Student Loan Refinancing - School does not qualify for many refinancing companies

[TD23]

Hello all,

I am a 4th-year med student and I financed my medical school training with private loans as our school, graduating its second class this year, did not apply to be eligible for federal student loans. My plan was to refinance as soon as possible during intern year. I have looked into several of the student loan refinancing companies and most require an eligible school and my school is new and therefore is never one of the options. I am looking for advice as to how to manage this conundrum. Any and all help appreciated.

[jfoxcpacfp]

Bumping in case someone else has some input.
Is a family loan possible? I'm sorry for your situation - sounds like you didn't know before attending here about the eligible school requirements for SL refinancers.

[Budgetmaestra]

Hmm, is your school about the be approved for federal loans? If so you may have to wait to refi. Until then you have to buy into the whole “live like a resident” (share an apartment, drive a beater, budget grocery and other living expenses) & moonlight when you can. Unless you can get a family loan or owns an asset you can sell (home, vehicle, taxable investments)

[TD23]

Thank you for the input. The school will not be approved for federal loans in the foreseeable future. I can look into family loans but otherwise, I was going to plan on living like a resident and kicking down the debt ASAP.

[Tim]

Thank you for the input. The school will not be approved for federal loans in the foreseeable future. I can look into family loans but otherwise, I was going to plan on living like a resident and kicking down the debt ASAP.

Hope residency works out. Is there a chance the private loans can be refinanced at a lower rate once you graduate?