Refi joint consolidation loan?

[DMFA]

I've recently come across a colleague who has a lousy deal on an old joint consolidation loan which was deferred. The government stopped allowing these in 2006 because they were a massive headache (not least for marriages that ended).

Anyway, this has caused a few refinance applications to be rejected since it seems the big lenders don't get involved with this. This seems a bit odd to me since joint lending occurs in other situations.

Does anyone know of a bank that refinances joint consolidation loans? I didn't know any because these haven't been around since I graduated from college.

[adventure]

What type of loan??

SoFi was altogether happy to let us consign each other's student refinanced loans. I hadn't thought of refinancing it again (self HELOC aside), as cosigners.

[DMFA]

The federal joint consolidation loan was a concept from the late 90s to 2006 that actually allowed spouses to combine their individual loans together. So instead of there being spouse A's loans and spouse B's loans, there was just a single loan containing both their debts. Goes a bit beyond co-signing.

As you could probably imagine, there are a ton of problems and hassles associated with it, and the dept of ed repealed the program in 2005-06. So a lot of peopleb were p much stuck with orphaned, non-consolidatable, non-refinancable loans with lousy federal rates at Navient.

I'm just wondering why a bank won't buy someone else's debt. There are other joint debts. However, the major servicers I've checked and/or asked don't refi federal joint consolidation loans.

I'll wondering if I'll need to tell him that he should just trade debt-for-debt with a HELOC or something to get the rate lower. P sure they can't pay in CC anymore or they could play 0% transfer roulette.