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Re-finance student loans
Started by InYourHead
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The blogs swear by sofi. No expereince with them.
Mild thread jack:
Does consolidating/refinancing impact PSLF? I've always heard mixed messages.
Does consolidating/refinancing impact PSLF? I've always heard mixed messages.
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They have to be Direct Loans to qualify for PSLF to begin with. Here's a snippet I found that may be relevant:
So it sounds like if you consolidate, then yes, it's affected. Although I'm not exactly sure if that applies to consolidation multiple Direct Loans, rather than Direct Loans + other loans.
So I couldn't refinance my direct loans with sofi and continue to maintain my payments within PSLF?
You can of course double check, but no, I don't believe so.
I've had a really good experience with SoFi for private loans. They provided tons of guidance along the way and actually at one point discouraged me from refinancing some of my loans to get the most out of the new interest rate. Taking loans away from ruthless Navient has also been a satisfying experience. 🙂
Yikes! If you have federal loans that are managed by one of the loan providers for US Department of Education don't even THINK about moving to a private company such as SoFi. Attractive interest rate relative to the grad loans but as soon as you do that you lose all access to PSLF, forbearance, IBR.
Sofi has the spotlight. Yes you will lose federal repayment programs.
You should note that those forgiveness programs will be possibly obsolete in the future. I believe after 2018 Pslf goes away and is the last year to grandfather in. People haven't even discharged yet....it starts the first wave in October from the 2007 cohort.
IBR is a waste of time if the refinanced rate is low enough since federal interest rates are abhorrent.
More companies will keep competing and I've seen rates between 2-3% which is clutch. Also, some companies I believe are placing forbearance clauses within their contracts with job loss.
Consult a financial advisor before big steps though
Hey,
Have you refinanced your loans yet? Here is a link of the top refinancing companies.
Student Loan Consolidation | Best 9 Refinancing Companies
I graduated from grad school in 2015. Since then I have refinanced my loans twice. SOFI never offered me a good rate. I was with DRB (now Laurel Road). I then refinance again with ELFI (Education Loan Refinance). They offered me the lowest rate (2.55%). I you want to give them a go, can you please use my referral link below. If you already applied, you can have them apply the referral still. If you use the referral link [PM me], you get $100 and I get $400. I wouldn't mind giving you an extra $100 with your referral. That's still $300 coming my way. I am just looking for ways to pay this debt down a little faster lol. From my experience, it is better to apply to several of banks simultaneously and go with the best rate. This also impacts your credit score less, when you apply close together. Multiple inquiries count as one when you apply within 30 days of each other. More info on "rate shopping" here ---> Credit Checks: How Credit Report Inquiries Affect Your Credit Score
Thanks!
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