January 23, 2009, Newsletter Issue #104: Can A Refinanced Student Loan Be Cancelled?
Tip of the Week
After you complete the process to refinance your student loan, there is no longer an option to cancel it. Unfortunately, once you have completed all of the paperwork and closed on the loan, the bank considers you to be obligated to repay it based on the terms provided. At that point, they send the funds to the lender of your old loan and pay it off. Since they have already tied up the money for you, there are no options to change it. If you feel that you were treated unfairly or that illegal actions were used to get you to accept the loan, you can talk to your lender about your concerns. In addition, you can contact the agency in your state that regulates banks or the FDIC to explain your complaints.
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