OT: Student Loan Refinancing

[SyonaraStanz]

For any of you who have refi'ed student loans lately, where are you seeing the best rates? SoFi is offering the best from my online searches.

Any other suggestions?

 

[HotMop]

What's your current rate and terms versus what they are offering?

 

[Captain Ron]

Go to Clarkhoward.com

He has a ton of info on students loans and when to refi or not refi etc.

 

[ckDOG]

We looked at SOFI, Laurel Road, and Common Bond

All very comparable. Think we went with 10 year fixed at 4.37 at Common Bond. Rates at around 3.3 if you can go to 5 years. Was pretty easy. No refinancing fees but I’m sure that’s caught back up and more with a slightly higher than market rate. Either way, we are significantly better than before.

 

[ckDOG]

^^Awesome handle^^

Nm

 

[SyonaraStanz]

My wife has several loans, ranging in rates, so I'm looking to consolidate and refinance.

 

[pmack65]

Try Navient, they took over the student loans from Sallie Mae. www.navient.com

 

[AFDawg]

Ask on game day. That’s usually when you reach your low point.

 

[ccbulldog85]

Try Navient, they took over the student loans from Sallie Mae. www.navient.com

I would be careful with Navient, a guy from college I know posted on facebook a few months ago how they wouldn't let him pay ahead. Although I'm sure most of them are out to get every penny they can in some form or fashion.

 

[mstateglfr]

I would be careful with Navient, a guy from college I know posted on facebook a few months ago how they wouldn't let him pay ahead. Although I'm sure most of them are out to get every penny they can in some form or fashion.

Odd. Wife and i paid ours early. We sent checks and told them to take it like the ***** they are.

 

[BoomBoom.sixpack]

I would be careful with Navient, a guy from college I know posted on facebook a few months ago how they wouldn't let him pay ahead. Although I'm sure most of them are out to get every penny they can in some form or fashion.

i had them blatantly break the law on a loan i cosigned years ago. they are the AT&T of student loans. the contract only exists to screw you, no matter what it says they will do what they want.

 

[Maroonbulldog]

Here is a credit tip-
Not exactly on topic but relevant for those who have SLs

For the sake of your credit- Consolidate to a fixed payment vs other options.



Be careful if offered the option of income based repayment, or graduated payments ( where the payments step up every few years as you advance in work/income).

If you try to get a loan ( home loans in particular) the lenders have to use atleast a 1% payment for you- even if deferred payments.

One of the biggest issues I see on mortgage apps are low credit scores due to balances being upside down - especially with people who take advantage of deferred payments. Example : A $2500 student loan will accrue An increasing balance each month so you owe -say $3000 on a $2500 loan. The credit scoring kills credit scores with this-

So My tip is to consolidate those loans sooner than later on a fixed payment- this basically resets the loan where your balance is less than what you borrowed and all of those upside down loans are paid off and start working off of your credit rating.

Also remember that every semester you borrow a loan is a new line of credit reporting upside down- and that can kill credit for new borrowers.


Finally- i see a lot people consolidating w Navient- have not seen the other companies mentioned.

Hope this helps

 

[dannyripms]

it's a shame how high college tuition has got and the loans are ridiculous too. Interest rates on school loans should be almost zero. The money the economy will make from graduates will make up more than 10x what that interest rate does. You can't get an education for less than 80k these days.