Sofi the good place to refinance?

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apple83

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I am wondering if sofi is good/trusting place to refinance my loan. I am under income based repayment with salliemae( navient now). I heard sofi can reduce my interest. Any comments are appreciated

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won't be eligible for IBR if you refi
 
I refinanced with SoFi about 6 months ago...all I can say is I wish I had done it much sooner. They're legit and quite honestly it's a brilliant idea. Almost every other means of loan borrowing you're rewarded for having great credit, steady job with high income, etc...except student loans. SoFi has gone after only the best borrowers of Sallie Mae and the like and therefore take on very little risk of these borrowers not being able to pay. The investors that fund the loans get a return on their money and you get a much lower interest rate.

Who cares about IBR or any type of loan forgiveness??? If you're a pharmacist you make too much money for that and anyone who thinks otherwise is crazy. The government is never going to help someone who makes well over 100k a year. I've actually even referred a couple other people who qualified and made the switch, which SoFi will pay you a referral bonus. I bought my house at the right time with rock bottom mortgage rates, otherwise, I'd very much consider using SoFi for that as well seeing as how they do mortgages in many states now. Anyways, best of luck...if you have any specific questions feel free to PM me or call them, their customer service is very good.
 
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I refinanced with SoFi about 6 months ago...all I can say is I wish I had done it much sooner. They're legit and quite honestly it's a brilliant idea. Almost every other means of loan borrowing you're rewarded for having great credit, steady job with high income, etc...except student loans. SoFi has gone after only the best borrowers of Sallie Mae and the like and therefore take on very little risk of these borrowers not being able to pay. The investors that fund the loans get a return on their money and you get a much lower interest rate.

Who cares about IBR or any type of loan forgiveness??? If you're a pharmacist you make too much money for that and anyone who thinks otherwise is crazy. The government is never going to help someone who makes well over 100k a year. I've actually even referred a couple other people who qualified and made the switch, which SoFi will pay you a referral bonus. I bought my house at the right time with rock bottom mortgage rates, otherwise, I'd very much consider using SoFi for that as well seeing as how they do mortgages in many states now. Anyways, best of luck...if you have any specific questions feel free to PM me or call them, their customer service is very good.

How long did the process take once you filled out the application? And what rate did you get? Thanks
 
The application process was pretty painless and from what I remember, it only took a few business days. Rates will be determined by many factors. I chose to do a variable rate and have been between 3.6 and 3.8. Most of my SM loans were 6.8 with some higher. I can send you a referral link if you're interested, just PM me your email. All in all though, like I said, I should have made the switch much earlier.
 
I spoke with Sofi but they could not match First Republic interest rate. I just refinanced student loans with First Republic Bank: fixed interest rate = 3.25%, 7 years, no fees, great customer service.

Great deal if you have a bank in your area.
 
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I spoke with Sofi but they could not match First Republic interest rate. I just refinanced student loans with First Republic Bank: fixed interest rate = 3.25%, 7 years, no fees, great customer service.

Great deal if you have a bank in your area.
What kind of rates was Sofi offering you?
 
Just refinanced the majority of my loans with DRB. Fixed 3.75% for a five year payoff. Not bad! I guess it goes to 3.5% with auto debit.
 
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What kind of rates was Sofi offering you?

Sofi was offering 4.25% for 5 years. First republic bank gave me 3.25% fixed for 7 years. Really happy with the savings. My interest rate with auto debit before was 6.55%.
 
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You don't think Hilary Clinton could match those rates next year?
 
You don't think Hilary Clinton could match those rates next year?
Sure, maybe...but why take the chance? Heck, I bet I pay them off before that ever goes through.

I refi'd about two thirds of my loans. The ones with the crappy 6.8 and 6.2% interest.
 
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Almost a year old thread that got bump up.
I refi with MeetEarnest. Not a bad rate and very easy site to use too. They started me with 3.67% for 8 years unfortunately it was variable rate.

I refi again for a lower FIXED rate. Wow these rate can really make a difference.
If you have long way to go with payments, i definitely recommend refinancing.
 
I got quotes from a couple different places including Sofi, and I got a lower rate from Citizens Bank. I would just apply to a couple different ones and see which places offers you the best deal.
 
Sofi was offering 4.25% for 5 years. First republic bank gave me 3.25% fixed for 7 years. Really happy with the savings. My interest rate with auto debit before was 6.55%.

I've been wanting to use FRbank and plan to when I graduate.

What state do you live in? Would they let me do an online account and refinance if I don't live in any area of their banks?
 
Frank requires you live in the area of one of their banks. I have one in town, so worked out well.
 
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