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My son-in-law is saddled with a $3000 month payment student…

My son-in-law is saddled with...
My son-in-law is saddled with a $3000 month payment student loan for the next 10 years is there anyway that he could refinance this loan and lower the payment for like 30 years
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Answered in 16 minutes by:
9/19/2017
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,159
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello my name is ***** ***** I will be able to assist you today.

First you may want to consider all your options

Most federally backed student loan companies will offer an Income-driven repayment (IDR) plan, which makes it easier for federal student loan borrowers to pay back loans if your debt is high compared to your income. They're based on your income, family size, the state you live in, and federal student loan type.

To start:

  • You need to complete the Income-Driven Repayment Plan Request on StudentLoans.gov and provide specific information to qualify.

When you refinance a federal student loan, a lender pays off your loan and issues you a new, private loan. That means you can’t repay the refinanced loan on an income driven repayment plan or postpone payments using deferment or forbearance, or get loan forgiveness for working in public service areas. Therefore, I recommend only refinancing your federal loans if you don’t plan to take advantage of these programs.

At a minimum, lenders want to see that you have a stable job and a steady income, that you use credit responsibly and that you’ve been in the workforce for a little while. Some lenders also prefer customers who have graduate degrees, especially if you have a lot of debt. This means refinancing isn’t an option for graduates who are struggling to pay their student loan bills.

Alternatively you may consider consolidating your loans or requesting a forbearance if you have multiple student loans.

Each lender will have different options for a repayment period.

Some companies who are currently refinancing student loans include:

Citizens Bank

Purefy

CommonBond

Earnest

SoFi

Education Loan Finance.

Please let me know if you have any other specific questions regarding refinancing your loan. Each financial institution will have their own individual underwriting guidelines that you must qualify for before you are approved for a refinance.

At the conclusions of your questions please take a moment to rate my answer and response by using three stars or more.

A rating of 5 stars is always much appreciated

Thank you!

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Customer reply replied 7 months ago
OK I read everything you mentioned but basically hear some details the bar were is now doing medical residency in his second year and plan to go onto a fellowship at a prestigious institution
Customer reply replied 7 months ago
basically let's get down to definites
He has a 10 year loan I'm not sure if it's federal or not that he wants to decrease its monthly payment as much is possible by turning it into a 30 year loan is that an option?

The 30 year option would depend on the lender and I am not aware of any lender that offers that option.

The lender generally would only refinance if the person applying for the loan has the current ability to make payments or has a co signer who is able to make the payments.

From what you have shared, I believe the most obtainable option is to request for a forbearance (interest will continue to accrue) or a Income-driven repayment (IDR) plan and then refinance once you have the income to support refinancing. I don't believe a 30 year loan payment plan is a viable option for a person in medical residency.

Med school graduates might be able to use these four federal income-driven repayment plans:

Keep in mind those eligibility requirements and repayment structures vary between each.

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After graduation you may look into student loan forgiveness.

Physicians whose work qualifies as “public service” can qualify for the Public Student Loan Forgiveness program.

This is largely determined by their employer. Public service includes full-time employment by a 501(c)(3) tax-exempt non-profit or public institution (which many hospitals are). It also includes working in areas that are underserved or have a high need for medical professionals.

Borrowers must make 120 payments (monthly payments for 10 years) while carrying out PSLF-qualified work. Then, the federal government will forgive the remaining debt.

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Do you have any further questions regarding student loans?

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Please rate my service if you have NO further questions by using the stars, or faces on your screen and clicking submit.

I hope you feel that I provided you with 5 Star services and I look forward to working with you in the future.

Regards,

Chad CFP ® professional

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,159
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Category: Finance
Satisfied Customers: 2,159
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