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Todd Spodek (Managing Partner)

Mr. Spodek decided early on in his life to focus his education and experience on trial work. Todd Spodek attended Northeastern University in Boston, MA and majored in criminal justice. This background provided an indispensable tool in the representation of criminal defendants in grand jury investigations, pre-trial hearings, trial, appeals and navigating the corrections process.…

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Selling homes for cash, is it safe

Selling your Long Island home for cash is such a scary thought right now.

The biggest risk of selling your home before your out-of-control student loan debt is whether your lender will sell your loan to pay down your loan. If that happens, you’ll get an outstanding loan balance in addition to your home (see my example below). That’s quite scary.

A more equitable approach

Fortunately, there are a number of loan refinancing options available to student loan borrowers. To save you time and your budget, I’d highly recommend starting with the rate I showed above. There are many other refinancing options you can consider as well.

I’ll cover the five best student loan refinancing options at the end of this post.

Ready to refinance?

Start here!

Let’s assume you’ve graduated in May 2016. In your state you can get a new four-year loan in eight weeks. On August 15 you can refinancing at 7% over 45 months (prorated for those with regular payments).

Did you know that between September 2017 and September 2020 your monthly payment can drop below $0? Pay less than $20 a month, you pay nothing.

Then on September 1, 2021, you’ll refinance for 8% at 13% for 45 months.

At a high interest rate, these repayments will almost surely eclipse your monthly expenses and leave you with much more debt than you did before the recession.

In October 2017, my students refinanced with me at 7.99% over 45 months.

Getting into student loan repayment has been the most rewarding aspect of my Master’s program. I owe nothing for the first two years.

But that hasn’t stopped us from thinking that we’ll still need to refinance. So I tried out several refinancing options after graduating and found the best one that will work for me.

Define your finances before refinancing

Student loan repayment plans vary in size. Do you know what you need?

Do you have the funding to make your payments?

If you’re unsure about how big your payments will be, check out our debt calculators below.

Do you have a flexible lifestyle? Make sure you have some “stuff” you want to buy so you don’t need to take out loans to cover basic living expenses.

Your budget

I decided to refinance using the “student loan repayment plan” and stick with the “pay yourself only” repayment schedule (the ones that have you paying interest to yourself).

With a little further research and negotiating with my lender, I landed on a plan that provided the following benefits:

I will pay $0 on the first $12,500 of my loan.

I will pay $0 on the next $10,000 of my loan.

I will pay $0 on the last $8,000 of my loan.

Simple. No need to go out and find everything you might need.

Of course, the best repayment plan isn’t necessarily the most affordable for all borrowers. But that’s why we have it here for you.

Getting creative with your money

Are you more creative than I was?

Want to find ways to put your money to work to help you manage your debt?

We have some great ideas to help you with that in “It’s working for me!” Get more tips in The Borrower’s Lounge.

Where is my money going?

You do not have to be a member of The Points Guy to benefit from this article.

By saving thousands of dollars, you’ll get rewarded with exclusive content like:

How to find the cheapest credit card for your spending habits (at a glance).

How to prevent to get charged an extra line on your credit card (just in time for tax time).

How to save thousands on monthly mortgage costs.

Bonus: Free bonus credit card from The Points Guy to help you

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