- 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
Anybody recently refinance student loans?
Posted on 5/12/20 at 11:21 am
Posted on 5/12/20 at 11:21 am
Daughter just graduated this month and son graduates in December. Need to start the pay off process and help them eventually get them only in their name. What types of interest rates should I expect? I called a bank and was quoted around 4%, which is higher than some of their Sallie Mae loans.
8
Posted on 5/12/20 at 11:25 am to Ramblin Wreck
I wouldn't touch student loan refinancing right now. You should keep them federalized for the time being to keep protections/possible future interest forgiveness. Just my opinion.
Posted on 5/12/20 at 11:35 am to Ramblin Wreck
During this economic climate, may ve best to keep them federally backed given the protections you get, interest protection etc.
With that said if you have non federal loans or just interested to see whats out there, you can look at lendkey or credible(they'll look at multiple banks/companies for you) and see what rates they'll give.
I refinanced in Jan prior to this mess and was at 4.35 fixed for a large balance and 15 yr term. Variable rates and shorter terms were in the mid to high 3s if I recall.
With that said if you have non federal loans or just interested to see whats out there, you can look at lendkey or credible(they'll look at multiple banks/companies for you) and see what rates they'll give.
I refinanced in Jan prior to this mess and was at 4.35 fixed for a large balance and 15 yr term. Variable rates and shorter terms were in the mid to high 3s if I recall.
Posted on 5/12/20 at 12:09 pm to Ramblin Wreck
(no message)
This post was edited on 12/1/20 at 4:18 pm
Posted on 5/12/20 at 12:56 pm to Ramblin Wreck
How much does she owe?
Posted on 5/12/20 at 2:00 pm to Joshjrn
quote:
How much does she owe?
We had three kids were in college at once, so a lot. We knew as soon as they graduated that we could help by redirecting what we paid for rent, utilities, car expenses, food, insurance, phone, books, etc towards the loan payment. Those things easily averaged $1500 to $2000 per month. It’s like getting a huge raise for us.
Sallie Mae loans she has range from 2.25% to 8.625%. I will just refinance the high interest rate one, which is almost half of it or $35K. I’d like to help her have them paid sooner than 10 years.
Posted on 5/12/20 at 4:03 pm to Ramblin Wreck
Refinanced 80% of my wife's loans with Sofi for just under 4% at 7 years. That is a .5% drop of the rate we had with sofi and added another $30k from another student loan. All were private loans and not under the federal protections. You could reduce the rate another .5% if you go to 5 years, but it wasn't worth it to us. We are pulling back on the student loan pay down and shifting to post tax investing.
Posted on 5/12/20 at 10:02 pm to Ramblin Wreck
I just closed on ~250k with SoFi for a 5 year variable. I had just refinanced from federal to a SoFi 15yr at 4.95% last year, but am more stable now and wanted to pay off quicker. Was quoted at 1.43% and my first month dropped down to 0.825%.
Posted on 5/12/20 at 10:53 pm to Ramblin Wreck
Look into the fed loan forgiveness program for employees of non-profits or public service to make sure she doesn’t qualify before refinancing
That program requires loans to stay with the federal government
That program requires loans to stay with the federal government
Posted on 5/13/20 at 9:15 am to Ramblin Wreck
quote:
We had three kids were in college at once, so a lot. We knew as soon as they graduated that we could help by redirecting what we paid for rent, utilities, car expenses, food, insurance, phone, books, etc towards the loan payment. Those things easily averaged $1500 to $2000 per month. It’s like getting a huge raise for us.
Sallie Mae loans she has range from 2.25% to 8.625%. I will just refinance the high interest rate one, which is almost half of it or $35K. I’d like to help her have them paid sooner than 10 years.
If she has a substantial amount of debt, I'm not sure I would want to pull the trigger on a refi in the next six months. You're going to feel a certain way if the federal government decides to forgive a chunk right after you do something to make yourself not eligible.
Posted on 5/13/20 at 11:00 am to Ramblin Wreck
I refinanced back in the fall of 2018. The interest rate with the private lenders is also based on what time frame you want to pay the loans back. The longer to pay back, the higher the rate. Also, a lot of them were also offering 0.25% reductions if you set-up autopay.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News