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Janky
LSU Fan
Team Primo
Member since Jun 2011
22891 posts

Student loan refi
So, after being married for 13 years my father in law tells us there are some student loans out there for my wife. The loan is with Navient and at a rate of 8.25%. We obviously will want to refi this as we pay it down. Anyone have any experience doing this and who have you used? Thanks.


GoldenD
LSU Fan
Houston
Member since Jan 2015
770 posts

re: Student loan refi
Sofi is pretty popular. or maybe a Heloc if you are willing to go that route.


Janky
LSU Fan
Team Primo
Member since Jun 2011
22891 posts

re: Student loan refi
I called sofi and they will only consider my wife's income as a teacher unless I co-sign. I don't want to co-sign. The rate they quoted me was around 7%.


iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
6131 posts

re: Student loan refi
What's the balance?


Janky
LSU Fan
Team Primo
Member since Jun 2011
22891 posts

re: Student loan refi
$28k


iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
6131 posts

re: Student loan refi
Masters I hope.


Janky
LSU Fan
Team Primo
Member since Jun 2011
22891 posts

re: Student loan refi
We have one we are almost done with that is in her name at 4.375 with Navient. I would love to consolidate into that but we can't because the big is under her dad. I wonder if I could refi with sofi to get it in her name then move it to navient at the 4.375%.


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Janky
LSU Fan
Team Primo
Member since Jun 2011
22891 posts

re: Student loan refi
Nope. Out of state tuition. This just pushed my boat plans back a couple of years.


Dellort
Middle Tennessee Fan
Member since Jun 2014
368 posts

re: Student loan refi
SOFI is good.

We had a sizable amount of student loans and DRB was the lowest rate out of any of the refinance websites. Dropped our Navient from 6.9% to 5.1%. Shaved 10 years off just keeping the same monthly payment.

No complaints either. Worth checking out. Here is the LINK that will credit you $300 if you do decide to go with them.

Shop around and find the best rate you can! Best of luck!


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Teddy Ruxpin
LSU Fan
Austin, TX
Member since Oct 2006
32213 posts
 Online 

re: Student loan refi
quote:

I called sofi and they will only consider my wife's income as a teacher unless I co-sign. I don't want to co-sign.


Damn, that's cynical

Sofi only came down to 7% huh? That sucks. If you cosigned, they probably will come down to near inflation. I figure, if your pay back plan is short, like 3 years, I imagine you'll pay it off before any potential divorce. The money to pay it down is coming from both of you as it is.

And how did your wife not know she had loans? Is she just aloof?
This post was edited on 3/15 at 6:51 pm


Janky
LSU Fan
Team Primo
Member since Jun 2011
22891 posts

re: Student loan refi
Yep.


Teddy Ruxpin
LSU Fan
Austin, TX
Member since Oct 2006
32213 posts
 Online 

re: Student loan refi
quote:

Yep.


That's always fun. I deal with the same thing. Good luck to you


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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
9594 posts

re: Student loan refi
Parent plus loan? If my FIL dropped that bomb on me, I'd be beyond pissed. I'd also pull some Dave Ramsey shite and sell her car, buy her a beater, etc. for keeping that a secret.
This post was edited on 3/15 at 7:40 pm


Janky
LSU Fan
Team Primo
Member since Jun 2011
22891 posts

re: Student loan refi
It is a bummer but she honestly didn't know. The loan is not necessarily a burden but I don't want to pay 7% +. Obviously I would rather not have it but I am just trying to get this done most efficiently.


saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
22881 posts

re: Student loan refi
Any reason why he waited so damn long to inform you?
This post was edited on 3/15 at 8:16 pm


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10
Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
9594 posts

re: Student loan refi
Has anyone been paying on it the last 13 plus years? Has your wife been paying it and you didn't know about it, or were the inlaws paying the note and decided they didn't want to do it anymore?


Puffoluffagus
LSU Fan
Richmond, VA
Member since Feb 2009
3551 posts
 Online 

re: Student loan refi
I had a relocation loan (~21k balance at 10.325%) that I recently re-financed with lendkey (I tried SoFi, but they rejected even after adding my wife as a potential cosigner Have to assume due to my debt to income ratio).

Ultimately the rate was better with lend key anyway. Down to 5% . Process took ~2 weeks from start to finsih.
This post was edited on 3/15 at 9:49 pm


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Janky
LSU Fan
Team Primo
Member since Jun 2011
22891 posts

re: Student loan refi
Yes. The original loan was $58k and he has been paying on it. The wife has not been paying. We assumed a smaller loan and thought that was all of it.

My wife said when she was in college that her dad would basically give her instructions to go sign stuff but she never knew what it was about.


Finch
LSU Fan
Member since Jun 2015
2087 posts

re: Student loan refi
Wow if he's paid down 30k at that interest rate, it'd be gone if he refinanced 10yrs ago.


Janky
LSU Fan
Team Primo
Member since Jun 2011
22891 posts

re: Student loan refi
Yeah, but it is a little more complicated than that of which I won't go into. I will make some calls today and see what we can do. Thanks for everyone's help.


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