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Can you refinance a student loan?

My student loan interest rate is currently at 16.75%!!! I had no job and very poor credit when I got the loan. Now I have a great job that pays well and have improved my credit greatly. Is there anyway to get a lower interest rate? If so, how?

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6 Responses to "Can you refinance a student loan?"

  1. MOM KNOWS EVERYTHING says:
    Contact the loan servicing company and ask them. Or go to your local bank or credit union and ask about borrowing the money to pay off the loan; if your credit is that good, you should be able to do better than 16.75% almost anywhere.
  2. USM987 says:
    Yes.

    There are plenty of options for you. First, contact your current lender to see if they will work out a refinance option for you. Remind them that your situation has changed and will move your business if they cannot help you out. 16.75% is way too much interest to be paying with a decent credit score. But remember, you can only refinance your student loan debt ONCE, so make it worthwhile.

    If they will not help you, search the web for student loan consolidation companies. There are several that would be happy to refinance your loan and the going federal rate (7.41% I believe). Most will even offer discounts on your interest rate for paying on time for a certain time period or using auto-draft for payments. Hope this information helps.

  3. I'm so cool says:
    i have never heard of a student loan rate that high–did you borrow from a loan shark–You can only refinance/consolidate student loans once.
  4. Pepper says:
    Yes you may..call the company and tell them you want to refinace and they will either help you right then, on the phone, or send you an application.
  5. Mike D. says:
    If things are the way you say, of course you can refinance, but not here. You have to go to the bank.
  6. pioneerlendersmod says:
    That is an extremely high interest rate – no matter what type of loan you have. We offer a student loan consolidation program for you to get a lower interest, if you are interested. Good luck in whatever, you choose to do.

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