Refinancing Loans

[Jpharm2017]

Hello everybody!

I graduated in 2017 and I am about 2 years from my actual graduation date. That being said, I was able to show about two years of gainful employment and a solid income (did not go the residency route...but that should not matter for these purposes). At this point, I was able to refinance my loans at a much favorable rate. I was able to refinance them down 1.5% This will literally save me thousands of dollars in student loan payments. I wanted to give my fellow healthcare professionals a friendly reminder that you should be thinking about doing this same exact thing.

Worst case scenario - your position does not change

Best case scenario - your rate improves (any percentage is win!)

Honestly, after doing maybe ~5 hours of research/phone calls/chatting with friends, I was able to find a lender that would drastically improve my financial position. This saved me OVER A YEAR of payments AND I am able to my current lender is allowing me to make extra payments (without any fees) and renegotiate my loan after my next pay raise. Far better than what my previous lender was willing to do, not to mention far superior customer service.

Please start looking at what refinancing your loans can do for you!

Sincerely,

A fellow healthcare professional


PS - Feel free to PM any questions you might have about how I went about doing this 🙂

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[BaSsHeAd]

I was able to refinance them down 1.5%

was it fixed or variable?

 

[mentos]

1.5%?? No way, please post a screen shot. That has to be variable is it exists. What bank and what were the fees?

 

[Jpharm2017]

was it fixed or variable?

Fixed

 

[Jpharm2017]

1.5%?? No way, please post a screen shot. That has to be variable is it exists. What bank and what were the fees?

Fixed...PM if you want

 

[rxkrafted]

Hello everybody!

I graduated in 2017 and I am about 2 years from my actual graduation date. That being said, I was able to show about two years of gainful employment and a solid income (did not go the residency route...but that should not matter for these purposes). At this point, I was able to refinance my loans at a much favorable rate. I was able to refinance them down 1.5% This will literally save me thousands of dollars in student loan payments. I wanted to give my fellow healthcare professionals a friendly reminder that you should be thinking about doing this same exact thing.

Worst case scenario - your position does not change

Best case scenario - your rate improves (any percentage is win!)

Honestly, after doing maybe ~5 hours of research/phone calls/chatting with friends, I was able to find a lender that would drastically improve my financial position. This saved me OVER A YEAR of payments AND I am able to my current lender is allowing me to make extra payments (without any fees) and renegotiate my loan after my next pay raise. Far better than what my previous lender was willing to do, not to mention far superior customer service.

Please start looking at what refinancing your loans can do for you!

Sincerely,

A fellow healthcare professional


PS - Feel free to PM any questions you might have about how I went about doing this 🙂

What was the name of the lender you refinanced with? Why don't you share the lender info instead of PMing? Sounding kind of sketch to me...

 

[mentos]

What was the name of the lender you refinanced with? Why don't you share the lender info instead of PMing? Sounding kind of sketch to me...

Definitely sounds sketchy. No bank is giving 1.5% fixed right now. OP is probably trying to get referral bonus but I have no idea why he won't even mention the lender name.

 

[Jpharm2017]

What was the name of the lender you refinanced with? Why don't you share the lender info instead of PMing? Sounding kind of sketch to me...

Earnest...did not want to come across as a lender worker on an open thread

 

[Jpharm2017]

Definitely sounds sketchy. No bank is giving 1.5% fixed right now. OP is probably trying to get referral bonus but I have no idea why he won't even mention the lender name.

See below

 

[mentos]

Earnest...did not want to come across as a lender worker on an open thread

Refinance Student Loans – Federal & Private Loans | Earnest

This Earnest? Their website says fixed rates start at 3.89%.

 

[rxkrafted]

Refinance Student Loans – Federal & Private Loans | Earnest

This Earnest? Their website says fixed rates start at 3.89%.

Yeah definitely doing this for referral bonus lmao.
Nice try OP...

 

[mentos]

OP, there are easier ways of getting bonuses. A student loan refinance referral will get you what, $200? That is taxed by the way, you will get a 1099 in the mail. So it's really only $140 or so.

For example, Capital One Savor card offers $500 signup bonus after $3k spend in 3 months. You don't get a 1099 for credit card bonuses.

 

[Jpharm2017]

Refinance Student Loans – Federal & Private Loans | Earnest

This Earnest? Their website says fixed rates start at 3.89%.

If you care to read, it says down 1.5% ... not down to 1.5% ...basic reading skills.

I am just trying to raise awareness that people should go out and refinance their loans. God forbid one of us here actually tries to remind people to do this.

 

[Jpharm2017]

OP, there are easier ways of getting bonuses. A student loan refinance referral will get you what, $200? That is taxed by the way, you will get a 1099 in the mail. So it's really only $140 or so.

For example, Capital One Savor card offers $500 signup bonus after $3k spend in 3 months. You don't get a 1099 for credit card bonuses.

Do not care.

 

[Jpharm2017]

Yeah definitely doing this for referral bonus lmao.
Nice try OP...

No.

 

[rxkrafted]

No.

You should feel embarrassed. Maybe try in the pre-pharmacy section, you might get someone.

 

[PumpkinSmasher]

If you care to read, it says down 1.5% ... not down to 1.5% ...basic reading skills.

I am just trying to raise awareness that people should go out and refinance their loans. God forbid one of us here actually tries to remind people to do this.

To be fair you presented the info in a dumb way. No one cares how much you reduced your rate, they care what the refi rate actually is at the lender.

My fixed refi rate is 1.95% at first republic bank. They have been great to work with and saved me a bunch of . My rate was originally 6.8%, very pleased with them.
Earnest sucks compared to first republic, if you have one in your area, go talk to 1st republic. Simple Google search

 

[mentos]

If you care to read, it says down 1.5% ... not down to 1.5% ...basic reading skills.

I am just trying to raise awareness that people should go out and refinance their loans. God forbid one of us here actually tries to remind people to do this.

There is already awareness about loan refinancing in this forum, just use the search button. I've never heard anyone mention Earnest before so they must not be great. So what is your rate? You still haven't told us. If you went from 6.8% "down 1.5%" to 5.3%, then that rate is crap.

Why does anyone need to PM you again? You had like 2 posts before this so that added to the sketch factor. Just admit you wanted the referral bonus, LoL.

 

[Modest_anteater]

Yeah definitely doing this for referral bonus lmao.
Nice try OP...

I believe this to be a bannable offnese.

OP is guilty of trying to get referral bonuses under the thin guise of trying to "help" out anons. Mods please provide swift justice and COMPLETE this users account.

 

[Jpharm2017]

I believe this to be a bannable offnese.

OP is guilty of trying to get referral bonuses under the thin guise of trying to "help" out anons. Mods please provide swift justice and COMPLETE this users account.

Then have them do it.

 

[Modest_anteater]

Then have them do it.

I wouldn't test the mods like that bro. They will crush you. SDN is ruled with an iron fist.

 

[mentos]

I wouldn't test the mods like that bro. They will crush you. SDN is ruled with an iron fist.

That is true, this forum is a dictatorship not a democracy. That's why this job market subforum exists in the first place, none of us wanted it only the mods.

 

[Modest_anteater]

That is true, this forum is a dictatorship not a democracy. That's why this job market subforum exists in the first place, none of us wanted it only the mods.

not a dictatorship more of an oligarchy

 

[King2440]

To be fair you presented the info in a dumb way. No one cares how much you reduced your rate, they care what the refi rate actually is at the lender.

My fixed refi rate is 1.95% at first republic bank. They have been great to work with and saved me a bunch of . My rate was originally 6.8%, very pleased with them.
Earnest sucks compared to first republic, if you have one in your area, go talk to 1st republic. Simple Google search

Dumb question but I assume you have to be a resident of the state to use first republic bank? Seems like they are all on the West coast and NY.

 

[BC_89]

Closing thread. Inappropriate advertising in this matter is against terms of service.

Also, users are encouraged to hit the RP button to expedite a response and appropriate action(s) rather than using the sit-and-wait method.