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Student Loan Solutions

The numbers are startling:

  • Over 43 million Americans have student loan debt and 70% of college students will graduate with debt. 

Source: US Department of Education

  • Outstanding student loan debt in the U.S. totals $1.3 trillion.

Source: Federal Reserve Bank of New York

  • One in four student loan borrowers are either delinquent or in default on their school debt.

Source: Consumer Financial Protection Bureau

 Fannie Mae Announces “Student Loan Solutions”

Fannie Mae is helping qualifying homeowners pay off their high-interest-rate student debt by helping them potentially refinance to a lower mortgage interest rate.

How It Works

Qualifying homeowners who have student debt or who have cosigned for student debt can refinance their mortgage at a lower rate than what’s typically available. They can then use the proceeds to pay off the balance of existing student debt.

Typically, a cash-out refi carries a higher rate, but with this program, Fannie Mae won’t apply additional fees. So the rates are really low – much lower than most rates on student debt.

Parents and other family members who have cosigned on the loan will be able to pay off debt for their loved one and lift that burden earlier. Cosigners can benefit enormously from this new loan option. Nearly 90 percent of private student loans to undergraduates require a cosigner according to data from Sallie Mae. 

What This Means

With interest rates still near historic lows, this refinancing option could help an estimated 8.5 million U.S. households pay down or completely pay off student debt obligations.

Source:  Fannie Mae

Call or email us today to see if you qualify!

Every attempt has been made to ensure that the above information is valid at the time of publication. Subject to credit approval. NMLS 318098 

 

Blue Skye Lending
8130 Lakewood Main Street, Suite 205, Lakewood Ranch, FL  34202
Office:  (941) 256-8420
Fax:  (866) 803-6341
info@blueskyeloans.com
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