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Cosigner Refinance

I have four loans through AES/PHEAA that my mom is cosigned for. She has been the one making payments for a while as I have not been able to make them due to some mitigating circumstances. We are on a variable interest rate which, frankly, is starting to get out of hand. We aren’t making any headway toward the principal and I can’t make any sense of AES’s amortization schedule.

My mom wants to refinance the loans in her name only at a fixed rate. Can she do that? From the limited information I can find, I’m not sure she can do it through a student loan organization. If that’s the case, what are some other options? She has sterling credit (800 score), a six-figure income, and a pretty low debt-to-income ratio. I know she has some equity in her home but I’d like to find another route if that’s at all possible.

Thanks in advance for the help/advice.

Cosigner Refinance – RobinHood – Reddit Feed


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2 Comments

  • What would be the harm in keeping you on the loan when you refi? It wouldn’t stop her from being on the new loan or making payments. And it sounds like it would be good for your credit.

  • > My mom wants to refinance the loans in her name only at a fixed rate. Can she do that?

    Generally no, but she may be able to through a personal loan, like the kind offered by First Republic. In any case, there’s little harm in her applying to see.

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