Has anyone looked into or used Credible.com for student loans or refinancing loans at a lower rate?

[2020Heful]

Last night on the NBC news broadcast they did a story on lowering the interest rates on student loans through Credible.com in combination with Nerdwallet. Huffington Post also did a review. You can either take out student loans or refinance current loan debt through the site. The site puts your request out to different private leaders and they make offers to finance the debt at a lower rate depending on your credit score, co-signers, etc. They make it clear that these are not government loans.

Has anyone tried this option or looked into it? If so, would like hear your opinion. I'm an accountant with a child in vet school, so I would check it out thoroughly before using it. I'm just looking for feedback. It sounds like an interesting option.

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[scatter.brained.dvm.stud]

GO FEDERAL! Do not go private. With all of the politics like they are today, we will likely be seeing reduced restrictions and leniency on federal loans. My parents are in their 60s and still paying their PRIVATE loans off. Stay federal!


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[Osudairy]

I would stay away from private lenders. I took out 1 loan private and it is ridiculous how much interest I was paying until I (luckily) refinanced for a lower rate. Also, private lenders are not as forgiving.

 

[Cheerio5683]

Any advice for those of us who had to get private loans? I did not qualify for enough federal loans to pay for my tuition.

 

[deleted498041]

Any advice for those of us who had to get private loans? I did not qualify for enough federal loans to pay for my tuition.

You didn't qualify for federal loans for vet school? I've actually never heard of that happening. Maybe I live under a rock. I have friends that have private loans because they decided that was best for them. It's not like it's the end of the world. Like any other loan/investment you need to make smart decisions and do your research first.

 

[that redhead]

Any advice for those of us who had to get private loans? I did not qualify for enough federal loans to pay for my tuition.

If you don't mind me asking, how is that? Many people end up having to take out Grad Plus loans if they need more than the $40,500 (or $20,500 if you go internationally) subsidized amount...

 

[Cheerio5683]

Sorry guys, I'm talking about my undergraduate loans in regards to refinancing.

 

[Osudairy]

Sorry guys, I'm talking about my undergraduate loans in regards to refinancing.

Well, I had enough federal loans to cover all of tuition except for 1 semester in UG. I took out 1 private loan and had to refinance it through Wells Fargo. You may want to look into them.

 

[pp9]

Any advice for those of us who had to get private loans? I did not qualify for enough federal loans to pay for my tuition.

I went with private for my first year of vet school. As far as I'm aware, you can refinance and combine any private and fed loans you have, but you have to do it through the private lender. Who that private lender is/should be, I don't know. You may want to contact your financial aid department about this for the best answer. When I looked into it, it almost sounded like you could use a loan servicer to make your private/fed loans as one monthly payment, but it wouldn't give you a combined lower interest rate. You also can't use federal loan repayment plans on your private loan.