Loan refinancing

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dixiecupdrinking
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Re: Loan refinancing

Postby dixiecupdrinking » Mon Jun 24, 2013 12:48 pm

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
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Re: Loan refinancing

Postby JayStang1130 » Fri Nov 15, 2013 2:20 pm

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
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Anonymous User
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Re: Loan refinancing

Postby Anonymous User » Fri Nov 15, 2013 3:43 pm

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
Posts: 1863
Joined: Thu Jan 12, 2012 11:58 pm

Re: Loan refinancing

Postby Pokemon » Fri Nov 15, 2013 7:18 pm

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...

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TTRansfer
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Joined: Sat Jan 21, 2012 12:08 am

Re: Loan refinancing

Postby TTRansfer » Sat Nov 16, 2013 10:54 pm

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

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TTRansfer
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Re: Loan refinancing

Postby TTRansfer » Sun Nov 17, 2013 7:18 pm


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Old Gregg
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Re: Loan refinancing

Postby Old Gregg » Sun Nov 17, 2013 8:15 pm

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

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TTRansfer
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Re: Loan refinancing

Postby TTRansfer » Sun Nov 17, 2013 8:32 pm

zweitbester wrote: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.

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Old Gregg
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Re: Loan refinancing

Postby Old Gregg » Sun Nov 17, 2013 8:33 pm

TTRansfer wrote:
zweitbester wrote: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).

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TTRansfer
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Re: Loan refinancing

Postby TTRansfer » Sun Nov 17, 2013 8:48 pm

zweitbester wrote:
TTRansfer wrote:
zweitbester wrote: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.




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