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Seeking advice on refinancing college loans


felser

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We are friends with a young woman who just graduated college in May, and has close to $100K of college loans outstanding, 70% of them being private as opposed to federal.  She is working full-time as an RN, but is not yet financially secure in any sense, as she has all of the expected life start-up costs as well as the school loans.  She is seeking advice on how to best go about consolidating the loans, especially the private ones, to both lower the interest rates (ranging from 8% to 10.5%) and to significantly lower the monthly payments.   My daughter works at a credit union, and her manager recommended  lendkey.com.  Anyone here have any knowledge of/experience with them?  Any other advice you can offer?  Post here, PM, or email me at john.felser@verizon.net.  Thanks for any help you can give!

Edited by felser
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1 hour ago, medjuck said:

WTF! Those rates are usurious.   

Agreed, but part of the problem is the default rate on student loans, though the multiple causes of that (some environmental, some self-inflicted) is a whole other loooong discussion.  

1 hour ago, Captain Howdy said:

After I left grad school I consolidated with the Dept of Education, which later handed me over to Mohela. They've always been super chill and I haven't had any complaints. TBH I don't know how they compare to other consolidators in terms of interest rates, but I doubt you'll get a better deal from the money-grubbing, cheating, thieving private lenders. It's been a long time since any of my student loans were held commercially but I remember feeling cheated and tricked by people who just wanted to screw me out of every penny they could. With DOE/Mohela I've never felt that way. On occasions when I needed to take a temporary deferment it was extremely easy. So my advice would be to consolidate with the DOE.

Does DOE consolidate private loans, or just federal loans?  She only has one federal loan, the rest are private.

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