# Refinancing private student loans (Fixed or Variable) **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [October 1, 2012, 5:04am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282 "2012-10-01T05:04:19Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [October 1, 2012, 5:04am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/1 "2012-10-01T05:04:19Z")
I have about 18k in private student loans at 9.5% fixed. Its a stupid high number, so I was looking into refinancing it. I have very good credit and started calling around. Wells Fargo is offering to me 7.99% fixed or 4% variable with no fees. The 7.99% saves almost nothing, this is only a 147 dollar payment per month (minimum). 4% is worth me putting together documentation to get the loan. I’m waiting for a call back from a credit union on what they can do for me. I plan on paying this loan off in 5 years, my wife and I have a plan. I talked to some people, and the variable rates have stayed low for about 5 years, are they about to pop as soon as I sign the paperwork? It would be nice to have a low rate for a few years so I can get the balance down to nothing. What would you guys do? ---
**Author:** ![97FormulaWS-6](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/97formulaws-6/32/7384_2.png) [@97FormulaWS-6](https://forums.speedlife.net/u/97FormulaWS-6)\ **Post date:** [October 1, 2012, 5:55am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/2 "2012-10-01T05:55:59Z")
No way to consolidate through the Gov? ---
**Author:** ![SHOtime](https://avatars.discourse-cdn.com/v4/letter/s/8e8cbc/32.png) [@SHOtime](https://forums.speedlife.net/u/SHOtime)\ **Post date:** [October 1, 2012, 5:57am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/3 "2012-10-01T05:57:00Z")
Rates should remain low for another 2 years. I would just go variable and throttle down on paying them off. ---
**Author:** ![ProgRocker](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/progrocker/32/5434_2.png) [@ProgRocker](https://forums.speedlife.net/u/ProgRocker)\ **Post date:** [October 1, 2012, 6:10am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/4 "2012-10-01T06:10:57Z")
Looking to refinance too. I believe you can refinance through the gov’t student loans. ---
**Author:** ![Jimshorts](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jimshorts/32/5915_2.png) [@Jimshorts](https://forums.speedlife.net/u/Jimshorts)\ **Post date:** [October 1, 2012, 6:15am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/5 "2012-10-01T06:15:28Z")
Do some more research and stick with a fixed rate. ---
**Author:** ![slo\_ride](https://avatars.discourse-cdn.com/v4/letter/s/49beb7/32.png) [@slo\_ride](https://forums.speedlife.net/u/slo_ride)\ **Post date:** [October 1, 2012, 9:13am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/6 "2012-10-01T09:13:24Z")
i don’t think most private loans are eligible for gov’t refinance…at least they weren’t a couple years ago when i was looking to do the same with mine. it was a variable rate loan private student that for a while was hitting 9%+ then dropped off to about 3.5% by the time i payed it off. at some point i just said screw it and concentrated on paying it off fast (2-3 years) which pretty much meant it didn’t matter if the rate was 4% or 9% because i wasn’t going to be spending that much more money over such a short term. sometimes having a bad rate is a good incentive to get rid of it quick instead of refinance it out at a fixed rate for another or longer period of time in which you might actually end up spending the exact same amount of money. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [October 1, 2012, 9:39am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/7 "2012-10-01T09:39:04Z")
Personally, I would refinance one of my paid off cars through penfed for 1.5% and use the cash to pay down a big chunk of the expensive loan. this is a little unorthdox and requires a higher monthly payment. another way of looking at this is to say that 20k at 9% really is not so much money that it’s the end of the world like it would be on a 200k house at 9%. ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [October 1, 2012, 10:00am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/8 "2012-10-01T10:00:54Z")
> [@theblue](#): > > Personally, I would refinance one of my paid off cars through penfed for 1.5% and use the cash to pay down a big chunk of the expensive loan. > > this is a little unorthdox and requires a higher monthly payment. > > another way of looking at this is to say that 20k at 9% really is not so much money that it’s the end of the world like it would be on a 200k house at 9%. I was just going to post what do you own or have equity in that you can refi. Home equity line of credit or refi an option? ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [October 1, 2012, 11:52am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/9 "2012-10-01T11:52:00Z")
Yes I own some properties, but I’m not going to refinance any of them. That would sort of give me an excuse not to pay it off quickly. > [@cougarspeed](#): > > I was just going to post what do you own or have equity in that you can refi. > > Home equity line of credit or refi an option? ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [October 1, 2012, 12:14pm UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/10 "2012-10-01T12:14:27Z")
so you don’t want to do something financially rational because of poor emotional control? ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [October 1, 2012, 12:47pm UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/11 "2012-10-01T12:47:28Z")
So I called back both companies today. Wells fargo would not let me refinance the student loan, because it was already consolidated once about 5 years ago. The credit union would not refinance my loan because my school was not on their list of approved schools. My main option is to refinance my house and use equity to do that, but I don’t think that I will be keeping the house for long enough to make it worth all the fees, etc. I am moving out of Buffalo. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [October 1, 2012, 1:19pm UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/12 "2012-10-01T13:19:04Z")
leaving town is legit excuse. ---
**Author:** ![ProgRocker](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/progrocker/32/5434_2.png) [@ProgRocker](https://forums.speedlife.net/u/ProgRocker)\ **Post date:** [January 27, 2014, 6:52am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/13 "2014-01-27T06:52:35Z")
Adding this here. Anyone ever use a personal (or other) type of loan to pay off a big chunk of higher interest debt? I’m wondering if taking a personal loan or another method if it’s better, would be a better option to pay off my student loans. Something obviously with lower interest rate? Also I’d be paying one vender instead of 2 (technically 3) ---
**Author:** ![slo\_ride](https://avatars.discourse-cdn.com/v4/letter/s/49beb7/32.png) [@slo\_ride](https://forums.speedlife.net/u/slo_ride)\ **Post date:** [January 27, 2014, 6:58am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/14 "2014-01-27T06:58:35Z")
I guess one benefit of transferring the debt to another service would be that bankruptcy would get you out of the new loans… Which it might not with the student loans. Of course I’m sure you aren’t really worried about that potential benefit. Also you can usually write off student loan interest…not so with a personal loan ---
**Author:** ![97FormulaWS-6](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/97formulaws-6/32/7384_2.png) [@97FormulaWS-6](https://forums.speedlife.net/u/97FormulaWS-6)\ **Post date:** [January 27, 2014, 7:02am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/15 "2014-01-27T07:02:02Z")
> [@ProgRocker](#): > > Adding this here. > > Anyone ever use a personal (or other) type of loan to pay off a big chunk of higher interest debt? I’m wondering if taking a personal loan or another method if it’s better, would be a better option to pay off my student loans. Something obviously with lower interest rate? Also I’d be paying one vender instead of 2 (technically 3) If you can get approved for the new loan and it’s a lower interest rate with fixed payments, I don’t see ANY down side to it other than the minor tax write-off on student loans. But the interest payment savings maybe enough to offset it. ---
**Author:** ![ProgRocker](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/progrocker/32/5434_2.png) [@ProgRocker](https://forums.speedlife.net/u/ProgRocker)\ **Post date:** [January 27, 2014, 7:15am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/16 "2014-01-27T07:15:54Z")
What type of loan should I go for? My credit is in the Excellent range (800+) last time I checked, so being qualified shouldn’t be an issue. ---
**Author:** ![97FormulaWS-6](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/97formulaws-6/32/7384_2.png) [@97FormulaWS-6](https://forums.speedlife.net/u/97FormulaWS-6)\ **Post date:** [January 27, 2014, 7:26am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/17 "2014-01-27T07:26:31Z")
> [@ProgRocker](#): > > What type of loan should I go for? My credit is in the Excellent range (800+) last time I checked, so being qualified shouldn’t be an issue. That I don’t have an answer for… ---
**Author:** ![Saxon](https://avatars.discourse-cdn.com/v4/letter/s/59ef9b/32.png) [@Saxon](https://forums.speedlife.net/u/Saxon)\ **Post date:** [January 27, 2014, 9:09am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/18 "2014-01-27T09:09:31Z")
i dont think most people look at what refinancing really does, in most circumstances you might have a lower payment but you are extending the term and paying more in the long run the easiest way to figure it out is to take current payment x remaining payments - expected payments x term of new loan ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 27, 2014, 9:52am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/19 "2014-01-27T09:52:06Z")
> [@ProgRocker](#): > > Adding this here. > > Anyone ever use a personal (or other) type of loan to pay off a big chunk of higher interest debt? I’m wondering if taking a personal loan or another method if it’s better, would be a better option to pay off my student loans. Something obviously with lower interest rate? Also I’d be paying one vender instead of 2 (technically 3) I borrowed more money than I needed on my last car purchase to help get rid of PMI on my house. If you have any paid off cars you can borrow against their value at 1.9% with penfed if they have enough NADA value in them. They just put a lean on your car just like if you were buying it again. You can also refi your car loan somewhere else with them and do the same. The money I was then able to save by not having PMI was enough to pay the whole interest on the car note and then some. ---
**Author:** ![ProgRocker](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/progrocker/32/5434_2.png) [@ProgRocker](https://forums.speedlife.net/u/ProgRocker)\ **Post date:** [January 27, 2014, 10:19am UTC](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282/20 "2014-01-27T10:19:05Z")
Nope, I have PMI on my house, my car is a lease. My student loans are like 30year right now. [Next page](https://forums.speedlife.net/t/refinancing-private-student-loans-fixed-or-variable/226282.md?page=2)