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Message
Refinancing Student Loans
Posted on 6/28/25 at 3:46 pm
Posted on 6/28/25 at 3:46 pm
Graduated grad school recently, average interest rate on loans is 6-8%. Anyone refinance with SoFi or have any suggestions on other credible companies I should look into?
Also, any things I should watch out for? I am not required to start paying back until November but already used part of my signing bonus and first paycheck to start to pay some.
Thanks in advance.
Projected net income is 80-85k
Also, any things I should watch out for? I am not required to start paying back until November but already used part of my signing bonus and first paycheck to start to pay some.
Thanks in advance.
Projected net income is 80-85k
This post was edited on 6/28/25 at 8:27 pm
7
Posted on 6/28/25 at 5:25 pm to YungBuck
How much? Private or Federal? All these things will factor in. Also, once you refinance and they are federal you won’t be elgible for loan forgiveness
Posted on 6/28/25 at 5:33 pm to tigerbacon
168k (it’s a lot but just school was 105)
Insane how much you have to pay in loans to work the job you want, really wish I had more understanding of things like this while in grad school
All Federal, not doing PSLF. The commitment of 10 years with 120 months of minimum payments or start the job I want and just pay it back weighed on me. Chose to just pay it back
Insane how much you have to pay in loans to work the job you want, really wish I had more understanding of things like this while in grad school
quote:
Private or Federal?
All Federal, not doing PSLF. The commitment of 10 years with 120 months of minimum payments or start the job I want and just pay it back weighed on me. Chose to just pay it back
Posted on 6/28/25 at 7:32 pm to YungBuck
Man that’s going to be rough. The payoff will be 2k a month for 10 years? What would the refinance be?
Posted on 6/28/25 at 7:38 pm to YungBuck
But congrats on already paying them. I would suggest you keep your same lifestyle you had as a college student and maybe throw 3k a month at them.that would be 36k a year and maybe cut it down to 5-6 years
Posted on 6/28/25 at 7:39 pm to YungBuck
quote:
Projected net income is 80-85k
quote:
168k (it’s a lot but just school was 105)
What’s the earning potential in PT?
That seems like a pretty terrible deal to be honest. You can make that in accounting or finance with just an undergrad degree.
I get it if it’s pretty standard to work up to $250k or something within a decade, but damn
And I wouldn’t refinance to a private lender unless the new rate is going to save you a good deal of money. You have so much more flexibility if you keep them as government loans. I didn’t pay shite for a couple of years during the payment freeze and made enough in interest and cap gains to pay them off completely with the extra cash flow.
This post was edited on 6/28/25 at 7:41 pm
Posted on 6/28/25 at 8:26 pm to tigerbacon
quote:
What would the refinance be?
SoFi offered 3.2k for 5 years, fiancée and I have mortgage for 1.6k/month. I’d be meager for 5 years, but financial freedom is always my goal. I can be thrifty, now the fiancée likes to spend
Posted on 6/28/25 at 8:30 pm to Mingo Was His NameO
quote:
What’s the earning potential in PT? That seems like a pretty terrible deal to be honest. You can make that in accounting or finance with just an undergrad degree.
1. Depends on the setting, I’m in the highest paying setting, I’ll probably have pay raise within 3 years.
2. Yes I agree, finance/accounting pays the same with just undergrad, but always had pull to it and everyone needs a PT. I set myself back some in the future but love my profession so worth the tradeoff
quote:
I didn’t pay shite for a couple of years during the payment freeze and made enough in interest and cap gains to pay them off completely with the extra cash flow.
Don’t believe that will apply to me with this admin and it’s sorta a carrot on the stick.
I also have the conundrum of investing or paying loans off completely first, I’m of the camp anything above 5% and I’ll pay the loans off first. Saw someone post FOO and delve into it and truly believe what they say
This post was edited on 6/28/25 at 8:36 pm
Posted on 6/28/25 at 8:44 pm to YungBuck
Wayyyy too much for PT school. Must have gone to St Aug.
Posted on 6/28/25 at 9:31 pm to YungBuck
I graduated with $53K in loans in 2005. Interest rate was 1.8%
I had no interest paying it off early. But as the years went by I just wanted it gone. In your situation I would throw lots of loot at it every month. Demands occur as you get older and bills grow, and if you still have the student loan its a gut punch.
That's a big loan but it seems standard nowadays. Have a goal to pay it off in less than 10 years, but shoot for 5 years. Drive a clunker if you have to.
I had no interest paying it off early. But as the years went by I just wanted it gone. In your situation I would throw lots of loot at it every month. Demands occur as you get older and bills grow, and if you still have the student loan its a gut punch.
That's a big loan but it seems standard nowadays. Have a goal to pay it off in less than 10 years, but shoot for 5 years. Drive a clunker if you have to.
Posted on 6/28/25 at 9:36 pm to YungBuck
What would the interest rate be? The refinance should help you with the interest for you to do. If not why do it versus just paying 3.2k a month through the current company but you have the freedom to decrease if you want.
Also, is the fiancée in any debt? What is your fiancé estimated salary?
Also, is the fiancée in any debt? What is your fiancé estimated salary?
Posted on 6/28/25 at 9:39 pm to tigerbacon
Interest rate currently around 8%
Fiancée 10k in debt makes like 60k
Fiancée 10k in debt makes like 60k
Posted on 6/28/25 at 9:41 pm to YungBuck
Another consideration, would you lose income based repayment if you privatize? I just don’t see the value in dropping the rate 1% and losing the flexibility that come with private loans. The government will give you a million chances to pay and/or defer if anything ever happened. The Sofi bill is coming due every month, no matter what
Posted on 6/28/25 at 9:46 pm to Mingo Was His NameO
quote:
would you lose income based repayment if you privatize?
I would
quote:
The government will give you a million chances to pay and/or defer if anything ever happened.
Why I was wondering if anyone did privatize.
This post was edited on 6/28/25 at 9:46 pm
Posted on 6/28/25 at 9:50 pm to YungBuck
quote:
Why I was wondering if anyone did privatize
It’d make sense if you were dropping 3 or 4 points off your rate, but I’m assuming you’re only going to get about a point and a half at best.
Posted on 6/28/25 at 9:51 pm to YungBuck
What is the Sofi rate?
So combined you make 145k and 178k in student loan debt. Hopefully she’s the type of women that doesn’t want an expensive wedding. That can be 20-100k. And if she likes to spend it sounds like it will be closer to 100k than 20k
So combined you make 145k and 178k in student loan debt. Hopefully she’s the type of women that doesn’t want an expensive wedding. That can be 20-100k. And if she likes to spend it sounds like it will be closer to 100k than 20k
Posted on 6/28/25 at 9:56 pm to tigerbacon
SoFi offered 5.69% with unemployment protection (payments stop while unemployed, don’t plan to switch job for at least 5-8 years)
If I did 5 year payment plan
quote:
5.69%
If I did 5 year payment plan
This post was edited on 6/28/25 at 9:57 pm
Posted on 6/28/25 at 11:22 pm to YungBuck
So Sofi would be 3200 a month. What is your min payment current? What is your monthly take home? 5,200? If so 3200 payment would be almost impossible for you to make a live with a 1600 mortgage. And does the 1600 include taxes and insurance?
Posted on 6/28/25 at 11:43 pm to tigerbacon
1600-1700 max after utilities/insurance. Honestly don’t know min payment or monthly take home yet (estimating north of 6k)
Posted on 6/28/25 at 11:51 pm to YungBuck
What state do you live in? If you live in Louisiana simple Google search said 5400 minus whatever you have taken out for retirement which if it’s 6% takes you down below 5000.
Are you living with your fiancé?
If no I don’t see how you can afford a 3200 a month payment. If yes, it’s doable but will be extremely tight.
I would stick to your current student loan payment plan for now especially since you don’t know important details such as how much money a month are you actually bringing in. What will you owe in taxes being single making 85k a year?
You can always refinance later especially with interest rates about to be lowered a percent by the end of the year.
Are you living with your fiancé?
If no I don’t see how you can afford a 3200 a month payment. If yes, it’s doable but will be extremely tight.
I would stick to your current student loan payment plan for now especially since you don’t know important details such as how much money a month are you actually bringing in. What will you owe in taxes being single making 85k a year?
You can always refinance later especially with interest rates about to be lowered a percent by the end of the year.
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