I have student loans from graduate school with an interest rate of 6.625%. I see that interest rates are quite low. (Mortgage rates are at 4.6% for a 30 yr fixed.) So I am wondering: Is it possible to refinance these student loans to achieve a lower interest rate?
I spoke with my loan servicing company and they don't seem to have any means to do this. I could consolidate the loans, but I already did that. And they just take the weighted average of the rates of the loans you are consolidating and that becomes your new interest rate. I don't own a home, so I can't get a home equity loan.
Could I get some sort of personal loan with a lower interest rate? What are my options?
I know that student loan interest is deductible. I am assuming that if I refinance through some sort of personal loan I will lose that tax deduction. But that tax deduction basically only serves to reduce the amount of interest by 15%. That's still an interest rate of over 5.63%. If I were able to approach mortgage rates I would still come out ahead.
Note: I realize that quoting specific interest rates runs the risk of implying that the question is time specific. But the concept of the question remains: Is it possible to refinance student debt?