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if the loan is a non-deductible loan that's not going to be eligible for any loan forgiveness, and it's at 5%, that's more than I want to pay for a long-term margin loan, so I would lean toward paying down the debt.

It is currently non-deductible, and not eligible for loan forgiveness

I'm not sure how you think you could do 'better' than 5% today.

Well, I was thinking, if I can refinance a new loan somehow, with a better rate, and pay off this loan with that money, that would be a nice deal. I just worded it wrong by using the term "consolidate"

You always have the option of refinancing your debt in another way - like using a private student loan refinancer, moving the debt to your credit cards via balance transfer or getting a loan using some type of collateral (equity in your house, equity in your car, equity in your investment accounts, a 401(k) loan, etc.) and using those proceeds to pay the student loan off.

I don't like the idea of a home equity loan - we just crossed under 80% LTV on our house and I want it to stay that way. Also note that I do already max out my 401k and we contribute as much to IRA as we can, so we are operating efficiently on that end. The private student loan refinancer is perhaps more along the lines of what I was looking for. So there are private student loan refinancers out there that can simply pay off your loan and issue you a new loan at a lower rate? Does it matter if the current loan is gov't or private?

Thanks for the ideas and advice!

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