My wife and I owe over $150,000 in student debt with interest rates around 9-11% on each loan. Is it better to just refinance our house and pay it all off, for a lower monthly payment and interest rate?
To further clarify, our house is appraised at $250,000. We came into an inheritance and paid it off so we have no mortgage payment currently. Since we had to relocate to a new state, we are both unemployed and these payments are taking a toll on us. I’m sure we can get a rate on the home loan under what the school loans are charging us, and this way we can raise our credit score with a mortgage payment and have greater tax deductions? What do you guys think?

Jonathan

My wife and I owe over $150,000 in student debt with interest rates around 9-11% on each loan. Is it better to just refinance our house and pay it all off, for a lower monthly payment and interest rate?

Ana