Refinancing private student loans

[khibb]

I have about $50,000 in private student loans with interest rates ranging from 6.5 to 11%. My credit score has increased significantly over the last ten years and I’m thinking about refinancing since my current payments are not even making a dent in what I owe.
I feel completely overwhelmed and am panicked about making a mistake and throwing even more money out the window.
Has anyone done anything similar?

[trissie18]

Here is a link to a post about someone who refinanced their SLs recently.


pandce.proboards.com/thread/616265/finally-refinanced-sls

[puppylove64]

I think I used nerf wallet to get a few names and then applied to a few places. It was pretty simple and all done online. Only bad thing was they all mailed me crap for a year after. But I went with sofi because it had the best deal. After that it was really easy. I gave them the account numbers and they took care of paying everything off and combing. Let me know if you want a referral link

[Susie]

H and I have about $50k each remaining in total SLs from law school, and I've done several refinances for both of us along the way.  It's no more complicated than a mortgage, really.  You need to look at fixed vs. variable rates, term, and fees, and go with the best deal.

I get mailings all the time from SoFi and Citizens Bank, but have gotten the best rates from Earnest every time.  I've refi'ed with them twice for H's loans, and once myself.  The application was easy, and I uploaded all the financials through their online app.  You can choose your rate/monthly payment/term on a sliding scale to work with what your goals are.  All of our rates are <5%.

If you are interested in Earnest, I have a referral link that gets both of us a $200 bonus:

www.earnest.com/invite/jayme91

[awkwardpenguin]

I have done two SL refinances, one with SoFi and one with Earnest. SoFi had the best rate for me when I wanted a longish term and DW was willing to be a cosigner. Earnest had the best rates with a lower balance, shorter term, and used only my income. I found the interest rates were substantially more variable across lenders than when I was looking for a mortgage.

I found both very easy to work with and the process was very straightforward.

[khibb]

Feb 18, 2020 12:24:00 GMT -5 Susie said:

H and I have about $50k each remaining in total SLs from law school, and I've done several refinances for both of us along the way.  It's no more complicated than a mortgage, really.  You need to look at fixed vs. variable rates, term, and fees, and go with the best deal.

I get mailings all the time from SoFi and Citizens Bank, but have gotten the best rates from Earnest every time.  I've refi'ed with them twice for H's loans, and once myself.  The application was easy, and I uploaded all the financials through their online app.  You can choose your rate/monthly payment/term on a sliding scale to work with what your goals are.  All of our rates are <5%.

If you are interested in Earnest, I have a referral link that gets both of us a $200 bonus:

www.earnest.com/invite/jayme91

Thank you! I will look into them tomorrow!

[puppylove64]

My personal recommendation is not to add a co-signer if you can avoid it. Most student loans are discharged at death. I didn’t want Dh responsible for my education if anything happened to me.

[beefjerky]

Feb 18, 2020 8:13:02 GMT -5 trissie18 said:

Here is a link to a post about someone who refinanced their SLs recently.


pandce.proboards.com/thread/616265/finally-refinanced-sls

That was me OP, I did a lot of searching and my DH and I both ended up going through SoFi. Process was seamless. I have a referral link if you’re interested that gives you (and me) some cash. Good luck!!

[janegold]

I refi'd over $100k of law school loans with Citizens a few years ago, and it was hugely helpful in allowing me to pay them down faster. I paid them off last month (with the help of a large bonus).

[simpsongal]

Susie, fingers crossed your referral link works - I just tried to use it to refi my loans again.