For those that weren’t fortunate enough to earn a “full ride” academic scholarship to college or had college paid for as an athlete, chances are student loans were taken out. Especially so for those who go on for an advanced degree. And while taking out the student loan took care of much of the bill and there were no immediately monthly payments made, at some point they become due. And the longer term student loans can stay there for a very long time until the loan is paid off.
However, for those who are considering refinancing their current mortgage to get a better rate, change loan terms or switch from a variable to a fixed rate while also having student loans outstanding, take a look at pulling out some equity and getting rid of those student loans. For instance, say you have an adjustable rate mortgage and are finally convinced rates won’t go lower any time soon. You call your lender and talk about refinancing. Your credit report also shows a few student loans outstanding. Your loan officer asks if you’d ever thought of paying those off during the refinance process. You run the numbers with the loan officer and do decide that indeed it is time to pay off those loans. You’re going to refinance anyway, why not take the extra step?
Your loan officer will take care of the necessary paperwork needed to pay off these loans by requesting a payoff amount from the lender you send your student loan payments to. There really isn’t anything else you need to do in this regard except document your loan file at the direction of your loan officer, lock in a rate and close on your loan.
If your student loans only have a year or so left before being paid off completely you probably don’t want to pay them off with proceeds of a refinance, effectively extending the term of the student loan. But if the student loans do have several years left on them and you would like to eliminate those additional monthly payments, it’s something you should speak to your loan officer about.
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