My son has just under 100K in student loans @ 6.5% for a 15 year term I believe. Recently a second child entered equation which meant home for mom and cash flow tight w/one salary for all the normal reasons. In any event he has a 401K balance over 100K from a previous employer. Can he roll over his 401K somewhere and potentially leverage (without touching balance) against his student loan debt to obtain a better rate than 6.5% and maybe even extend term to improve cash flow? These are unsubsidized loans (non govt backed) & balance of his debt is reasonable. He's also got a home mortgage w/little equity and a credit score 680ish with no BK's, collection accts, etc. Ideas? Thanks!
He's a software engineer who was recruited from Lockheed. This year his salary was bumped to $96K annually. No other source of income. He's covering all debt with about $1500 left over after all budgeted expenses, excluding entertainment, vacation and unexpected expenses. Just very tight. He has an MBA plus a computer science & English 4 yr. degree.
He's a software engineer who was recruited from Lockheed. This year his salary was bumped to $96K annually. No other source of income. He's covering all debt with about $1500 left over after all budgeted expenses, excluding entertainment, vacation and unexpected expenses. Just very tight. He has an MBA plus a computer science & English 4 yr. degree.
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