Student loan payments: Actual numbers

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WhirledWorld
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Re: Student loan payments: Actual numbers

Postby WhirledWorld » Fri Jan 16, 2015 6:16 pm

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Last edited by WhirledWorld on Fri Sep 18, 2015 10:39 am, edited 1 time in total.

v5junior
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Re: Student loan payments: Actual numbers

Postby v5junior » Tue Jan 20, 2015 12:11 pm

WhirledWorld wrote:Also, can you refinance multiple times with private banks and groups like SoFi/CommonBond? Curious if you can switch from variable to fixed later on or if you can nab a lower rate once you're married or get a few raises.


Also curious about this. Has anyone tried to negotiate with these lenders when they had already refinanced once? Perhaps because of an improved credit score, lower debt load, or higher salary (perhaps in the form of big fat new bonuses)?

If yes, would be curious to know:

1. Prior interest rate (%, fixed/variable)
2. New interest rate (same), and
3. Changed circumstance leading to renegotiation/refinancing

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Tue Jan 20, 2015 2:01 pm

v5junior wrote:
WhirledWorld wrote:Also, can you refinance multiple times with private banks and groups like SoFi/CommonBond? Curious if you can switch from variable to fixed later on or if you can nab a lower rate once you're married or get a few raises.


Also curious about this. Has anyone tried to negotiate with these lenders when they had already refinanced once? Perhaps because of an improved credit score, lower debt load, or higher salary (perhaps in the form of big fat new bonuses)?

If yes, would be curious to know:

1. Prior interest rate (%, fixed/variable)
2. New interest rate (same), and
3. Changed circumstance leading to renegotiation/refinancing


Yes, I re- refinanced w/ Sofi. 10 year terms each time.

1. 4.4% variable
2. 3.0% variable
3. My credit score went up dramatically (like 65 points) and I also paid off a large chunk of the loans (like half).

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Tue Jan 20, 2015 2:04 pm

Anonymous User wrote:Yes, I re- refinanced w/ Sofi. 10 year terms each time.

1. 4.4% variable
2. 3.0% variable
3. My credit score went up dramatically (like 65 points) and I also paid off a large chunk of the loans (like half).

How much time passed in between your refinancings?

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Tue Jan 20, 2015 2:28 pm

JenDarby wrote:
Anonymous User wrote:Yes, I re- refinanced w/ Sofi. 10 year terms each time.

1. 4.4% variable
2. 3.0% variable
3. My credit score went up dramatically (like 65 points) and I also paid off a large chunk of the loans (like half).

How much time passed in between your refinancings?


Year and a half.

Edit: Actually closer to a year.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Tue Jan 20, 2015 2:56 pm

I randomly came across this article that has some other refi bank recs as well:

https://studentloanhero.com/featured/5- ... ent-loans/

1) SoFi
2) Darien Rowayton Bank (DRB)
3) Charter One Bank (aka Citizen’s Bank)
4) CommonBond
5) Education Success Loans

Charter One looks pretty competitive, and I haven't heard much (if any) about them in here.

Additionally, Common Bond has definitely added schools since Fordham (for one) is now an option when it wasn't towards the end of last year.

v5junior
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Re: Student loan payments: Actual numbers

Postby v5junior » Tue Jan 20, 2015 7:02 pm

Anonymous User wrote:
v5junior wrote:
WhirledWorld wrote:Also, can you refinance multiple times with private banks and groups like SoFi/CommonBond? Curious if you can switch from variable to fixed later on or if you can nab a lower rate once you're married or get a few raises.


Also curious about this. Has anyone tried to negotiate with these lenders when they had already refinanced once? Perhaps because of an improved credit score, lower debt load, or higher salary (perhaps in the form of big fat new bonuses)?

If yes, would be curious to know:

1. Prior interest rate (%, fixed/variable)
2. New interest rate (same), and
3. Changed circumstance leading to renegotiation/refinancing


Yes, I re- refinanced w/ Sofi. 10 year terms each time.

1. 4.4% variable
2. 3.0% variable
3. My credit score went up dramatically (like 65 points) and I also paid off a large chunk of the loans (like half).


Thank you for this. This is awesome. Would love to hear other data points if anyone else is willing to share.

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Jan 22, 2015 1:46 pm

SoFi now offering 2.17% interest rate. Incredible.

westbayguy
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Re: Student loan payments: Actual numbers

Postby westbayguy » Thu Jan 22, 2015 1:56 pm

These low rates are really tempting, but don't forget that if you private refi you will lose the ability to use IBE or PAYE

5.) Will they combine federal and private student loans?
Some financial institutions, such as Darien Rowayton Bank, CommonBond and SoFi (Social Finance) are now refinancing federal and private loans bundled together. This can ultimately help you get a lower interest rate to save money, but be careful as you lose most alternative and flexible repayment plans associated with the federal government loan program.

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Dany
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Re: Student loan payments: Actual numbers

Postby Dany » Thu Jan 22, 2015 2:01 pm

All my consolidation is done through FedLoan Servicing, so now I'm just waiting for them to process my PAYE request. I never thought I'd be impatient to get into loan repayment, but I'd really like to start making progress on my 120 months of debt slavery.

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fats provolone
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Re: Student loan payments: Actual numbers

Postby fats provolone » Thu Jan 22, 2015 2:13 pm

zweitbester wrote:SoFi now offering 2.17% interest rate. Incredible.

i wish they considered spousal income. anyone tried to get them to take a cosigner?

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Jan 22, 2015 2:15 pm

westbayguy wrote:These low rates are really tempting, but don't forget that if you private refi you will lose the ability to use IBE or PAYE

5.) Will they combine federal and private student loans?
Some financial institutions, such as Darien Rowayton Bank, CommonBond and SoFi (Social Finance) are now refinancing federal and private loans bundled together. This can ultimately help you get a lower interest rate to save money, but be careful as you lose most alternative and flexible repayment plans associated with the federal government loan program.


IBR and PAYE are of questionable value if you're in biglaw. And even then... TAX BOMB.

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fats provolone
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Re: Student loan payments: Actual numbers

Postby fats provolone » Thu Jan 22, 2015 2:16 pm

nah PAYE is the tits if you got that MEGADEBT

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Thu Jan 22, 2015 3:54 pm

fats provolone wrote:nah PAYE is the tits if you got that MEGADEBT

In biglaw isn't your discretionary income around $11,520 a month, making 10% of your discretionary income around $1,152? Seems like a pretty high "wait and see" payment, but I suppose most people in biglaw won't be in biglaw forever.

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crumpetsandtea
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Re: Student loan payments: Actual numbers

Postby crumpetsandtea » Thu Jan 22, 2015 3:54 pm

No tax bomb for IBR/PAYE if you're PSLF eligible though, right?

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Thu Jan 22, 2015 3:57 pm

LOL student loans. I received my 1098-e, which so kindly reminded me that I paid 17k in interest last year.

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fats provolone
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Re: Student loan payments: Actual numbers

Postby fats provolone » Thu Jan 22, 2015 4:00 pm

JenDarby wrote:
fats provolone wrote:nah PAYE is the tits if you got that MEGADEBT

In biglaw isn't your discretionary income around $11,520 a month, making 10% of your discretionary income around $1,152? Seems like a pretty high "wait and see" payment, but I suppose most people in biglaw won't be in biglaw forever.

yea it's pretty high but it's better than 2500 a month right

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Dany
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Re: Student loan payments: Actual numbers

Postby Dany » Thu Jan 22, 2015 4:02 pm

crumpetsandtea wrote:No tax bomb for IBR/PAYE if you're PSLF eligible though, right?

Right!

(Thank god.)

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XxSpyKEx
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Re: Student loan payments: Actual numbers

Postby XxSpyKEx » Thu Jan 22, 2015 5:59 pm

zweitbester wrote:
westbayguy wrote:These low rates are really tempting, but don't forget that if you private refi you will lose the ability to use IBE or PAYE

5.) Will they combine federal and private student loans?
Some financial institutions, such as Darien Rowayton Bank, CommonBond and SoFi (Social Finance) are now refinancing federal and private loans bundled together. This can ultimately help you get a lower interest rate to save money, but be careful as you lose most alternative and flexible repayment plans associated with the federal government loan program.


IBR and PAYE are of questionable value if you're in biglaw. And even then... TAX BOMB.


Depends on how long you're going to stay in biglaw (which you don't know when you're first starting as an associate) and the likelihood you might go into government after biglaw. PLSF kind of changes everything, since there's no tax bomb. For example, if you wind up in biglaw 2.5 years, clerk a year, and then go into fed government for the next 9 years, you're substantially better off having saved the extra biglaw money and just utilizing PLSF than you would be if you refinanced to a private lender. I think for a number of people there's more than an insignificant likelihood that they'll wind up working in federal government 120 months out of the next 20 years.

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fats provolone
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Re: Student loan payments: Actual numbers

Postby fats provolone » Thu Jan 22, 2015 6:03 pm

I'm just all about the short term. I would be so mad if I was paying 3k a month for 5 years and then killed myself. what a waste

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Thu Jan 22, 2015 6:04 pm

fats provolone wrote:
JenDarby wrote:
fats provolone wrote:nah PAYE is the tits if you got that MEGADEBT

In biglaw isn't your discretionary income around $11,520 a month, making 10% of your discretionary income around $1,152? Seems like a pretty high "wait and see" payment, but I suppose most people in biglaw won't be in biglaw forever.

yea it's pretty high but it's better than 2500 a month right


plus stub year you can get a $0 payment. and the year after you still should be judged on your stub year income 65k instead of 160k. im making $0 payments right now that i have locked in until late 2015. i think after that ill have to pay roughly $400 a month for the next year.

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fats provolone
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Re: Student loan payments: Actual numbers

Postby fats provolone » Thu Jan 22, 2015 6:08 pm

can you refile your PAYE stuff any time? like can I reapply right before I file this years taxes to extend my stub year rate?

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Thu Jan 22, 2015 6:09 pm

JohannDeMann wrote:
fats provolone wrote:
JenDarby wrote:
fats provolone wrote:nah PAYE is the tits if you got that MEGADEBT

In biglaw isn't your discretionary income around $11,520 a month, making 10% of your discretionary income around $1,152? Seems like a pretty high "wait and see" payment, but I suppose most people in biglaw won't be in biglaw forever.

yea it's pretty high but it's better than 2500 a month right


plus stub year you can get a $0 payment. and the year after you still should be judged on your stub year income 65k instead of 160k. im making $0 payments right now that i have locked in until late 2015. i think after that ill have to pay roughly $400 a month for the next year.

I make somewhere south of biglaw money and that is not at all how it worked for me with PAYE. My payments started at the end of December (stub year) and are not $0.

I like fat ducks most recent explanation of why he is not paying off loans. I am now regretting all the money I throw at loans and my refinancing application, and I'm thinking maybe I should go back to the drawing board.

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fats provolone
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Re: Student loan payments: Actual numbers

Postby fats provolone » Thu Jan 22, 2015 6:10 pm

I'm not paying 0 either bc of SA income but it's pretty low

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Thu Jan 22, 2015 6:12 pm

fats provolone wrote:can you refile your PAYE stuff any time? like can I reapply right before I file this years taxes to extend my stub year rate?


i dont know. i did an LLM which helped me out big time because i filed PAYE on shitty salary. then school deferment. then refiled in nov 2014 based on 2013 income for a $0 payment. they locked me in until nov 2015 and im assuming i will have to show my tax return in nov 2015 to renew or continue to support my low payments. i dont think you can refile but i think you can reshow what your documentation is when they ask. and choose which documentation you show them whether thats salary letter or tax return. but iahvent looked at all the rules that dont concern me.




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