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Should we be able to refinance student loans? Atlanta, GA

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Should we be able to refinance student loans?

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Student debt has been a major topic of conversation in recent years as the amount of student debt in the nation has become the largest pool of debt in the country. Overtaking even credit card debt, more than 37 million Americans have student debt and many of those borrowers are struggling with delinquency and default.

In general, borrowers in the United States are saving a substantial amount of money by taking advantage of these historically low interest rates on mortgages, consumer debt, car loans, and other similar types of debt. One estimate shows a typical household saving a little more than $3,000 each year on interest, compared with interest rates dating back to 2007. Much of these savings comes from lower mortgage interest rates, which have decreased by 30 percent.

While these interest rates have been decreasing and many borrowers have been able to refinance large amounts of their debt, people with student loans are still waiting for some type of relief. Most readers are familiar with the increasing cost of higher education and the burden this is putting on America’s young people, and interest rates are a large part of that burden.

With interest rates fixed mostly by the federal government and no opportunity to refinance, student debt borrowers are often stuck between a rock and a very expensive loan payment each month.

As many people know, in addition to being unable to refinance student debt, borrowers are also unable to have the debt relieved during a bankruptcy proceeding. This means that an addition to having an average interest rate that is more than double the average rate for a mortgage, there is also no relief in sight for borrowers who are not earning enough to make a substantial dent in their debt.

Source: Time, “Why Can’t People with Student Loans Refinance at Better Rates?” Dan Kadlec, Feb. 20, 2013

More information about student debt and debt relief options can be found on our Atlanta bankruptcy site.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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