Sofi refinance
Started by BobBarker
I originally had SoFi, and it was easy. I recently moved to Earnest, as they gave me a better rate and an incredibly customize-able platform. You can change your rate, payoff date or frequency basically at your whim its amazing. I got a better rate and after approval was even allowed to change payments to every two weeks and took another year and thousands in interest off.
Amazing. Almost too good to be true. How are these banks making money by charging rates lower than inflation?
I was wondering the same thing. This is lower than my collaterralized loans even.
These banks have access to money at very low rates. I assure you they're not losing money. If you want an extra $100-300 for refinancing, be sure to use the links on my site.
Yes.
You'll only get this deduction for the years you are a resident. They fade out quickly once you get your attending job.
Unless you get a really ****ty paying job i guess
I'm assuming this is a variable rate.
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Yes
The short answer is no. This route is probably the best if you are not utilizing PLSF, especially if your interest rates are that high.
There is one remote possibility to consider, and I could be wrong, but, I am pretty sure that student loans are forgiven on death if you had no co-signer.
Private loans are not. So, if you were to die, your debt still remains and they might try to go after whoever is connected to you at the time of your death, such as your spouse in a community property state.
However, the above doesn't matter as long as you carry enough life insurance to pay off your loans in the event you were to die.
Moral of the story: You need life insurance. Get cheap term life insurance for $1-3 million depending primarily on your family size.
-Sensei
Death and catastrophic disabilty both get your government loans forgiven. Temporary and partial (not sure how tightly defined, but just because you can't work as a doctor anymore doesn't mean your loans get forgiven) does not.
True. It's actually a huge burden to prove to the government that you're disabled enough that there's no hope of repaying your loans. It's a long struggle that requires a good lawyer. And sadly even if you do "win," the IRS will then send you a bill taxing you for anything forgiven.
Also, in reference to the above poster, many (if not most) private loans are discharged in death. All of mine were/are. But private lenders have been known to go after family members of the deceased and harass them to try to collect, despite the deceased borrower's family having no legal responsibility to do so. But they often don't know that they don't have to pay.
(But yes, pay attention to whether your private loans are dischargeable in death, and make sure to cover that with life insurance if it isn't.)
SoFi is a shadowbank. It likely bundles its loans into a SLAB to be sold on Wall Street to yield-starved pension funds.
Go to my post here. http://forums.studentdoctor.net/thr...ry-science-3d-theatre-of-doom-thread.1205786/
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deleted480308
Anyone with knowledge on sofi being eligible for military loan repayment? @notdeadyet ? @The White Coat Investor ?
(specifically the hplrp through the guard)
(specifically the hplrp through the guard)
Note the rates of CDS and bonds these days that don't pay squat. Then consider that these guys are cherry picking individuals with high earnings, extremely high credit scores, and well above average job stability. Keep in mind that a 740 crefit score probably won't get yout the best rates.
Not sure what you mean. You mean getting you out of your military commitment? Good luck with that.
I think he means the military paying it. On miltary.com I found this which makes me think probably not.
TYPES OF LOANS COVERED
Eligible loans include:
TYPES OF LOANS COVERED
Eligible loans include:
- A loan made, insured, or guaranteed under the Higher Education Act of 1965. The William D. Ford Federal Direct Loan Program is included in this act.
- A health professions education loan made or insured under part A of title VII of the Public Health Service Act or under part B of title VIII of such Act; and
- A loan made, insured, or guaranteed through a recognized financial or educational institution. That loan must have been used to finance education regarding a health profession that the Secretary of Defense determines to be critically needed in times of war.
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deleted480308
Yeah dpmd caught my drift. My question is if military education loan repayments recognize sofi as a "qualified loan"
Oh. Yes. They're still student loans.
As noted above, SoFi is a recognized financial institution and you took out the loan to study medicine. It qualifies.
Hi WCI, I live in a state where Sofi does not offer any business. I ended up refinaced my student loans with Cordia Grad, aka Purify. Do you know if my loans are still considered Student loans? Let's say hypotherically in 3 years the fed decide to pass a law that forgive student loans. Would my loans be qualified for that?
Yes. they are still student loans.
I have 100k loans tried to refinance they gave me a 6% interest rate. That's no better than my current ratea. At all.
