SoFi loans rate

[nextyearrx]

is this a good time to refinance student loans? What are the rates?

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[Rph2MD]

I would say any time is a good time to refinance if the rates are lower than your current rates. SoFi’s rates are based on term of loan, your financial history, and other factors, including your cosigner’s (if any) financial history. You have to go to their website and plug in info specific to your situation and they will give you your personalized rate, could be anywhere from 2.5-10%.

 

[CardinalGirl210]

is this a good time to refinance student loans? What are the rates?

I just refinanced mine from DRB to Sofi in February 2019. I went from 5.5% to 3.99% I have a pretty good credit score - only debt is student loan and mortgage. no car loan, no credit cards

 

[mentos]

2.5% is amazing. Lower than we got offered for sure --- and both if our credit scores are around 780-800

I highly doubt they are offering 2.5% now, maybe a few years ago as a variable rate but not with the higher interest rates today. A realistic fixed rate would be low 4s or high 3s similar to mortgage rates.

 

[PolarPop]

If you live in NY, CA, Mass or Oregon you can still get 1.95% at First Republic. You have to jump through hoops to get it though including keeping 10% of your loan balance in checking at all times and you need like 15% of your balance in cash to refinance.

There’s also no forbearance or deferment so may not be a good idea unless you have a very stable job and good emergency fund.

 

[nextyearrx]

I highly doubt they are offering 2.5% now, maybe a few years ago as a variable rate but not with the higher interest rates today. A realistic fixed rate would be low 4s or high 3s similar to mortgage rates.

Who other than SoFi offers better rate?

 

[mentos]

Who other than SoFi offers better rate?

You have to shop around and see, everyone gets different rates. Some get better rates at first republic, DRB, commonbond, etc.

 

[PharmDBro2017]

I checked rates in January and they were all garbage, some higher than what the gov is already giving me (5.63%).

These rates = robbery

 

[mentos]

I checked rates in January and they were all garbage, some higher than what the gov is already giving me (5.63%).

These rates = robbery

That sucks. What is your credit score? I've seen mortgages around 3.9-4.1% so I would think it they would offer around there.

 

[rxkrafted]

I checked rates in January and they were all garbage, some higher than what the gov is already giving me (5.63%).

These rates = robbery

I re-financed my student loans again in Dec 2018 and two different loan service providers offered 3.5 - 4.0% fixed with autopay. My credit score is > 800.

 

[BenJammin]

Interest rates for student loans are way too low as it is.

 

[PharmDBro2017]

That sucks. What is your credit score? I've seen mortgages around 3.9-4.1% so I would think it they would offer around there.

770. I don't believe I got a single rate offer <4.5% iirc. Even for 5 yr loans.

 

[ERRES2288]

Bump- any new rate info since fed lowered rates?

 

[VictorOfHungerGames]

Bump- any new rate info since fed lowered rates?

We just closed on a house for 3.6%. Not sure about student loans but interests seem to be pretty low right now.

 

[Rybko90]

I refinanced through them to 4.22 from my 6.8 government loan this past fall. The rate will depend on how much debt you have left, income, credit score as well as the type of plan you chose. I went with a 5 year plan.

 

[rolltide23]

I refinanced a few months ago at 2% variable, five year term thru Laurel Road. Would've been about 3.5% had I gone with fixed. It's now dropped to 1.7% as the LIBOR rate just keeps dipping.

 

[ERRES2288]

Wow -2% is great. I agree variable at 1.7 or 2% is the way to go if plan on paying it back quickly.

 

[mentos]

That's an amazing rate! What a no brainier. I still have classmates paying 6.8% interest. They would have saved thousands if they refinanced years ago.