- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Is SoFi the best place to refinance your student loans?
Posted on 6/10/15 at 9:02 am
Posted on 6/10/15 at 9:02 am
I've been paying for a few years now, and I think I want to look at refinancing. My interest rates range from 4.5% to 6.8% on my loans. My wife is the same boat. We each currently pay two different servicers.
Is SoFi the best one to use?
Is SoFi the best one to use?
3
Posted on 6/10/15 at 9:06 am to GetCocky11
I did a good bit of research but found that sofi had the best rates. Their customer service is pretty awesome too. If you do sign up heres my referral code. You will get 100$ free by using it and I will get 300$.
LINK
LINK
Posted on 6/10/15 at 9:07 am to GetCocky11
quote:
Is SoFi the best one to use?
They seem to be the leader in the clubhouse. A few people on here have done it. Im trying my best to get over there so that Sallie Mae doesnt get another dime. Frick those people.
Posted on 6/10/15 at 9:10 am to GetCocky11
From what I've seen, yes.
Just make sure you understand what refinancing is. You are basically losing many benefits of federal loans since Sofi offers a private student loan.
Just make sure you understand what refinancing is. You are basically losing many benefits of federal loans since Sofi offers a private student loan.
Posted on 6/10/15 at 9:10 am to mkibod1
Yeah, I'm paying a portion to South Carolina Student Loan and another portion to some Fedloan.
I feel like if we can consolidate and get a better rate, then we should.
I feel like if we can consolidate and get a better rate, then we should.
Posted on 6/10/15 at 9:13 am to GetCocky11
Wells Fargo was offering pretty good rates as well but this Sofi thing seems legit.
I'm paying 2.5% on Navient right now. I basically bitched them out and demanded a lower consolidated rate. Cannot complain about that one at all.
I'm paying 2.5% on Navient right now. I basically bitched them out and demanded a lower consolidated rate. Cannot complain about that one at all.
Posted on 6/10/15 at 9:20 am to STLhog
Also be aware that refinancing with a private company may render your loans ineligible for federal forgiveness programs. So make sure you don't qualify for some sort of federal forgiveness BEFORE you refi.
Various fed forgiveness programs cover teachers, law enforcement, nurses/med techs, public employees, nonprofit employees working in public service, etc. See more info here: LINK
Various fed forgiveness programs cover teachers, law enforcement, nurses/med techs, public employees, nonprofit employees working in public service, etc. See more info here: LINK
Posted on 6/10/15 at 9:21 am to STLhog
quote:
I'm paying 2.5% on Navient right now. I basically bitched them out and demanded a lower consolidated rate
How did you do that?
Im paying about 6.5% on a 7000$ loan and my Fico score is 800. I called and they said they can't reduce my rate
Posted on 6/10/15 at 9:27 am to Northwestern tiger
quote:
How did you do that?
Im paying about 6.5% on a 7000$ loan and my Fico score is 800. I called and they said they can't reduce my rate
A long and ridiculous process. I was getting CRUSHED out of school living in Los Angeles on a really good salary. Called them a ton, told them I was going to fall behind etc etc and they had to do something to consolidate, get me a lower payment rate.
Essentially said we both want the same thing, just help me out with the rate.
Really not sure how it happened, EVERY damn person you talk to there tells you something different, but I got them locked at 2.5%. Keep in mind I have about 40k from my master's so that may be what's driving it.
Posted on 6/10/15 at 10:12 am to Northwestern tiger
So, I checked me rate on SoFi. It said I could get a 5 year refinance at 5.125%. Compared to what I'm doing now, I'd be saving around $1,400 over the long term with a monthly payment about $40 higher than what I am making now.
Is that worth it?
I wouldn't do a variable rate.
Is that worth it?
I wouldn't do a variable rate.
Posted on 6/10/15 at 10:16 am to GetCocky11
Why not variable? Sure interest rates will rise, but they don't raise a ridiculous amount over night. If you're only doing a 5 year you should be able to pay off a good bit of principal before rates reaches 5.125. I've had my loans since about January and the rate has only risen once and that was only 0.01%
Posted on 6/10/15 at 10:33 am to Delacroix
I did a 5 or 7 year variable rate on SOFI because i knew i would be paying them off in the next year or two. I only have ~15k left so if interest rates sky rocketed I could easily pay it off in a lump sum if i needed too, in the mean time I have 2.6% interest rate. 
Posted on 6/10/15 at 11:04 am to Delacroix
quote:
Why not variable?
What is the highest a variable rate could rise to in the next 5 years? 6%?
Posted on 6/10/15 at 11:08 am to GetCocky11
Does SoFi offer deference? There's a strong possibility I'll return to school for my MBA, at which point I won't be able to afford the $350/mo from my undergrad.
Posted on 6/10/15 at 11:36 am to GetCocky11
quote:
'd be saving around $1,400 over the long term with a monthly payment about $40 higher than what I am making now.
How long is the long term?
Posted on 6/10/15 at 11:42 am to LSUFanHouston
quote:
How long is the long term?
5 years.
Posted on 6/10/15 at 1:35 pm to GetCocky11
quote:
What is the highest a variable rate could rise to in the next 5 years? 6%?
quote:
Student & Parent Plus Loan Refinance Rates
1.90% APR1 - 5.44% APR1
Variable Interest Rate Range
3.50% APR1 - 7.49% APR1
Fixed Interest Rate Range
Rate Products
Variable Interest Rate Range
Loan Term
Interest Rate
5 Years 1.90% - 4.19% APR with AutoPay1
10 Years 2.69% - 4.565% APR with AutoPay1
15 Years 3.065% - 4.94% APR with AutoPay1
20 Years 3.315% - 5.19% APR with AutoPay1
Fixed Interest Rate Range
Loan Term
Interest Rate
5 Years 3.50% - 5.49% APR with AutoPay1
10 Years 4.615% - 6.50% APR with AutoPay1
15 Years 5.125% - 6.99% APR with AutoPay1
20 Years 5.375% - 7.24% APR with AutoPay1
Looks like highest for variable would be 4.19 for a 5 year term.
This post was edited on 6/10/15 at 1:39 pm
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News