Loan Refinance

greaper007

greaper007

Well-Known Member
(Reposted from the Ari-Ben forum)

Has anyone tried to refinance their KeyLoans yet? As I'm sure everyone knows the interest rate is going up to 7% on July 1st. I'm just trying to find a lender that will refinance both my Federal Student loans from undergrad and my Keybank loan. Any ideas?
 
do not combine your federal loans with you key alternative loan, you will lose your low / fixed interest rate on your federal loans if you do that. not sure of anyone who will refinance a key alternative loan, if you find one let me know.
 
greaper007 said:
(Reposted from the Ari-Ben forum)

Has anyone tried to refinance their KeyLoans yet? As I'm sure everyone knows the interest rate is going up to 7% on July 1st. I'm just trying to find a lender that will refinance both my Federal Student loans from undergrad and my Keybank loan. Any ideas?
Click to expand...
Probably one of the best options, (which may not be an option for many people, but I'll mention it anyway) would be to take out a second morgage on your home. If you do not own a home, buy one and get a second morgage. The reason this would be a good option, is it is tax deductable, would probably be a better interrest rate than the Key Loan, and depending on the value of the home, you should have no trouble getting enough to cover both undergrad and aviation (although as mentioned before the federal student loan rates may be better and are also tax deductable if I'm not mistaken - might not want to refinance them). Also you could get it for a longer term lowering your monthly payments. You'll pay more interrest in the long run that way but you'll be able to live in the mean time, and, just may still come out on top over the Key Loan.
 
That's really great advice flyguy. Unfortunatly, I'm an instructor right now so I'm only making like 12 large a year. So I'm pretty sure there aren't any houses I could buy on that salary in Southern Florida.

Another good option I've heard of is getting extra money through college from your federal loans to pay for flight school. My parents made too much money for me to even get federal loans in college though (with the exception of my last two years when they had three kids enrolled at once.) It seems like the best option is to just try to borrow a bunch of money from a family member. I've been considering that lately, but my dad gets so weird about money that I really don't want to deal with it. That and I feel like that at 25 I should be supporting myself.
 
You must log in or register to reply here.
Back
Top