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CNN Saturday Morning News

Refinancing Student Loans

Aired November 02, 2002 - 07:50   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


HEIDI COLLINS, CNN ANCHOR: Believe it or not, college students do have more to worry about than their final exams. Long after those exams are over, students have to find ways to pay off their college loans. Is any relief in sight?
Mark Howard, our Pocketbook Protector and author of Get Clark Smart answers one question on this very subject.

(BEGIN VIDEOTAPE)

CLARK HOWARD, CNN: I have a question from John about student loans. He wanted to know with all the low interest rates available right now, what about taking student loans and rolling them into your mortgage? You get a tax break on your mortgage, so would that be a good idea, John?

Only if you have never consolidated and re-fi'd your student loans. Because the deals right now are the best they've ever been and do you know it's possible right now in some circumstances to refinance into a fixed rate of about four percent, little more, little less, on student loans.

A special short-term deal that's available now until June of next year. Sounds like I'm trying to get you to go buy a car, right? Anyway, in order to take advantage of this, and learn how it works to see if you're eligible, go to loanconsoldiation.ed.gov and you'll be able to see loan type by loan type that you have whether or not you're eligible and what kind of interest rate you would be able to re-fi into.

If you're one of the folks who's eligible for one of the extra- low re-fis on student loans, consolidating is what it's called, don't put the debt into your mortgage. You'd be much better off just fixing up your student loans into a better deal.

(END VIDEOTAPE)

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com






Aired November 2, 2002 - 07:50   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Believe it or not, college students do have more to worry about than their final exams. Long after those exams are over, students have to find ways to pay off their college loans. Is any relief in sight?
Mark Howard, our Pocketbook Protector and author of Get Clark Smart answers one question on this very subject.

(BEGIN VIDEOTAPE)

CLARK HOWARD, CNN: I have a question from John about student loans. He wanted to know with all the low interest rates available right now, what about taking student loans and rolling them into your mortgage? You get a tax break on your mortgage, so would that be a good idea, John?

Only if you have never consolidated and re-fi'd your student loans. Because the deals right now are the best they've ever been and do you know it's possible right now in some circumstances to refinance into a fixed rate of about four percent, little more, little less, on student loans.

A special short-term deal that's available now until June of next year. Sounds like I'm trying to get you to go buy a car, right? Anyway, in order to take advantage of this, and learn how it works to see if you're eligible, go to loanconsoldiation.ed.gov and you'll be able to see loan type by loan type that you have whether or not you're eligible and what kind of interest rate you would be able to re-fi into.

If you're one of the folks who's eligible for one of the extra- low re-fis on student loans, consolidating is what it's called, don't put the debt into your mortgage. You'd be much better off just fixing up your student loans into a better deal.

(END VIDEOTAPE)

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com