Student Loan Refinanced at 2.45%

[coolraz]

Hey guys...I just wanted to share this with you. I graduated from dental school in 2010 and like many of you I felt really screwed by the high interest rates that we got (whereas the people that graduated a few years before could consolidate at 1-2%). Anyway, I ended doing a few things along with private practice in dentistry and as a result of some of the connections I made, I was able to help put together a refinance program through a community bank. Initially, this was just for the partners/employees of the financial firm which I had founded. But it seemed like a good opportunity and I always wanted to help other people with these ridiculous loans, so it worked out that the program is now available to everyone (with DDS/MD/JD/MBA type degrees only though)
So check it out and see if it's something that makes sense for you.
I was one of the first people to do it and I refi'd $200k of my loans to 2.45% which worked out pretty well for me (I didn't get a special rate..that is the actual current LIBOR-based rate that you can get)

Here's the link to the site with more info: www.simplestudentloanrefi.com

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[Shunwei]

Hey guys...I just wanted to share this with you. I graduated from dental school in 2010 and like many of you I felt really screwed by the high interest rates that we got (whereas the people that graduated a few years before could consolidate at 1-2%). Anyway, I ended doing a few things along with private practice in dentistry and as a result of some of the connections I made, I was able to help put together a refinance program through a community bank. Initially, this was just for the partners/employees of the financial firm which I had founded. But it seemed like a good opportunity and I always wanted to help other people with these ridiculous loans, so it worked out that the program is now available to everyone (with DDS/MD/JD/MBA type degrees only though)
So check it out and see if it's something that makes sense for you.
I was one of the first people to do it and I refi'd $200k of my loans to 2.45% which worked out pretty well for me (I didn't get a special rate..that is the actual current LIBOR-based rate that you can get)

Here's the link to the site with more info: www.simplestudentloanrefi.com

I am definitely interested. I have submitted a request, but any silver lining like what special conditions qualify for it?

 

[coolraz]

Hey Shunwei,
I don't run the actual underwriting, so I don't know details. My application was very quick and simple (and I didn't get any specail treatment or anything it was just their standard process) but they do want to see income. So if you're still in school obviously it won't work (also if you are in residency, that may be an issue but it's best to just check with them). Your credit score should be good. Pretty standard stuff like you would through any bank loan (the application is quite simple actually compared to what things like dental practice purchase or startup loans require). If you put your info through the request form, they should contact your pretty quickly and you can ask them all the questions etc.

 

[Shunwei]

Thanks for the info, sounds interesting but I guess I can find out when they contact me.

 

[ktran17]

I'd like to know whats the catch?

 

[Shunwei]

I'd like to know whats the catch?

There has to be a catch somewhere. They haven't contacted me yet so we shall see.

 

[sacapuntas]

I'd like to know whats the catch?

This could be a good program for a lot of people as the fixed rate loans are a fair price and lower than people who borrowed at 6.8%-7.9% rates of the last few years. You do give up things such as IBR and other conveniences of federal loans.

I would call having a variable rate tied to LIBOR a 'catch'...it's historically (artificially?) low right now. Here is a history chart (2013-today is roughly flat):

 

[Silent Cool]

This could be a good program for a lot of people as the fixed rate loans are a fair price and lower than people who borrowed at 6.8%-7.9% rates of the last few years. You do give up things such as IBR and other conveniences of federal loans.

I would call having a variable rate tied to LIBOR a 'catch'...it's historically (artificially?) low right now. Here is a history chart (2013-today is roughly flat):

Yup. Back in the 80s, the interest rates were INSANE for student loans, but the principal balances were very modest at the time. Now the Principal balances are insane, and the interest rates are...a rip off, I would say.

 

[Shunwei]

They did contact me, but want details on all of my loans. Being as busy as I am right now I simply haven't had time to sit down and do it. So far the application looks legit though.

 

[last chance]

I could really use this... Anyone has experience with them? I'd like to know if this is legit. Can't find any other info on them besides this thread. Thanks!

 

[Studio Tu]

I could really use this... Anyone has experience with them? I'd like to know if this is legit. Can't find any other info on them besides this thread. Thanks!

I did a loan refinance with Sofi https://www.sofi.com/ and went from a 6.8% to what was started at a 3.2% variable, a couple of years ago, today it's at 3.65% but almost done with paying it off. A lot of paperwork, but I think as it should as they don't want to lose money, but if you cross your "t's" and dot your "i's" they have very good rates from what I would've been having to pay. Hope that helps

LT

 

[chrisvon]

The comments are quite helpful. Thanks