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Student Loan Refi question
Posted on 11/18/15 at 12:46 pm
Posted on 11/18/15 at 12:46 pm
Hello! I currently have 12,500 (6% int.) in student loans which comes out to 220.39 I pay a month. Credit Karma recommends I refi my loans with a company that will offer me a lower rate which will lower my payment to 114 a month but extends the term out to 120 months. In my current situation, I will finish paying my loans in 5 years. Does it makes sense to refi? Thanks.
Posted on 11/18/15 at 1:13 pm to Herb484
How stable is your job situation? Re-fi with a private company will almost always lower your rate but you'll lose some of the deferral/forbearance provisions and payment options that come with federal servicers.
Posted on 11/18/15 at 1:27 pm to Herb484
Then go ahead, but shop around first. I've heard good things about SoFi (don't know if that's who you saw on CK).
Regardless of whether the term is extended, there's no reason you can't just keep making the same payments and save on interest.
Regardless of whether the term is extended, there's no reason you can't just keep making the same payments and save on interest.
This post was edited on 11/18/15 at 1:29 pm
Posted on 11/19/15 at 9:16 am to Iosh
quote:
SoFi
SoFi offered me a higher rate than my existing loans.
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