How to refinance large student loans
Thread DetailsLast Edited by Fare November 18, 2015 at 06:20 PM
My girlfriend has a bunch of loans and not a high-paying job yet. Stats are roughly:
90k loans (In 4 loans, current average ~7% interest)
600/mo total expenses (rent, food, car etc.)
High 700s credit score
Loans to salary is high, but expenses are low and credit is good. By my calculations even at 6% she could pay that off in 15 years on current salary if she wanted to be really aggressive. A 20 year or a better rate should be plenty of breathing room.
However, she is getting turned down for loans, even the latest one which she said she asked for half the total amount and had a parent as a co-signer who I believe has a solid salary.
1. Why is she getting turned down even if she would be able to pay them and has good credit and a co-signer?
2. Any adjustments she can make to her approach to get approved? Other advice? It would be much appreciated. Thanks!