Refinancing / Consolidating student loans - advice

[PharmDBro2017]

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Couple of questions:

1) I'm definitely going to refinance my loans (thinking SoFi), but curious what other options are out there or what you guys have used and would recommend.

2) If my wife also has loans, am I able to consolidate both her undergrad loans and my grad school loans into one, and then refinance it?

Any other tips/advice? As always, thank you guys ahead of time and I appreciate all of the advice that this forum provides.

 

[Sine Cura]

See if the lender offers forbearance options for unemployment or disability. You never know

 

[awval999]

Couple of questions:

1) I'm definitely going to refinance my loans (thinking SoFi), but curious what other options are out there or what you guys have used and would recommend.

2) If my wife also has loans, am I able to consolidate both her undergrad loans and my grad school loans into one, and then refinance it?

Any other tips/advice? As always, thank you guys ahead of time and I appreciate all of the advice that this forum provides.

I went from Federal + Private - > SoFi - > Citizens.

6.8 -> 4.74 fixed -> 2.xx variable. I only have $50k left and plan to be done by Dec 2018. So variable makes sense in my case. Most recent finance with Citizen's was last fall. There was a hiccup with them (they had to resend two checks to loan servicers) so there was an annoying 30 day delay I had to make two loan payments. Have had no problem with their servicer tho. And they gave me a $500 sign up bonus. Plus will save me couple thousand in interest so I guess it was worth it.

 

[mentos]

1) Shop around, each lender will give you a different rate. DRB, First Republic, CommonBond, Sofi, Citizens, etc. I went from DRB (2.9% variable, went up to 3.3 or 3.4%) then to Commonbond (2.5% variable) and paid it all off within 2 years. It was well worth it, I love having no debt. Shop around at least once a year, just like car/home insurance. Also take advantage of the referral bonuses, I referred my wife and a few friends and got $200 per person.

2) No. Your debt is yours and her debt is hers.

 

[ldiot]

Don't do variable, interest rates are super low right now.

 

[mentos]

Don't do variable, interest rates are super low right now.

Low interest rates are good! I was quoted ~4.5% for 5 year fixed vs 2.5% variable last year, so it was worth it for me. It only went up about half a percent.

 

[Claydoe]

I graduated last May and in the process of refinancing now. My dad works as banker and said he expects 2-3 0.25% rate hikes from the federal reserve this year. Whether that's true or not remains to be seen but i sleep better with a fixed rate. My credit is around 740 and i got a preliminary rate of 5.25% for 118k over 5 years from drb. My mom consigned with credit somewhere in the 800s and 200k gross and it dropped to 4.7, waiting to hear back with a final offer. Definitely shop around and get a cosigner if you can. I looked at sofi lendkey college bond Credible and citizens bank before deciding on drb.Variable rates may be worth looking in to, just understand the risks before locking it in.

 

[trailerpark]

Your mom is crazy to co sign for you.


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[radio frequency]

I was able to negotiate my rate lower when I wasn't offered what I wanted initially. It took some persistence and phone calls, but I eventually got 3.5% fixed. It's paid off now.

And yes, the Fed has stated they are hiking rates this year (finally), so variable is not a great plan. If you want to refinance, now is the time.

 

[ldiot]

Low interest rates are good! I was quoted ~4.5% for 5 year fixed vs 2.5% variable last year, so it was worth it for me. It only went up about half a percent.

If you're going to pay it off in a few years it probably doesn't matter anyways but I'm guessing many, maybe a majority, of people pay the minimum. I certainly hope I can do it in under 5 years.

 

[awval999]

Don't do variable, interest rates are super low right now.

Variable does makes sense if you plan to pay off the entirety of the loan in the next 12-24 months.

 

[PharmDBro2017]

Your mom is crazy to co sign for you.


Sent from my iPhone using SDN mobile app

Same thought crossed my mind. @Claydoe