Anonymous User wrote:
Anonymous User wrote:Salary: 180k plus bonus (market biglaw)
Total debt at graduation: around 175k, including 15-20k of undergrad debt.
Current debt: around 110k
Repayment: about 3.5 years remaining at 1.9% fixed.
Monthly payment: $2300 or so.
Bank has offered up to 2% back if repay within 4 years total, so effectively 0% interest in that case.
I clerked for a year and have done a little more than a year at the firm. In that time, I have refinanced three times: once immediately after law school, then when starting law firm, and finally about 6 months ago when I got this very good interest rate. I have a decent rainy-day fund and maxed out 401k last year.
Very intriguing about the multiple refinances. Did you jump from one private lender to another or were you able to refinance with the same lender? I'd also like to hear more about how you got that 2% bank repayment deal, if you don't mind. I haven't heard of that before.
I'm curious because I have about $65k with SOFI at 3.1% on a 5-year variable. Would love to get it down to 1.9% fixed. Thanks for any helpful tips.
Sure, I refinanced with SOFi right after law school to a 10 year plan (which was the most I could pay on a clerk's salary) (I think around 4.8-5% if I remember right), and then again to a 5 year plan (around 3.5%). None of these places charges you to refinance so I would keep an eye out to see if the market rate decreases or you can find another bank that beats your current rate.
Yes my current loan of 1.9% is through First Republic. Love the bank: smooth process, great rate, and like the fact that I can go to a branch and talk to people if I need anything. Not everyone will qualify though. They look at loan ratio to income, have maximum loan amounts, and have a lengthy application; it is much more involved than Sofi. I think my numbers put me right on the line, but they have a strong relationship with my firm, which I think ultimately put me over.
My plan has always been to aggressively pay my loans down. I have slowed down due to the great interest rate, but still want to have the flexibility, freedom, lack of stress etc that comes with no SL debt.