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Started By
Message
Anybody here refinance a student loan?
Posted on 7/17/20 at 11:04 am
Posted on 7/17/20 at 11:04 am
I didn't realize how high my current rate was and I'm confident I can get it down a point or two. Anyone here have suggestions for good companies to look at? What kind of costs are associated, etc.?
7
Posted on 7/17/20 at 11:43 am to Nature Boy
SoFi nearly cut mine in half.
Posted on 7/17/20 at 11:50 am to Nature Boy
quote:
Anyone here have suggestions for good companies to look at?
Credible or lendkey will rate shop for you through the most popular companies (sofi, penfed, elfi etc.)
quote:
What kind of costs are associated, etc.?
None. I've never seen any origination fees for the couple of loans that I've refinanced.
You apply, if approved, they'll send a check to your current lender to pay off the debt and then you'll start paying the new lender.
Posted on 7/17/20 at 12:07 pm to Nature Boy
SOFI
It was free and very easy. Send me your email address and I’ll send you a referral code. I think we’ll both get a $200 credit
Correction: $300
It was free and very easy. Send me your email address and I’ll send you a referral code. I think we’ll both get a $200 credit
Correction: $300
This post was edited on 7/17/20 at 12:09 pm
Posted on 7/17/20 at 1:22 pm to jmitc22
SOFI here. Saved me a shitload.
Edit: paid off now
Edit: paid off now
This post was edited on 7/17/20 at 1:23 pm
Posted on 7/17/20 at 2:40 pm to jmitc22
interested in code if it will work more than once. GF still has law school loans we need to make go away.
krspruell@gmail.com
thanks
krspruell@gmail.com
thanks
Posted on 7/17/20 at 7:48 pm to Nature Boy
I feel like I reference him a lot, but white coat investor has one of the most succinct summaries on the "big" players and their offers.
Sofi here offers the same as the guy above who offered you his personal code, so I'm sure it's not much better than him having a list of referral codes that you could get elsewhere. But it's nice to see so many in one place.
I didn't learn about this until one month after I refinanced. I used Earnest. I wish I had known about credible's site before refinancing. I'm happy with the rate I'm at now but find that would have been helpful info to have.
Sofi here offers the same as the guy above who offered you his personal code, so I'm sure it's not much better than him having a list of referral codes that you could get elsewhere. But it's nice to see so many in one place.
I didn't learn about this until one month after I refinanced. I used Earnest. I wish I had known about credible's site before refinancing. I'm happy with the rate I'm at now but find that would have been helpful info to have.
Posted on 7/17/20 at 7:52 pm to ks_nola
Used sofi also. Think the deal is $300 for the current customer and $100 for the new customer refinancing.
Long story - but only did it for 1 loan. Have others. Did it as a variable rate bc it’s rather small and thinking I’d pay it off early. Rate is currently 0.68%. Yes 0.68%. Now I’m moving slow to pay it off.
Relatively easy.
Small issues
- They overpaid the old loan servicer. Had to get refund. Took that and paid sofi.
- mohela technically services the loan so you have to deal with another company (log in, password, etc)
- the loan was in limbo where I couldn’t pay on it for ~2 weeks. I was wanting to make my payment on previous monthly schedule and couldn’t
- had to force them to send my $100 referral payment. Brother had no problems getting his $300
All in all though - glad I did it
Long story - but only did it for 1 loan. Have others. Did it as a variable rate bc it’s rather small and thinking I’d pay it off early. Rate is currently 0.68%. Yes 0.68%. Now I’m moving slow to pay it off.
Relatively easy.
Small issues
- They overpaid the old loan servicer. Had to get refund. Took that and paid sofi.
- mohela technically services the loan so you have to deal with another company (log in, password, etc)
- the loan was in limbo where I couldn’t pay on it for ~2 weeks. I was wanting to make my payment on previous monthly schedule and couldn’t
- had to force them to send my $100 referral payment. Brother had no problems getting his $300
All in all though - glad I did it
Posted on 7/17/20 at 8:17 pm to Nature Boy
I used sofi, was very easy to do. My colleagues swear by Student Loan Tutor though.
Posted on 7/17/20 at 8:50 pm to DowntheBayouTiger
I’m refinancing mine for a second time. Earnest gave me the best rate the first time, and it looks like they will give me the best rate the second time as well. I used Credible and Nerdwallet to do a broad rate search. Just needed to enter some basic info and they will do a soft credit pull. Be aware though I believe Earnest is owned by Navient. Otherwise Earnest has been fine for me. I initially had 6.8% on the federal loan. I dropped it to 5.1% the first time. Looks like I will be down to 3.2%-3.8% this time.
Posted on 7/17/20 at 8:52 pm to TigerDent
If you do use Earnest I could sent you a referral code, and maybe we can both get some free cash.
This post was edited on 7/17/20 at 8:53 pm
Posted on 7/17/20 at 9:10 pm to Nature Boy
Do you qualify for loan forgiveness? If you refi, the option for loan forgiveness goes away. Just a FYI
Posted on 7/17/20 at 10:34 pm to Nature Boy
I've used SoFi twice in the past year and they've been very easy and great. Best rates when I cross-shopped to Laurel Road, Earnest, and Credible.
Splash had some really good rates on 7 and 10 years but you had to join their credit union too.
I'm now on a 5 year variable with ungodly low rates. Have a friend who did a 5 year variable a year or two ago and now his rate is 0.05%.
Splash had some really good rates on 7 and 10 years but you had to join their credit union too.
I'm now on a 5 year variable with ungodly low rates. Have a friend who did a 5 year variable a year or two ago and now his rate is 0.05%.
Posted on 7/17/20 at 10:51 pm to metallica81788
How many times can you refi a student loan?
Posted on 7/17/20 at 10:53 pm to Paul Allen
Essentially unlimited. You can borrow as much money from as many people as will loan it to you, as I understand it
Posted on 7/17/20 at 10:55 pm to Paul Allen
Unlimited. You can get referral/cash bonus each time too depending on how you do it and if you switch companies enough.
The strategy is called the "refinance ladder."
I wasn't going for forgiveness, so I refinance into a 15-20yr term just to stop the bleeding on 6-7% interest down to ~4%. Then get better job, more cash, etc, refinance into shorter term with lower interest rate and the cycle continues. If variable rates start going back up I can refi into a fixed 5 year or something.
The strategy is called the "refinance ladder."
I wasn't going for forgiveness, so I refinance into a 15-20yr term just to stop the bleeding on 6-7% interest down to ~4%. Then get better job, more cash, etc, refinance into shorter term with lower interest rate and the cycle continues. If variable rates start going back up I can refi into a fixed 5 year or something.
Posted on 7/17/20 at 11:05 pm to metallica81788
Y’all have me wanting to consider a variable rate.
Posted on 7/17/20 at 11:22 pm to TigerDent
I signed my refi for 5yr variable about 3 months ago starting at 1.8-2%. My rate is now 0.55% so it’s a good time.
Posted on 7/18/20 at 7:58 am to metallica81788
quote:
I signed my refi for 5yr variable about 3 months ago starting at 1.8-2%. My rate is now 0.55% so it’s a good time.
Did you use Sofi?
I refinanced earlier this year but am thinking of trying again and looking to drop term and go variable.
Posted on 7/18/20 at 8:43 am to Oenophile Brah
Yes Sofi. Also checked Laurel Road Earnest and Splash.
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