The most recommended thing I've seen on Tigerdroppings. "Man you gotta check out SoFi. Bring those federal loans with no interest, and up for forgiveness, into a variable or fixed rate private loan. just go to Sofi and do it."

This post was edited on 8/24/22 at 2:49 pm

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Posted by Weekend Warrior79

Member since Aug 2014

20812 posts

Posted on 8/24/22 at 3:17 pm to gobuxgo5

Links?

All the comments I have seen are keep the loans federal in case forgiven. Why would you make payments if 0% interest? Take advantage of forbearance and invest instead of making payments...

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Posted by gobuxgo5

Member since Nov 2012

10244 posts

Posted on 8/24/22 at 3:23 pm to Weekend Warrior79

It’s been 0% for like 18 months. People refinancing whole in forbearance last 18 months.

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Posted by ks_nola

Bozeman

Member since Sep 2015

736 posts

Posted on 8/24/22 at 3:39 pm to gobuxgo5

like a smart fiscally responsible couple we refinanced back in dec 21 since interest on federal was suppose to restart in jan. so now b/c of these asshats in office we will pay interest for a year and also get to have our taxes used to forgive others debt. what a world.

why does someone making $125k need $10k forgiven and even more insane if married you can make $250k.

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Posted by Teddy Ruxpin

Member since Oct 2006

40598 posts

Posted on 8/24/22 at 4:55 pm to gobuxgo5

The last time I saw anyone recommend that was before COVID for people who weren't going for IBR/PAYE/PSLF forgiveness and had a relatively small balance.

Those people could not have predicted what happened. Some of those people may have even paid off those loans on schedule and saved money before COVID even started so I'm not sure what the own is here.

Once COVID waiver started, anyone who left the federal program was not thinking it through.

This post was edited on 8/24/22 at 4:58 pm

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Posted by Joshjrn

Baton Rouge

Member since Dec 2008

31732 posts

Posted on 8/24/22 at 6:27 pm to Teddy Ruxpin

quote:
Once COVID waiver started, anyone who left the federal program was not thinking it through.

And we've been saying that, consistently, for years. Some people are just too clever for their own good.

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Posted by Ostrich

Alexandria, VA

Member since Nov 2011

10168 posts

Posted on 8/24/22 at 9:17 pm to ks_nola

quote:
like a smart fiscally responsible couple we refinanced back in dec 21 since interest on federal was suppose to restart in jan.

Sorry - but that was dumb. There’s no reason to pay federal loans when interest is on pause.

I could pay off my wife’s student loans right now, but I’ll obviously wait for the $10,000 discount AND til January to confirm he actually is resuming payments.

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Posted by ks_nola

Bozeman

Member since Sep 2015

736 posts

Posted on 8/25/22 at 8:06 am to Ostrich

so it was dumb to refi to a lower interest rate when interest was suppose to start back up in jan 2021 which was the same time loan rates started to increase? hindsight we would have waited but the refi rate is probably higher now. oh and you're welcome for the $10k discount as we are over the income limit to receive said discount.

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Posted by Ostrich

Alexandria, VA

Member since Nov 2011

10168 posts

Posted on 8/25/22 at 9:36 pm to ks_nola

quote:
so it was dumb to refi to a lower interest rate when interest was suppose to start back up in jan 2021 which was the same time loan rates started to increase? hindsight we would have waited but the refi rate is probably higher now.

Yes, it was dumb. You should have waited until the pause was over. Everyone knew Biden was going to continue it. I'm not convinced he won't continue it beyond January.