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Anyone have experience consolidating student loans through a credit union?
Posted on 6/11/14 at 10:11 am
Posted on 6/11/14 at 10:11 am
The interest rates from fedloan and salliemae are between 6.5% and 9.25% and I feel like there's got to be a way to get a lower rate. I've got pretty good credit and am in the housing market as a first time buyer. Since the fedloan separates the loans into several different categories, it's showing that I have debt owed to several places. My lender seems to think it would help me to consolidate these payments.
Thanks in advance.
Thanks in advance.
2
Posted on 6/11/14 at 10:33 am to Redfish2010
search the board for sofi.com. a few people (myself included) have used it now. i'm very satisfied with my results. consolidated >$70k at 4.4%.
eta: if you use them, feel free to use this link. we would both get money back if you refinance with them. LINK
eta: if you use them, feel free to use this link. we would both get money back if you refinance with them. LINK
This post was edited on 6/11/14 at 10:35 am
Posted on 6/11/14 at 11:06 am to lsujro
just fyi. some legislation will be dicussed on cutting past student loan rates in half.
It is doubtful it will be passed initially. need to raise taxes on the rich to pay for the cut rates. But with the recent change in leadership, the republican leadership being an absolute clusterfrick, you never know what may happen.
The republicans need to go long on votes. if they toes to democratic party line I think they will lose the "nothing but guns/cater to rich/anti low income" that they have been playing.
Poliboard.
It is doubtful it will be passed initially. need to raise taxes on the rich to pay for the cut rates. But with the recent change in leadership, the republican leadership being an absolute clusterfrick, you never know what may happen.
The republicans need to go long on votes. if they toes to democratic party line I think they will lose the "nothing but guns/cater to rich/anti low income" that they have been playing.
Poliboard.
This post was edited on 6/11/14 at 11:15 am
Posted on 6/11/14 at 12:01 pm to cjared036
quote:
just fyi. some legislation will be dicussed on cutting past student loan rates in half.
Not to mention, you lose all the different repayment plans with a private loan servicer. But if you don't have a lot of loans to begin with, I don't see why you wouldn't go to the private route.
This post was edited on 6/11/14 at 12:02 pm
Posted on 6/12/14 at 8:11 am to lsujro
I looked into this last night and it looks suspect
Posted on 6/12/14 at 8:48 am to Redfish2010
quote:
I looked into this last night and it looks suspect
what makes you say that? i refinnaced through them last month (first payment due next week actually). Golfer has also refinanced with them i believe. the process was a bit of a hassle because you have to provide them with everything yourself, but the service was good and rate is awesome. i assure you it is on the up and up.
Posted on 7/7/14 at 9:57 am to lsujro
Bump - Any feedback on the SoFi refinance, good, bad or otherwise?
Also, if anyone else has other suggestions for refinancing private student loans, I'd be happy to listen. The interest on my private student loan through Sallie Mae is embarrassingly high. Like, it freaks me out a little when I look at it.
Also, if anyone else has other suggestions for refinancing private student loans, I'd be happy to listen. The interest on my private student loan through Sallie Mae is embarrassingly high. Like, it freaks me out a little when I look at it.
Posted on 7/7/14 at 11:53 am to Eureeka181
Heard a commercial this morning on drive to work for a bank called Charter One / Citizens Bank which appears to a big NE US bank. I checked it out when I got to the office, their minimum for re-fi private loans is 10K. Mine are less than that, so I didn't pursue further.
My two private loans total about 7K and the rates are 4.5 and 7.5 percent.
My two private loans total about 7K and the rates are 4.5 and 7.5 percent.
Posted on 7/7/14 at 11:55 am to Redfish2010
Unless the private rate is significantly better I would keep the Fedloans with the government, if only for how flexible they are on repayment terms, forbearance, deferments, forgiveness, etc. Not saying you will ever need it, but it's nice to know it's an option if the worst happens.
Posted on 7/7/14 at 12:42 pm to Old Hellen Yeller
That, plus having the loans separate does wonders for your credit score as you pay them down.
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