Student loan payments: Actual numbers

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Tue Jan 27, 2015 4:56 pm

FYI, although I'm ultimately probably going with a different lender, SoFi gave me pretty good approval terms on my mortgage. Interest rate is competitive, and they let you come in for as low as 10% down without PMI. Communicating with their mortgage team was very easy and they seem speedy and interested in getting shit done. Also, no closing fees.

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romothesavior
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Re: Student loan payments: Actual numbers

Postby romothesavior » Tue Jan 27, 2015 7:30 pm

So I applied for consolidation/refinancing with Sofi today. How long does it usually takes to hear back?

Also, it sounds like I should apply to another bank or two to check out other rates, yes?

Anything else I should know about this process?

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hous
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Re: Student loan payments: Actual numbers

Postby hous » Wed Jan 28, 2015 12:35 am

romothesavior wrote:So I applied for consolidation/refinancing with Sofi today. How long does it usually takes to hear back?

Also, it sounds like I should apply to another bank or two to check out other rates, yes?

Anything else I should know about this process?


You can try DRB. They advertise lower rates but I can tell you first hand they turn people down, lol. I only have 50k in student loans, make 65k, have a 890 credit score, and own a home outright and they wanted a co-signer.

Im just gonna have to rush and pay my loans off within the next 15 months as I originally planned if Sofi doesn't approve me. I really wanted a better interest rate so I could max out on my 401k and IRA while spreading my student loans out over 10 years.

If anyone is interested in DRB, drop me a pm and I can send you a referral for it. I would get $200 but would go halfsies with anyone if they actually use DRB.

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hous
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Re: Student loan payments: Actual numbers

Postby hous » Wed Jan 28, 2015 12:36 am

romothesavior wrote:So I applied for consolidation/refinancing with Sofi today. How long does it usually takes to hear back?

Also, it sounds like I should apply to another bank or two to check out other rates, yes?

Anything else I should know about this process?


Sofi told me its 24-48 hours generally.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Wed Jan 28, 2015 8:32 am

The whole sofi process took over a week (maybe two) for me. Every step took days. Common bond I had the rate offer in under 24 hours along with the documents to sign if I wanted to finalize.

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romothesavior
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Re: Student loan payments: Actual numbers

Postby romothesavior » Wed Jan 28, 2015 8:35 am

JenDarby wrote:The whole sofi process took over a week (maybe two) for me. Every step took days. Common bond I had the rate offer in under 24 hours along with the documents to sign if I wanted to finalize.

Who gave the better rate? Did you try to negotiate once you got them?

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Wed Jan 28, 2015 8:44 am

romothesavior wrote:
JenDarby wrote:The whole sofi process took over a week (maybe two) for me. Every step took days. Common bond I had the rate offer in under 24 hours along with the documents to sign if I wanted to finalize.

Who gave the better rate? Did you try to negotiate once you got them?

Common bond gave me the better rate, but I did use a cosigner because I figured it couldn't hurt. I think the consensus amongst my friends is sofi generally gives better rates.

The process with common bond seemed a lot easier, especially upfront getting a rate offer. They don't initially require any documentation, so as long as you don't lie lol, you can find out your rate with very little leg work.

I didn't try to negotiate with sofi, but only because I got the rate I wanted with common bond. Also sofi tried to push me into a 15 year loan, which was really annoying considering I already pay well above the 10 year payment amounts each month and have 800+ credit.

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Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Jan 28, 2015 6:11 pm

Sorry if this question has been answered previously in the thread...

Currently a 3L with NYC biglaw lined up, staring second week of September. Spoke with Darien Rowayton today and they said that I could refi now, while still in school, with a letter from firm stating salary. I know Commonbond makes you wait until you pass the bar (Oct/Nov) and not sure about SoFi.

Any reason I should not do this? Will have about 85k borrowed from gov (20k at 5.4%, 20k at 6.4%) and Discover (25k at 5.5% variable). Also borrowed another 90k from my folks but they're not in a rush to get paid back and no interest on that.

I figure if I qualify, I can reduce my interest rate 2% or so. And I can always refi again later is CommonBond is cheaper. No reason to wait and let more interest accrue, right?

TYIA

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Wed Jan 28, 2015 9:23 pm

...no harm in applying and finding out the rate they offer you.

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Doritos
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Re: Student loan payments: Actual numbers

Postby Doritos » Thu Jan 29, 2015 8:43 am

JenDarby wrote:
romothesavior wrote:
JenDarby wrote:The whole sofi process took over a week (maybe two) for me. Every step took days. Common bond I had the rate offer in under 24 hours along with the documents to sign if I wanted to finalize.

Who gave the better rate? Did you try to negotiate once you got them?

Common bond gave me the better rate, but I did use a cosigner because I figured it couldn't hurt. I think the consensus amongst my friends is sofi generally gives better rates.

The process with common bond seemed a lot easier, especially upfront getting a rate offer. They don't initially require any documentation, so as long as you don't lie lol, you can find out your rate with very little leg work.

I didn't try to negotiate with sofi, but only because I got the rate I wanted with common bond. Also sofi tried to push me into a 15 year loan, which was really annoying considering I already pay well above the 10 year payment amounts each month and have 800+ credit.


I received my sofi conditional pre-approval the same day I filled out my information on the site. It took a few days until I got the final paperwork but I knew what my rates already. They are also sending me some kind of hippy dippy juices in the mail for consolidating (again).

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Jan 29, 2015 1:41 pm

The best is when you have multiple tranches of loans and use different accounts to refinance each of them in order to recoup a referral bonus on each. Lovely.

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Big Shrimpin
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Re: Student loan payments: Actual numbers

Postby Big Shrimpin » Thu Jan 29, 2015 2:10 pm

zweitbester wrote:The best is when you have multiple tranches of loans and use different accounts to refinance each of them in order to recoup a referral bonus on each. Lovely.


i lol'd at tranches

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Jan 29, 2015 2:29 pm

Big Shrimpin wrote:
zweitbester wrote:The best is when you have multiple tranches of loans and use different accounts to refinance each of them in order to recoup a referral bonus on each. Lovely.


i lol'd at tranches


yah dude. i had a few with sallie mae, a few with chase, and even then within sallie mae they were divided between stafford unsubsidized, subsidized, grad plus.

This whole shit is a racket. But I've gotten $2k+ in referral fees from referring myself, so I can't complain.

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Dr. Review
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Re: Student loan payments: Actual numbers

Postby Dr. Review » Thu Jan 29, 2015 3:08 pm

Does applying for a rate with SoFi generate a reportable credit check? I expect the impact on credit is minimal (if there is any impact), but I am oversensitive to that kind of thing.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Thu Jan 29, 2015 3:11 pm

Dr. Review wrote:Does applying for a rate with SoFi generate a reportable credit check? I expect the impact on credit is minimal (if there is any impact), but I am oversensitive to that kind of thing.

I think yes, but that being said in the month or so after I applied to both sofi and common bond my credit score went up 5 points. I wouldn't worry about the effect on your credit score if there is a potential for you to save a ton of money.

I'm also paranoid about such things, but I will be saving around $500 a month on interest. That to me would have been worth any slight and temporary dip in my credit score.

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Jan 29, 2015 3:30 pm

Dr. Review wrote:Does applying for a rate with SoFi generate a reportable credit check? I expect the impact on credit is minimal (if there is any impact), but I am oversensitive to that kind of thing.


Of course it does. You really think a private lender is not going to pull your credit?

A hard pull doesn't do anything in itself. 13 hard pulls in 6 months will hurt. It really depends on frequency and what else you're applying for in the same time period.

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Jan 29, 2015 3:30 pm

I'm also paranoid about such things, but I will be saving around $500 a month on interest. That to me would have been worth any slight and temporary dip in my credit score.


Are you applying for a mortgage right now? A slight and temporary dip in your credit score will have zero impact if you're not.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Thu Jan 29, 2015 3:42 pm

zweitbester wrote:
I'm also paranoid about such things, but I will be saving around $500 a month on interest. That to me would have been worth any slight and temporary dip in my credit score.


Are you applying for a mortgage right now? A slight and temporary dip in your credit score will have zero impact if you're not.

LOL NYC, definitely not.

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Jan 29, 2015 3:47 pm

JenDarby wrote:
zweitbester wrote:
I'm also paranoid about such things, but I will be saving around $500 a month on interest. That to me would have been worth any slight and temporary dip in my credit score.


Are you applying for a mortgage right now? A slight and temporary dip in your credit score will have zero impact if you're not.

LOL NYC, definitely not.


Well there you have it. And FYI, and my experience bears this out since my credit score is in the low 700s/high 600s, I still got the lowest interest rate on my mortgage.

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homestyle28
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Re: Student loan payments: Actual numbers

Postby homestyle28 » Thu Jan 29, 2015 3:54 pm

Does anyone have a simply synopsis of ReFi vs fed loan consolidation? My sense is Refi = better rate, better option if going longer payback. Consolidation = better re-payment flexibility wrt financial emergencies, but worse rate, so better option if 1) think I might flame out in a few years and/or 2) plan on being aggressive with repayment so lower rate isn't as important.

Is that right? Other considerations?

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Jan 29, 2015 4:18 pm

) think I might flame out in a few years and/or


Although you might flame out in the form of having to suffer a pay cut after big law, it's pretty rare to flame out so severely that you can't make your student loan payments. On a $150k student loan refinance you're looking at less than $2k a month with any of these private companies, and that's with a 10 year repayment plan. If shit really hit the fan you could refinance to a longer repayment term and pay as low as $500 a month. Would that not be ideal? No. But going into forbearance and accruing 7% compounding interest while you pay jack shit isn't better at all.

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Dr. Review
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Re: Student loan payments: Actual numbers

Postby Dr. Review » Thu Jan 29, 2015 4:23 pm

zweitbester wrote:
Dr. Review wrote:Does applying for a rate with SoFi generate a reportable credit check? I expect the impact on credit is minimal (if there is any impact), but I am oversensitive to that kind of thing.


Of course it does. You really think a private lender is not going to pull your credit?

A hard pull doesn't do anything in itself. 13 hard pulls in 6 months will hurt. It really depends on frequency and what else you're applying for in the same time period.

Well, the reason I am so paranoid about it is because I did a LOT of shopping around for my mortgage, had a deal fall through and then had to have a few more credit pulls a few months later for the deal that eventually went through. I already have a lot of pulls on there. I guess it doesn't matter as much now, though, since I already have the mortgage and I won't need the score for anything after a refi.

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Jan 29, 2015 4:27 pm

Dr. Review wrote:
zweitbester wrote:
Dr. Review wrote:Does applying for a rate with SoFi generate a reportable credit check? I expect the impact on credit is minimal (if there is any impact), but I am oversensitive to that kind of thing.


Of course it does. You really think a private lender is not going to pull your credit?

A hard pull doesn't do anything in itself. 13 hard pulls in 6 months will hurt. It really depends on frequency and what else you're applying for in the same time period.

Well, the reason I am so paranoid about it is because I did a LOT of shopping around for my mortgage, had a deal fall through and then had to have a few more credit pulls a few months later for the deal that eventually went through. I already have a lot of pulls on there. I guess it doesn't matter as much now, though, since I already have the mortgage and I won't need the score for anything after a refi.


Got it. So in this scenario probably best (and you're probably doing this already, given your experience, but for the benefit of others in this thread): Go to myfico.com and tinker with the simulator and see what kind of impact another credit pull will have on your credit score.

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Big Shrimpin
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Re: Student loan payments: Actual numbers

Postby Big Shrimpin » Thu Jan 29, 2015 11:10 pm

zweitbester wrote:
Big Shrimpin wrote:
zweitbester wrote:The best is when you have multiple tranches of loans and use different accounts to refinance each of them in order to recoup a referral bonus on each. Lovely.


i lol'd at tranches


yah dude. i had a few with sallie mae, a few with chase, and even then within sallie mae they were divided between stafford unsubsidized, subsidized, grad plus.

This whole shit is a racket. But I've gotten $2k+ in referral fees from referring myself, so I can't complain.


good for u bru

true gamesmanship

very respectable

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hous
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Re: Student loan payments: Actual numbers

Postby hous » Thu Jan 29, 2015 11:52 pm

Got approved with Sofi today, wont accept it.

I have 47,000 in student loans and make 63,000 a year. They approved me for fixed at 5.375% which is like .75% lower than my federal loans. Pretty disappointed. My house is paid for, so I'll probably just pay my loans off in within the next 18 months and then just invest heavier.

FYI, I have 8+ years of work experience (4 years professionally) and a 780+ credit score. I wonder if they miscalculated my income because I recently graduated law school and work at the firm I clerk with so they may have seen I have been working there for the past year and made less than 30k because I was just working PT as a clerk for 9 months.




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