Student Loan Refinance Suggestions

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Topic Author
flyfishers83
Posts: 99
Joined: Fri Jun 07, 2019 6:08 pm

Student Loan Refinance Suggestions

Post by flyfishers83 »

Any recent student loan refinance opportunities that seem particularly good? My wife and I are looking at refinancing her loans again. We will be refinancing 130,000, and we're looking at a 10 year term. She has an 820 credit score and income sufficient to cover any repayment term. The 10 year term allows us to take advantage of annual loan repayment programs-the repayments are based on annual commitments.

TIA.
hrain
Posts: 36
Joined: Tue Apr 12, 2016 1:40 pm

Re: Student Loan Refinance Suggestions

Post by hrain »

I think if you live near a First Republic location, those are pretty consistently thought to be the lowest rate option (although with limitations such as opening a checking account).

I just refinanced ours — had to put 10% down into checking account but it’s 2.2% for 5 year term and I’ll get up to 2% of the total loan amount paid in interest paid back if we pay off within 4 years. Good deal for us.

Example rates below for 10 years based on percentage that needs to be kept in Checking account:

None in checking: 3.95%
10%: 3.45
20%: 3.2
airborne
Posts: 84
Joined: Mon Jan 15, 2018 12:04 pm

Re: Student Loan Refinance Suggestions

Post by airborne »

I have similar credit and just refinanced with SoFi for a 5-year fixed at 3.435%. I've refinanced a few times the past couple years to take advantage of better rates and the rate quotes have been all over the place so it's definitely worth it to shop around. SoFi, Citizens One, Laurel Road, and some others I can no longer recall were always on my list to check.
Clarice
Posts: 232
Joined: Thu Jun 14, 2018 3:26 pm
Location: Orlando FL

Re: Student Loan Refinance Suggestions

Post by Clarice »

hrain wrote: Sun Nov 10, 2019 11:39 pm I think if you live near a First Republic location, those are pretty consistently thought to be the lowest rate option (although with limitations such as opening a checking account).

I just refinanced ours — had to put 10% down into checking account but it’s 2.2% for 5 year term and I’ll get up to 2% of the total loan amount paid in interest paid back if we pay off within 4 years. Good deal for us.

Example rates below for 10 years based on percentage that needs to be kept in Checking account:

None in checking: 3.95%
10%: 3.45
20%: 3.2
So does this mean you got a .2% 4 year loan?

Nice...
Topic Author
flyfishers83
Posts: 99
Joined: Fri Jun 07, 2019 6:08 pm

Re: Student Loan Refinance Suggestions

Post by flyfishers83 »

Unfortunately not in a First Republic area. We've gotten a soft pull quote at 4.05% for 10 years. Our last refi was through Sofi, so we'll be checking with them again and a couple others.
Lee_WSP
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Joined: Fri Apr 19, 2019 5:15 pm
Location: Arizona

Re: Student Loan Refinance Suggestions

Post by Lee_WSP »

If your loans are Dept of Ed, I would suggest not refinancing. The hardship options available from the government trump any interest savings. Just pay more than the 10 year plan towards the highest interest rate ones and they'll be gone eventually.
dsmil
Posts: 743
Joined: Tue Sep 08, 2009 10:51 am

Re: Student Loan Refinance Suggestions

Post by dsmil »

We've used sofi and Penfed. Both were easy and the rates seemed good.
MBB_Boy
Posts: 307
Joined: Sat May 12, 2018 4:09 pm

Re: Student Loan Refinance Suggestions

Post by MBB_Boy »

We were able to get 1.81 with Sofi, 5 year variable.
Frugalbear
Posts: 252
Joined: Sun Jun 02, 2019 7:35 am

Re: Student Loan Refinance Suggestions

Post by Frugalbear »

Check out Citizens Bank.

Although if its a federal loan, I would think it through. Life happens and there are some benefits if it is a federal loan vs private loan.

Take a look at this too:
https://studentaid.ed.gov/sa/repay-loan ... ation#when
MrsBDG
Posts: 261
Joined: Thu Apr 13, 2017 4:04 pm

Re: Student Loan Refinance Suggestions

Post by MrsBDG »

I'd check out the latest on the WCI website, they are always promoting options and sometimes there is a bonus refund.
Cyanide123
Posts: 367
Joined: Sun May 05, 2019 9:14 am

Re: Student Loan Refinance Suggestions

Post by Cyanide123 »

Earnest sofi laurel road are good options. Bonus offers if you go through the link on WCI's website.
thatme
Posts: 200
Joined: Wed Feb 18, 2015 12:54 pm

Re: Student Loan Refinance Suggestions

Post by thatme »

Clarice wrote: Mon Nov 11, 2019 8:58 am
hrain wrote: Sun Nov 10, 2019 11:39 pm I think if you live near a First Republic location, those are pretty consistently thought to be the lowest rate option (although with limitations such as opening a checking account).

I just refinanced ours — had to put 10% down into checking account but it’s 2.2% for 5 year term and I’ll get up to 2% of the total loan amount paid in interest paid back if we pay off within 4 years. Good deal for us.

Example rates below for 10 years based on percentage that needs to be kept in Checking account:

None in checking: 3.95%
10%: 3.45
20%: 3.2
So does this mean you got a .2% 4 year loan?

Nice...

No, it’s 2% of the balance paid off, if paid in full in four years, and assuming you have paid at least 2% in interest during that time. For example, 100K in loans paid will result in a 2K refund.

I paid off my loans in 3 years using First Republic, got the refund, was super happy with the entire experience.
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neurosphere
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Re: Student Loan Refinance Suggestions

Post by neurosphere »

Lee_WSP wrote: Mon Nov 11, 2019 10:01 am If your loans are Dept of Ed, I would suggest not refinancing. The hardship options available from the government trump any interest savings. Just pay more than the 10 year plan towards the highest interest rate ones and they'll be gone eventually.
That's good advice in general, and I agree that federal loans have many options (income driven payments, for example) that are valuable options in case life doesn't go as planned.

But the OP said they were looking to refinance "again" which means they are not federal loans, because there is no option to refinance into a federal loan.
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes".
Lee_WSP
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Location: Arizona

Re: Student Loan Refinance Suggestions

Post by Lee_WSP »

neurosphere wrote: Tue Nov 12, 2019 4:08 pm
Lee_WSP wrote: Mon Nov 11, 2019 10:01 am If your loans are Dept of Ed, I would suggest not refinancing. The hardship options available from the government trump any interest savings. Just pay more than the 10 year plan towards the highest interest rate ones and they'll be gone eventually.
That's good advice in general, and I agree that federal loans have many options (income driven payments, for example) that are valuable options in case life doesn't go as planned.

But the OP said they were looking to refinance "again" which means they are not federal loans, because there is no option to refinance into a federal loan.
I missed that word. :beer
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