#personalfinance MY THOUGHT: I have an education loan borrowed in my home country. I was thinking of refinancing it from US. I asked couple of credit unions but none of them directly refinances a foreign education loan. So my option is taking a personal loan and paying off the student loan. The reason for doing this is, paying the student loan outside of US is not helping me at all. I make huge payments instead of paying only the monthly EMI. Because i want that debt to be gone asap. I might be losing money in exchange rate. If i have a loan in US then i can make only monthly EMI. That will leave me money in my hands rather than emptying whole salary in huge payments. it will help me build my credit score here. I can even invest the left over money in stocks. MY QUESTION: - Is my thought correct? - The current interest rate for my education loan is 7.5% (in home country) I have good credit score 750+, but the average age of my account is fairly less (about a year with oldest account being 3 years old). Considering that, should i go for personal loan? - If yes, can you suggest some banks/credit unions which are reputed and are well known for good rates? I am hoping for the rate less than my current rate (<7.5%). I did some google search, but the suggested names are not so known to me. I dont know if those are trustworthy. Let me know. Thanks in advance!!
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Hi, if I may ask, did you end up taking a personal loan?
Hi, not yet. As I said, i am very tempted to, but the lenders are not well known to me. I tried checking known lender’s rate. Like discover, chase, etc. their rates are “as low as 6.99%” which I personally think it not a lot of improvement compared to my student loan at 7.5% Its not a guarantee that I will be offered their lowest rate.
Yeah true, did you find any vendors with refinancing options with international lenders? I was trying for that but couldn’t find one