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I have a loan with a rate of 5% that I'm planning on paying off aggressively very soon (just nearly finished off my loans at 6.5%). The issue is my servicer charges a fee for any payments (about $1.00) outside of the scheduled payment.
I am trying to refinance this loan to a lower rate and so I can make payments without a fee.
I've tried multiple student loan providers. I have a six figure salary and steady employment since graduation. I have excellent credit history--never a single missed payment, and a good debt to income ratio.
However, I can never get the lowest refinance rate. Instead I get rates that are even worse than 5%!
Is it impossible to get the lowest rates? Or do their algorithms not really take into account salary/income?
I am trying to refinance this loan to a lower rate and so I can make payments without a fee.
I've tried multiple student loan providers. I have a six figure salary and steady employment since graduation. I have excellent credit history--never a single missed payment, and a good debt to income ratio.
However, I can never get the lowest refinance rate. Instead I get rates that are even worse than 5%!
Is it impossible to get the lowest rates? Or do their algorithms not really take into account salary/income?