Question by eiz: How to refinance federal school loans?
I would like to refinance my ridiculously high interest rate Sallie Mae loans. No, I don’t just want to consolidate…I want to find a company that will buy the federal loans and I will pay them back at a lower interest rate. I know this is hard to come by as there is no equity behind the loans (as opposed to a mortgage loan). Please help me!
Best answer:
Answer by just not that
You aren’t going to find any bank or any program that will give you a better rate than your federal loans. Sorry, no such program, for exactly the reason you stated (no equity). Your best bet is to get a job and pay as much as you can as quickly as you can. If you already have a job then get a second, or a third! If you have something of value (like a paid off house) you might be able to use that to get a better rate, but I doubt it!!
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