Locked in high rate student loan - Posted by DKC

Posted by Brian Anderson on October 30, 2005 at 20:22:25:

Hi Patrick,

I am also locked in to a high rate student loan, just like DKC posted. Unfortunately, for those of us older who consolidated their multiple loans to one payment in the past, you can not reconsolidate again unless you have taken out additional loans.

I’m stuck at 8.25%! I have seriously thought about applying to school and borrowing $500 so that I could reconsolidate again!

Do you know a place that will do the 4.75% rate over 12 years for borrowers that have previously consolidated?

Brian Anderson

Locked in high rate student loan - Posted by DKC

Posted by DKC on October 26, 2005 at 21:00:39:

I want to do some commercial real estate investing in my community. Trouble is I am locked into a high rate 9% student loan that drains me of 325/mo. I have equity in my home but want to use it for investing. I will have to pay this student loan for another 10 years! Any creative ideas?

Re: Locked in high rate student loan - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on October 27, 2005 at 07:34:50:

-You can consolidate your student loans now @ 4.75% 12 Year Amort.

-You can “state” your income if your credit score is high enough.

-The property could be such a “cash cow” that your personal DTI (debt-to-income) does not matter so much.