Loan refinancing Forum

[dixiecupdrinking]

My primary concern is that reducing your repayment term gives you way less of a cushion in the event of unforeseen circumstances. If you have a biglaw job you'll probably pay your loans off within five years anyway, but on the other hand if you get laid off or whatever, you'd want the extra time and lower minimum payments. The extra $12,000 in interest or whatever is basically an insurance policy on that possibility plus the price of buying into IBR/PAYE.

[JayStang1130]

I couldnt speak more highly about SoFi. Just graduated HYS and had 110k in absurd GradPlus, Federal, and even school loans anywhere from 6-7.9%. I filled out an application a week ago with SoFi and they gave me a 3.92% varable capped at 8.5%. The process was really easy and they are easy to speak to on the phone. Also, its going to be nice to just pay one place every month.

http://friends.sofi.com/lqWW
user has been banned for posting a link without disclosing that the link is a referral benefiting him

[Anonymous User]

FYI - Another strategy if you want to accelerate some of your payments in smaller chunks, you can use zero interest credit card offers to pay down 1-2 years in advance. You have to pay 3% upfront, but it's still a pretty significant reduction from 7.9%

Obviously you won't be able to refi 200k in loans, but you can save interest on 20-30k at a time without a lot of hassle.

[Pokemon]

All of my loans are with a third party servicer, even though they are government loans. Is that normal? I remember my college loans being just with the gov... and I would send the gov. a check...

[TTRansfer]

So is the SoFi place legit? It honestly seems like a solid deal if you aren't doing PAYE or IBR.

[TTRansfer]

What about this place? http://www.drbank.com/student_loan_information.html

[Old Gregg]

Variable rate interest is capped at 18%, as opposed to 8 and change w/ sofi...

[TTRansfer]

Variable rate interest is capped at 18%, as opposed to 8 and change w/ sofi...

I wouldn't do variable rate anyway. Their fixed rate looks solid at 5.25% for 10 years.

[Old Gregg]

Variable rate interest is capped at 18%, as opposed to 8 and change w/ sofi...

I wouldn't do variable rate anyway. Their fixed rate looks solid at 5.25% for 10 years.

SoFi is beating that. Also, variable is great ITE (esp. w/ Yellen in).

[TTRansfer]

Variable rate interest is capped at 18%, as opposed to 8 and change w/ sofi...

I wouldn't do variable rate anyway. Their fixed rate looks solid at 5.25% for 10 years.

SoFi is beating that. Also, variable is great ITE (esp. w/ Yellen in).

SoFi is 5.49% fixed for 10 years (and it could be as high as 6.375% depending on your credit). So not beating it fixed unless I am missing something.

DBR > SoFi for fixed rates. Their 5 and 15s are also lower.