Why Can’t I Refinance My Student Loans…Again?
Every few months for the last two years, I get a letter from some company asking me to call re getting a lower interest rate for my student loan. The first time I got one of these letters, I promptly called. However, I was disappointed to learn that since I had already consolidated my student loans in the mid 90s shortly after I graduated from college, I was not eligible to get a reduced interest rate. I was bummed. New graduates could now consolidate at 4%, I was stuck somewhere in the 8% range. Somehow, that does not seem fair. My thinking was and still is that if homeowners can refinance their mortgage loans to get a lower interest rate, I should be able to do the same for my student loans. However, that is not to be. So damn the student loan companies and better yet — Congress who does not want to do anything for millions like myself who are in the same predicament.