Anyone refinancing with SOFI or DRB yet?

[Igor4sugry]

There was a post on whitecoatinvestor in Oct 2013 about two companies (SOFI and DRB) that offer to refinance student loans for physicians.
http://whitecoatinvestor.com/refinance-your-medical-school-loans-at-a-lower-rate/

I think attending are beginning to do this, but I'm not sure whether any residents have started. Did anyone have experience with them? I think this will work great for someone who is able to pay say 1000/mo on student loans. I have about 220k and I'm not sure I can afford the monthly payment even if its refinanced.

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[nogolfinsnow]

There was a post on whitecoatinvestor in Oct 2013 about two companies (SOFI and DRB) that offer to refinance student loans for physicians.
http://whitecoatinvestor.com/refinance-your-medical-school-loans-at-a-lower-rate/

I think attending are beginning to do this, but I'm not sure whether any residents have started. Did anyone have experience with them? I think this will work great for someone who is able to pay say 1000/mo on student loans. I have about 220k and I'm not sure I can afford the monthly payment even if its refinanced.

I was actually just re-reading the comments on that post yesterday. It looks like it would be about impossible as a resident b/c debt to income ratio is completely out of whack as a resident. Even as an attending, people with private school level debt in fields making ~150-200k are running into problems. I'm planning on calling both as the end of residency nears and feel out my options. You may want to re-post this in the financial aid forum as well.

 

[Igor4sugry]

I thought they were looking into income stream rather than dept to income ratio.
I would also do it at end of residency and hopefully find a job that gives loan repayment bonus as well and then repay these loans in 4-5 years.

I ran some numbers
say 250k loans on residency graduation all at 6.8%
1. 6.8% rate for 10yrs repayment = $95,240.00 in interest
2. 4% rate; $53,735 in intrest ($41k less than option 1)
3. 4% rate but repay as if you had it at 6.8% - repay in 8 years, 46k interest ($49k less than option 1)

 

[nogolfinsnow]

I thought they were looking into income stream rather than dept to income ratio.
I would also do it at end of residency and hopefully find a job that gives loan repayment bonus as well and then repay these loans in 4-5 years.

I ran some numbers
say 250k loans on residency graduation all at 6.8%
1. 6.8% rate for 10yrs repayment = $95,240.00 in interest
2. 4% rate; $53,735 in intrest ($41k less than option 1)
3. 4% rate but repay as if you had it at 6.8% - repay in 8 years, 46k interest ($49k less than option 1)

I think you're right. A law grad with a lower paying job posted on WCI about being told they wanted him to have $4500/month "left over" after loan repayment and other expenses. What the "other expenses" are was a little vague. I'm hoping to call them in the next few weeks and will post if I learn anything interesting.

 

[five&two]

I've been thinking about SOFI as well. What do you guys think about this plan?

Right now I have about 213k in med school loans. 50k is 8% interest and rest in 6.5%. Right now I have been making IBR payments of about $400/mo. I'm thinking about refinancing 50k of my loans with a 10 year variable 2.91% - 4.91% interest rate. That would cost me an additional $300-350 a month.