After seeing this mentioned here and by a coworker several times, I decided to actually stop being lazy and refinance! I had been procrastinating since I only have around $13k in loans left, but it's definitely worth doing! I was able to get my loans from 6.55% down to 4.8%, essentially keeping my monthly payment about the same, but shortening the repayment from 7 years to 5.
The process was surprisingly easy, and I did it all from my couch taking pics of documents with my smartphone. I'd highly recommend it if you are thinking about refying, especially with rates potentially rising soon! Happy to answer any questions you ladies may have as well.
My referral link in case you want to refi (it will get you and me a $100 credit): www.sofi.com/refer/5/12648
I tried to do this with my husband's loans and we didn't qualify. I was so bummed because he has a great credit score, has always made payments on time, but he doesn't make enough money. Duh, why do you think we want to lower our payments?!?!? I'm glad it worked out for you though!
I tried to do this with my husband's loans and we didn't qualify. I was so bummed because he has a great credit score, has always made payments on time, but he doesn't make enough money. Duh, why do you think we want to lower our payments?!?!? I'm glad it worked out for you though!
How long does it take to get an answer? I submitted everything almost 2 weeks ago and my application is still in process.
Also, did you go with the variable rate? I did, hoping the gamble pays off.
It took 3 weeks from start to finish. There was one point where things were moving slow and I called - they got right on it and I was moved to the next step within a few hours. I'd just give them a call. I did a fixed rate, my coworker who refinanced as well opted for variable. The difference in rate didn't seem worth the risk that comes with a variable rate to me (it was about 1% lower)... though maybe that's silly b/c if the rate hiked up it's a low enough balance I could pay it. Hopefully they will get it moving for you!
cgpm I'm sorry to hear that you weren't able to help in your situation. Have you looked at alternative payment timelines? Perhaps income based repayment would help for a bit?
WinterWine the irony is that he makes too much for income based. Lol! We are making the payments, but it would nice to be spending that money in other ways.
How long does it take to get an answer? I submitted everything almost 2 weeks ago and my application is still in process.
Also, did you go with the variable rate? I did, hoping the gamble pays off.
It took 3 weeks from start to finish. There was one point where things were moving slow and I called - they got right on it and I was moved to the next step within a few hours. I'd just give them a call. I did a fixed rate, my coworker who refinanced as well opted for variable. The difference in rate didn't seem worth the risk that comes with a variable rate to me (it was about 1% lower)... though maybe that's silly b/c if the rate hiked up it's a low enough balance I could pay it. Hopefully they will get it moving for you!
cgpm I'm sorry to hear that you weren't able to help in your situation. Have you looked at alternative payment timelines? Perhaps income based repayment would help for a bit?
Thanks! I did call, they were really nice. Apparently my husband has to cosign (I don't work), so we are now moving along.