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Message
Student Loan Refi : Companies to look for?
Posted on 4/10/17 at 9:14 am
Posted on 4/10/17 at 9:14 am
My oldest son is interested in refinancing his student loan.... currently he is paying 5.5% and has a credit score of 766.
He saw an offer for 3.75% and inquired.... when the quote came back, it was for 5.5%
Is 5.5% about the best he can get or do you guys know of anyone that will do lower in todays market?
I do not know the princ balance total
He saw an offer for 3.75% and inquired.... when the quote came back, it was for 5.5%
Is 5.5% about the best he can get or do you guys know of anyone that will do lower in todays market?
I do not know the princ balance total
4
Posted on 4/10/17 at 9:17 am to bossflossjr
Obligatory Sofi
I refied with them about 2 years ago to drop my interest rate about 3%, which should save me about 10k in interest over the life of the loan. I haven't checked the current rates though.
I refied with them about 2 years ago to drop my interest rate about 3%, which should save me about 10k in interest over the life of the loan. I haven't checked the current rates though.
This post was edited on 4/10/17 at 9:22 am
Posted on 4/10/17 at 9:28 am to Delacroix
Thats who advertised 3.75 to him and quote came back at 5.5%
His mom said total is around 40k. Maybe the amount needed to be higher to get lower rate. Dunno.
Thanks
His mom said total is around 40k. Maybe the amount needed to be higher to get lower rate. Dunno.
Thanks
Posted on 4/10/17 at 9:36 am to bossflossjr
The length of the loan plays a factor in the percentage. They usually advertise the lowest rate which corresponds with the 5 year term. So the longer the term, the higher the rate.
Posted on 4/10/17 at 10:22 am to bossflossjr
Posted on 4/10/17 at 11:56 am to bossflossjr
Obligatory post in these conversations...
Are these federal loans that he would be re-financing? Keep in mind the protections that he'd be losing if he were to move from federal to private. This doesn't matter for most, but still.
Are these federal loans that he would be re-financing? Keep in mind the protections that he'd be losing if he were to move from federal to private. This doesn't matter for most, but still.
Posted on 4/10/17 at 6:24 pm to bossflossjr
His pay relative to his loan amount also plays into it I think. I just went through a refi with SoFi and here were my numbers:
Loan amount to refi: ~$24.5k
Current rate: 6.125% (that's with 0.25% off for auto pay)
My salary: ~$64k
Credit Score (from SoFi running it): 825 (they used Experian and have the range as 250 to 900, so not the standard everyone is used to seeing)
Their offer: 5 yr term @ 5.625% (down to 5.375% with auto pay)
I added my wife as a cosigner:
Her salary: ~$150k
Her credit score around the same as mine
Their offer with her as a cosigner: 5 yr term @ 4.115% (down to 3.865 with auto pay)
The bad thing about her cosigning is that if I die, she is still on the hook for it. But that would be a small worry if that were to happen.
Loan amount to refi: ~$24.5k
Current rate: 6.125% (that's with 0.25% off for auto pay)
My salary: ~$64k
Credit Score (from SoFi running it): 825 (they used Experian and have the range as 250 to 900, so not the standard everyone is used to seeing)
Their offer: 5 yr term @ 5.625% (down to 5.375% with auto pay)
I added my wife as a cosigner:
Her salary: ~$150k
Her credit score around the same as mine
Their offer with her as a cosigner: 5 yr term @ 4.115% (down to 3.865 with auto pay)
The bad thing about her cosigning is that if I die, she is still on the hook for it. But that would be a small worry if that were to happen.
This post was edited on 4/10/17 at 6:28 pm
Posted on 4/10/17 at 6:51 pm to LSUSUPERSTAR
quote:
The bad thing about her cosigning is that if I die, she is still on the hook for it.
That's the purpose of life insurance.
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