So I have a Key Bank Loan. Don't flame me, I now know that it was a bad thing to do, but it is a little to late now. I am doing fine money wise, but I was thinking that there must be a better place to have that debt. Has any one refinanced their Key Bank Loan? Who would be up to taking that kind of a loan? What I am wanting to find is a lower intrest rate.

Also, has anyone refinanced their federal loans? Who did you go through, and were you sasified? Glad you did it?

Thanks for any help.

 

You can only refinance if you have something of greater value to put on the line. Most use their homes or other financial instruments as a secure investment. Outside of that you are wishing for a miracle. Ask your parents to pay it off or join the Army and pay it off as you go.

SkyHigh

 

The first two sentances were helpful, thanks.

I will just continue for now with the Key Loan, then. It is still in a non-payment status, and I am paying the interest. When it goes into repayment, I will think about using my home equity. I am in a better situation than my parents, and there is no way in hell I am joining the military. I really don't think that joining the military would help me anyways.

I am not sure how looking for a better interest rate is looking for a miricle. That was not really a posative or helpfull statement.

Anyone with ideas about the federal loans?

 

I consolidated my federal loans with Suntrust quite some time ago. They offered benefits that seem common to many firms, such as interest rate reduction awards if you set up direct payment from your bank account, make 24 on-time payments in a row from the start, etc. I've been getting consolidation offers in the form of warnings from other banks since then, talking about a huge federal interest rate increase that supposedly went into effect July 1st...don't really know what that's all about.

 

As far as a better interest goes - unlikely. What is your current interest rate? If you have phenomenal credit you may be able to consolidate the private Key Loan at 9% or thereabouts. There are a couple of companies that do this now (Key, Sallie Mae, Education Finance Partners) - usually 30 year variable, but EFP has a fixed rate consolidation which might not be a bad idea considering that they've hiked prime damn near every month for the past year.

I consolidated my federal loans with Sallie Mae and have been very pleased. They offer interest rate reduction with on-time payments, all the other bells and whistles etc.

Uncle Bose: I get those 'warning' letters as well. There should be a law against that kind of BS. A little embarrassing to have a stack of manilla envelopes that say 'Final Warning,' on your coffee table when the in-laws show up.

 

Do you have any other small debts such as credit cards or anything else that has a balance? If you do I have suggest a strategy to help pay accelerate paying off that loan.

 

The school loans are my only loans. I have managed to get myself into an acceptable financial situation, other than the school loans, but just a little debt for my house and pretty good credit score. I have the equity to pay off the school loans in my house, but the loans are in deferral now, so I would like to keep them that way if I can. I have looked at a few places like Suntrust as UncleBose used, and I might look at them as well as SallyMae and a few others. The Suntrust place looks like it might be able to do my Key loan as well as the federal loans. It looks like I have to start making phone calls and getting more details about the different places and see what one will work best for me.

Thanks for everyones help so far.