SL Consolidation & Payment reduction plan

[kaylie]

Yes, I get them frequently. I've always assumed it was BS and never paid too much attention since I've already consolidated, we don't benefit from IBR and loan forgiveness won't benefit me.

I did get a post card from SoFi about refinancing my loans. That one caught my attention and I ended up refinancing with them.

[karinothing]

carrotsmakemefat - My HR refuses to fill out the form. I just fill it out and then my manager signs it.

You can still be on IBR but your interest capitalizes so you will have to pay more back.

[karinothing]

Aug 29, 2014 12:48:09 GMT -5 carrotsmakemefat said:

What is So Fi?

I'm finally biting the bullet and signing up for the public service forgivness program. I qualify, I've been putting it off, but it's time. I think seeing that I would be paying loans until 2041 freaked me out (HOW THE HELL DID I NOT NOTICE THAT?) I thought it can't be right!!!

But I talked to a nice woman from the Dept of Education. With the 10 year plan I'll pay just about what I do now ($4 less a month) and I'll have 20k forgiven. I'm kinda nervous about it but I just need to go for it and hope that I stay with the feds for another 10 years. Dumb Carrots...not MM at all.

karinothing - if you're around, a couple questions (1) Did your HR folks take awhile to fill out the eligibility form? I'm a little nervous b.c our HR folks are just awful and (2) Do you know what happens if I do leave a public service job? Do I just revert back to a normal payment plan at that point? I can't see why I'd leave but I guess you never know?

Also do they count your back payments at all? LIke ones you made already? If you conslidated them a while ago they might.

[karinothing]

Aug 29, 2014 13:45:15 GMT -5 carrotsmakemefat said:

Aug 29, 2014 13:01:19 GMT -5 karinothing said:

carrotsmakemefat - My HR refuses to fill out the form. I just fill it out and then my manager signs it.

You can still be on IBR but your interest capitalizes so you will have to pay more back.

I'll be on the standard plan. It's cheaper for me monthly

Okay, then I think u would just stay on that plan.

[laurenh]

carrotsmakemefat don't quote me on this but I think they will credit you for any qualifying payments you've made while employed by a qualifying employer. My husband started with a non-profit in December but didn't file his application until March and they credited him 4 payments once they reviewed it.

[karinothing]

Aug 29, 2014 13:47:00 GMT -5 carrotsmakemefat said:

Hey i updated. why did HR refuse?

They were overwhelmed with requests supposedly. *-)

[karinothing]

Aug 29, 2014 14:29:21 GMT -5 carrotsmakemefat said:

Aug 29, 2014 14:27:46 GMT -5 karinothing said:

They were overwhelmed with requests supposedly. *-)

Bullshit man. If HR keeps me from 20k I will revolt

ha ha it was stupid. I mean all they had to do was sign it. I guess verify I work there, but I got up to HR so that is kind of a given ha ha. It isn't a very big form!

[kaylie]

Aug 29, 2014 12:48:09 GMT -5 carrotsmakemefat said:

What is So Fi?

I'm finally biting the bullet and signing up for the public service forgivness program. I qualify, I've been putting it off, but it's time. I think seeing that I would be paying loans until 2041 freaked me out (HOW THE HELL DID I NOT NOTICE THAT?) I thought it can't be right!!!

But I talked to a nice woman from the Dept of Education. With the 10 year plan I'll pay just about what I do now ($4 less a month) and I'll have 20k forgiven. I'm kinda nervous about it but I just need to go for it and hope that I stay with the feds for another 10 years. Dumb Carrots...not MM at all.

karinothing - if you're around, a couple questions (1) Did your HR folks take awhile to fill out the eligibility form? I'm a little nervous b.c our HR folks are just awful and (2) Do you know what happens if I do leave a public service job? Do I just revert back to a normal payment plan at that point? I can't see why I'd leave but I guess you never know?

SoFi (short for social finance) is a company started by some Harvard grads and they're basically going around and refinancing student loans for the most qualified borrowers. Their underwriting standards are pretty strict and the approval took awhile, but the customer service has been great. I was paying 6.67% interest and it's now around 4.25%.

If you qualify for public service forgiveness that's awesome and definitely the way to go.

[kaylie]

Aug 29, 2014 15:03:25 GMT -5 carrotsmakemefat said:

Aug 29, 2014 15:00:56 GMT -5 kaylie said:

SoFi (short for social finance) is a company started by some Harvard grads and they're basically going around and refinancing student loans for the most qualified borrowers. Their underwriting standards are pretty strict and the approval took awhile, but the customer service has been great. I was paying 6.67% interest and it's now around 4.25%.

If you qualify for public service forgiveness that's awesome and definitely the way to go.

Got it ! I'm one of the suckers at 6% from grad school loans circa 2008. I didn't realize how good I had it in 04 at 2. Something %. Dumb decision to consolidate

It's a shame we can't consolidate payments and get newer and lower rates. It sucks

That's exactly what I did. It didn't occur to me that maybe the guy at the bank didn't know what he was talking about when he said rates were only going up. I was young and stupid. My variable loans are at 2.75 and 3.25 which isn't so bad, but I agree that it sucks they don't let everyone refinance.

I'm trying to pay all of mine off in the next five years. It's taking a pretty penny out of the monthly budget, but I had my ah ha moment when the person on the phone told me I had 17.5 years left of payments and I thought "wow, that's long enough to raise a child".

[kme]

Aug 29, 2014 10:51:00 GMT -5 kaylie said:

Yes, I get them frequently. I've always assumed it was BS and never paid too much attention since I've already consolidated, we don't benefit from IBR and loan forgiveness won't benefit me.

I did get a post card from SoFi about refinancing my loans. That one caught my attention and I ended up refinancing with them.

Hey I just got something from SoFI yesterday. I usually toss these things out but it caught me eye. Per their chart, at the best interest rate I could pay off in 10 years and not 25. How's it been for you?

[kaylie]

Aug 29, 2014 16:01:03 GMT -5 kme said:

Aug 29, 2014 10:51:00 GMT -5 kaylie said:

Yes, I get them frequently. I've always assumed it was BS and never paid too much attention since I've already consolidated, we don't benefit from IBR and loan forgiveness won't benefit me.

I did get a post card from SoFi about refinancing my loans. That one caught my attention and I ended up refinancing with them.

Hey I just got something from SoFI yesterday. I usually toss these things out but it caught me eye. Per their chart, at the best interest rate I could pay off in 10 years and not 25. How's it been for you?

I went from a 15 year loan to a 5 year loan when I did the refi and it doubled my payment, but I was already paying about that with extra payments anyway in an attempt to chip away at the principal, so it worked well for me. The application process was quick, but the underwriting took about three weeks. They have awesome customer service though and were very easy to talk to when I called for updates (no pushing 8 million buttons or anything, they just answer the phone). I ended up adding H as a cosigner (he makes much more than I do and has no student loans of his own) which knocked my rate down a bit further.

I'll drop my referral link that I got from them here. If you use it and get approved, you get $100 and I get $100: friends.sofi.com/7cmwL