How Student Loan Refinancing Could Undo Federal Loan Policy
January 26th, 2016 / By Kyle McEntee
Originally published on Above the Law.
If you’re a law school graduate with a ton of debt, there are a few companies that really want to talk to you — if you went to the right school and have the right job.
The deal works like this. The bank or non-bank lender pays the federal government the balance of your loan and you pay the new lender instead. In exchange, the private lender charges you a much lower interest rate. Rather than a rate north of 7%, you receive a rate as low as 2.5%.
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