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I have student loan debt and credit card debt that I'd like…

Customer Question
I have student loan...

I have student loan debt and credit card debt that I'd like to consolidate and minimize my payments. Is there someone who can help me figure out the best solution?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My student loan payments have a high interest rate and primarily I'd like to I guess refinance them. I've tried once, and was denied, I'm not sure why, which also resulted in a hard credit pull and now I'm afraid to go any further without advice

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I'm currently seeking employment so my finances are tight. My credit cards are getting some use as I try to make sure my checking account has available funds for my bills.

Submitted: 6 months ago.Category: Finance
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Answered in 6 days by:
12/28/2017
Financial Professional: Patrick Mullis, Certified Public Accountant (CPA) replied 6 months ago
Patrick Mullis
Patrick Mullis, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 21
Experience: Capital Accounting Analyst / Financial Analyst at Norfolk Southern
Verified

Hi my name in Patrick and I look forward to helping you. In order to refinance you are going to have to shop around for a loan. Unfortunately this means another hard credit pull. The good news is if you do multiple hard credit pulls that are all around one period of time (same month or within a couple of months) it only counts as one hard pull on your credit because the credit reporting agencies see that as shopping for a loan. I would suggest suggest shopping around for a loan in a short period of time from multiple lenders. If there is anyone that could cosign for you that would definitely help because banks are going to want to see steady verifiable income. Another approach you might want to take is to explore options your student loan lender might have. There are income based repayment, pay as you earn and financial hardship options that might help you until you are able to find work.This would relieve a little bit of pressure as you are trying to pay your bills without steady income. I hope this helps if so please rate me 5 stars. Thanks and good luck.

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Patrick Mullis
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Patrick Mullis, Certified Public Accountant (CPA)
Category: Finance
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Experience: Capital Accounting Analyst / Financial Analyst at Norfolk Southern

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