Hi PF,
A rather simple question for all you experts. Am in a bit of a conundrum about my education loans. Just a little background, I have around $43k outstanding debts with an interest rate of 10.55% from India. Institutions in the US don't refinance education loans from other countries (at least India). My FICO score is 760 and it's on the rise every month.
So the next viable option is to take out a personal loan from any of the 100+ credit unions or banks and use it towards my education debt. Even personal loans have a lesser interest rate than 10.55%. And just moving debts might save significant amount of cash. I understand no bank will give me a $43k personal loan but even if they approve a $15k loan it'll be sizeable chunk of savings.
But I called discover today and explained to them the situation and they flat out refused to even look into the application. Their reason was Discover don't give out personal loans for refinancing post secondary education loans (or something of that ilk). Can anyone explain what it means? Is it illegal to do this? Will no banks be able to give me a personal loan with this intention?
I am already paying $600 each month towards the education loan. I would much rather pay that towards a personal loan with a lesser interest.
Any advice/suggestions?
Submitted January 07, 2018 at 11:54AM by Mantisid http://ift.tt/2CMjZxM
