Refinancing companies are telling people to leave $10,000 or $20,000 of federal student loans un-refinanced to stay eligible for Biden's cancellation plan. But even if you do that, you are locking yourself into a long-term private loan that will prevent you from being eligible for any future cancellation. To get approved and the lowest rates, most people who refinance their student loans are required to have a cosigner — someone who agrees to pay if you can't.
Federal student loans, by contrast, do not require a cosigner. If you get laid off or fall on hard times and can't make a payment, none of your loved ones will be saddled with this debt. You can file paperwork that will lower or eliminate your payments. People undergoingRefinancing companies target doctors with large loans, which became an extra burden during the worst of COVID-19.In my years of helping people buried in debt, the most painful conversations have surrounded cosigners.
While refinancing companies use"colorblind" metrics like income, the school you graduated from, and your major, it just so happens that the kind of people whom refinance companies approve turn out to be mostly well-off
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