Refinancing private student loans.

[Yaya_Cat]

So I've run into a problem with good ol Sallie Mae. I had to use them during my last semester of undergrad because my undergrad school essentially screwed u my financial aid and it was the only option I had in order to finish my remaining classes and graduate. The problem is, I just started vet school and Sallie Mae has a limit in terms of how long student loans can be deferred while in school. So in another 8 months they will go into repayment and I will be 8 months into vet school. If I cannot work/ start payments can I refinance the loan and defer until I am done with school? Do I have any other options I should look into? Working while in school would be incredibly hard for me and it would greatly affect my grades/focus.

I am not sure what I can do. I have some savings but it wouldn't be enough to make payments for 3+ years while I am studying.

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[Minnerbelle]

So I've run into a problem with good ol Sallie Mae. I had to use them during my last semester of undergrad because my undergrad school essentially screwed u my financial aid and it was the only option I had in order to finish my remaining classes and graduate. The problem is, I just started vet school and Sallie Mae has a limit in terms of how long student loans can be deferred while in school. So in another 8 months they will go into repayment and I will be 8 months into vet school. If I cannot work/ start payments can I refinance the loan and defer until I am done with school? Do I have any other options I should look into? Working while in school would be incredibly hard for me and it would greatly affect my grades/focus.

I am not sure what I can do. I have some savings but it wouldn't be enough to make payments for 3+ years while I am studying.

How big is the amount you’re talking? And what’s your interest rate/terms?

I don’t know what the terms of a new private loan will be like and if it’ll be favorable to alternative options.

But would it make sense to take out a little extra on your vet school loans to pay your previous loan? The amount you pay might be enough to cover minimal payments if the current loan has a lower fixed simple interest rate, or as much as you can if it’s a similar or compound interest rate. If you don’t have enough extra to take out for federal loans for vet school and are already taking out maximum, I’d seriously look into your current spending and find ways to cut it down as that would indicate you’re likely living above your means.

 

[Viscernable]

Does your school have a financial advisor available? Sometimes they have one that makes appointments and comes in to advise students a few days a month.