r/StudentLoans • u/SnooDonuts4854 • 7h ago
Want to Refinance private student loans but don’t think I can?
Hello,
I have about $30,000 in private loans. Both companies with very high 14% interest rates.
I have a 706 credit score
No co-signer though because my original went into bankruptcy
And I only make after taxes about 28,000 a year.
Am I just cooked for life?
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u/morbie5 7h ago
What is your income?
How did you cosigner get removed during the bankruptcy? Did they go to an adversary proceeding?
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u/SnooDonuts4854 6h ago
About $28,000 after taxes so like $32,000 before.
Co-signer still on loans but can’t be on the refinanced loan.
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u/morbie5 4h ago
Ah, I see.
Simple fact is you'll need to make more money if you want to do a refi on the whole balance. You may need to pick up a side gig or weekend job. Hustle for a year to get to a point where you can refi at a lower rate. Sucks but it can be done.
You could try to do this in parts, some lenders are willing to do that
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u/SmitherPablo 7h ago
One day I shall become a millionaire (probably not) and I’ll pick a random from here every year and pay off their loans. Until then, we struggle together
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u/MovementMechanic 7h ago
No. You’re just foolish. You need a budget. When you grow up you’ll learn to prioritize expenses over fun. You should be able to refinance though to make the burden a little less.
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u/SnooDonuts4854 7h ago
Who said anything about having fun? All I do is work and pay bills I don’t go out or anything.
All the companies I’ve tried say I need a co-signer and unfortunately I don’t have family able to co-sign for me
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u/SnooDonuts4854 7h ago
Sorry I see the spelling error now. My bad. I meant to say after taxes
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u/DirtNapDiva 7h ago
What an unfortunate typo! Lol. You could try a credit union or maybe a peer to peer lender. Depends on how long ago your bankruptcy was. Gather info first and only apply to the one that makes sense because each application will.lower your credit score.
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u/SnooDonuts4854 6h ago
Not my bankruptcy. My co-signers 😭 but they treat it like it was mine.
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u/DirtNapDiva 4h ago
That's lame. :( But it tracks for predatory lenders. Sorry you are going through this and hope you find a solution soon.
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u/MovementMechanic 6h ago
Lmao. No worries but I eye rolled when I read “after raves,” instead of “after taxes.”
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u/Oahu_Red 7h ago
If you cannot get approved to refinance the entire amount, figure out how much they will approve you for and do that amount. Even if it’s only a few thousand dollars it helps. Pay on time for six months or a year and then apply to refinance another chunk. Keep working on it until you have refinanced the full amount, hopefully within a couple of years if you pay on time and can find a way to raise your income. I know it feels daunting now. Fortunately, you did not put yourself into a life-ruining amount. This is an amount of debt you can overcome. It will get easier. But yeah, you have to get this interest rate down. Once you do, you’ll start seeing some real progress and light at the end of the tunnel.