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The fees for the refinancing total $1,600.
The preparation for the refinancing comes as traffic volumes are falling and interest rates are rising.
The federal Consumer Financial Protection Bureau is urging the creation of a market for the refinancing of private student loans, though how that happens remains to be seen.
It forecast positive pretax earnings for the 2002 fiscal year, excluding extraordinary charges of $2.5 million for the refinancing of high-cost debt.
It said it had agreed to the requirement "solely on the basis that it is an essential part of the overall agreements for the refinancing of the group".
At a minimum, the governor should produce a plan in which the state clearly agrees to pay for the refinancing, but over a shorter period of time than the Legislature originally decreed.
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The ultimate aim of the refinancing option for mortgages guaranteed or owned by Fannie and Freddie is to slow down the foreclosure rate and thus stabilize housing prices.
If she can qualify for the refinance on her own, that's one option.
The closing costs can only be rolled into the mortgage balance if it does not force the monthly house payment to exceed the "net tangible benefit" requirement of saving 5% or more per month on your house payment for the refinance to be approved.
Though not likely to be aggressive enough — some two million homeowners are now headed for default — the refinancing effort is a good first step.
"We'll most likely try to do the 15-year to make up for all the refinancing time we've lost," Ms. Thaxton said.
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