledge, you can consolidate one time through federally-backed programs, but they use an average of your current APRs, so there’s not a real possibility of any huge reduction in interest rates. This is the main reason why I haven’t done any type of consolidation – I just don’t see the point!

Then I was scrolling through Facebook and a sponsored ad popped up (scary how well they know us!) for a company called Common Bond that was boasting student loan refinancing programs with rates as low as 1.93% APR.

Of course, there are reasons why its safer to stay with a federally-backed loan company (e.g., options for forbearance or deferral in certain circumstances). But, of course, these companies aren’t known for their customer service, so there are some downfalls to doing business with them, too.

To be completely honest, I literally JUST came across this Common Bond ad so I haven’t done any due diligence yet with checking them (or other companies) out. I wanted to pose the question to you guys. Has anyone gone this route before? Any success or horror stories? With my interest rate on my student loans so high (from 6.55% through 8.25%), I would LOVE to be able to refinance and score a great, lower APR. Hey – it worked wonders for my auto loan (when I refinanced I went from 7.75% down to 2.49%!) Just curious what others’ experiences have been.

Thanks for sharing!!