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Student Loan Refinance
Posted on 9/17/18 at 1:13 pm
Posted on 9/17/18 at 1:13 pm
Looking to consolidate and refinance my student loans to get a better rate than the 6.6%. Earnest has given me the best rate but they are owned by Navient which have been terrible as a loan servicer. Sofi's rate is slightly higher but seems to get better reviews. Any experience and/or suggestions?
thanks
thanks
5
Posted on 9/17/18 at 1:14 pm to TypoKnig
What are the rates?
Posted on 9/17/18 at 1:16 pm to TheOcean
For 10 year loan repayment terms, Sofi is offering 5.05% and Earnest is offering 4.95%.
Posted on 9/17/18 at 1:41 pm to TypoKnig
How much we talking here? You can't beat the government's protections so you have to weigh the better rate vs losing those.
Posted on 9/17/18 at 1:42 pm to TypoKnig
Credible.com will shop rates for you. They’ll even search CUs such as PenFed and walk you through joining through one of their partners.
Anyone you refinance with is likely to sell your loan to or have your loan serviced by Navient.
Anyone you refinance with is likely to sell your loan to or have your loan serviced by Navient.
This post was edited on 7/28/19 at 5:19 pm
Posted on 9/17/18 at 1:50 pm to Teddy Ruxpin
quote:
You can't beat the government's protections
Heh?
Government-backed loans have you by the balls even if you default.
Posted on 9/17/18 at 2:10 pm to Teddy Ruxpin
$200,000
Posted on 9/17/18 at 2:51 pm to TypoKnig
We refi'd my wife's med school loans through SOFI a few years ago. We've actually refi'd 2 more time since then as our financial situation has changed (fellowship 
) . Super easy to go through application/co-sign/etc, I've been pleased with the service.
) . Super easy to go through application/co-sign/etc, I've been pleased with the service.
Posted on 9/17/18 at 3:40 pm to TypoKnig
quote:
Earnest
Refi'd with Earnest a few months ago and the process couldn't have been simpler. Plus they have a user-friendly app to monitor your debt (compared to GreatLakes that we had previously).
Would recommend
Posted on 9/17/18 at 5:29 pm to TypoKnig
I've used both and thought they were both easy to use. Sofi had better rates on 5 to 7 years and earnest was better on 10+.
Posted on 9/17/18 at 5:31 pm to Golfer
quote:
Heh?
Government-backed loans have you by the balls even if you default.
Except government backed loans allow you to avoid default entirely without paying a dollar, something private loans do not have.
Also, regardless of your circumstances, forgiveness is available to all students after 20/25 years now (with a tax bomb).
These are obviously not ideal scenarios but you may see as preferable than defaulting.
This post was edited on 9/17/18 at 5:32 pm
Posted on 9/17/18 at 5:37 pm to TypoKnig
Med school?
She'll likely work for a nonprofit which opens up PSLF (10 years of payments, full forgiveness, no tax bomb).
If that's all true I'd think long and hard about this decision.
She'll likely work for a nonprofit which opens up PSLF (10 years of payments, full forgiveness, no tax bomb).
If that's all true I'd think long and hard about this decision.
This post was edited on 9/17/18 at 5:40 pm
Posted on 9/18/18 at 2:40 pm to TypoKnig
For that little bit of difference I'd go with Sofi.
However, I refinanced my Sofi loan with Penfed for a lower rate, so make sure you check them out as well.
However, I refinanced my Sofi loan with Penfed for a lower rate, so make sure you check them out as well.
Posted on 9/18/18 at 7:40 pm to Teddy Ruxpin
You can also defer or adjust payments based off income if you stick with federal.
Posted on 9/18/18 at 10:02 pm to TypoKnig
I'm a year into a 10 year repayment after refi'ing with Sofi.
No complaints here.
No complaints here.
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