Student Loan Refi

[MrsSz]

https://student.drbank.com


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[MDPhDWife]

Student Loan Refi

[MENTION=1310]MDPhDWife[/MENTION] where did you look??? We have about 90k in student loans and about 3/4 of it is sitting accruing interest at 6.8%! Is there any reason not to refinance during training. Do we lose forbearance and IBR options if we do? 6.8 is so high


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Here are some things to consider for those in residency before refinancing:
http://whitecoatinvestor.com/student...gement-issues/

The biggest reason why we held off during residency was we wanted to make damn sure DH wasn't going into academia and therefore potentially qualifying for the PSLF program. Now that we have gone the PP route, I'm not finding any reason to not refinance.

[MDPhDWife]

Now that I'm actively searching for the best rates, I came across this bank in the comments section of WCI. https://www.firstrepublic.com/fundyourdreams It's not one of his affiliates yet, so it's not in the main text, but they have BY FAR the best rates around especially since they are FIXED. Unfortunately, they are only available in a few states, we don't live in one of them, so we can't go through them. For those of you that live in CA, NY, OR, MA, CT, and FL, you may want to check them out!

[Vanquisher]

Now that I'm actively searching for the best rates, I came across this bank in the comments section of WCI. https://www.firstrepublic.com/fundyourdreams It's not one of his affiliates yet, so it's not in the main text, but they have BY FAR the best rates around especially since they are FIXED. Unfortunately, they are only available in a few states, we don't live in one of them, so we can't go through them. For those of you that live in CA, NY, OR, MA, CT, and FL, you may want to check them out!

Nice! I'm going to have to refi next year when I finish PA school.

[Thirteen]

If ours are consolidated federal, and we locked in an interest rate with the Dept of Ed, should we refinance?

I like that the amount owed per month will never change for the life of the loan.


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[gcuthbe1]

This is super helpful, we're refinancing now!

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[MDPhDWife]

If ours are consolidated federal, and we locked in an interest rate with the Dept of Ed, should we refinance?

I like that the amount owed per month will never change for the life of the loan.


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What interest rate are you locked into? You can refi with a fixed rate. We were offered 2.13% variable or 3.5% fixed with Sofi. If you click through my referral link we'll each get $100, however if you click through the referral link at WCI you'll get $200.

https://www.sofi.com/refer/4/111925

[TulipsAndSunscreen]

ST, with the amount we owed ($200k+), we only got 4% a year ago (used my bonus to refinance as well as pay some down). But we've been paying down aggressively until now because ours were at 6.8 too. It's BS that the interest rate only resets once every 5 years. We were in med school in a shitty recession for 80% of the time and yet our rates were locked to the pre recession interest rate.

[gcuthbe1]

So we've been trying to refi for months and this bank has just been dragging its feet on our application. Sigh. I think we may just start from scratch with another lender at this point. I'll check out some of the ones you all suggested

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[MDPhDWife]

So we've been trying to refi for months and this bank has just been dragging its feet on our application. Sigh. I think we may just start from scratch with another lender at this point. I'll check out some of the ones you all suggested

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Which bank has been dragging their feet? I applied with a bunch, but ended up funding with Sofi just because they gave us the best rate and were fast. We had everything wrapped up within a week. Common Bond kept asking for documents I had already uploaded, DRB has drug its feet and we still haven't heard back (not to mention their application system is old and slow), Earnest gave us a higher rate than the others.

[gcuthbe1]

Which bank has been dragging their feet? I applied with a bunch, but ended up funding with Sofi just because they gave us the best rate and were fast. We had everything wrapped up within a week. Common Bond kept asking for documents I had already uploaded, DRB has drug its feet and we still haven't heard back (not to mention their application system is old and slow), Earnest gave us a higher rate than the others.

Yes it's DRB! Ugh I'm glad it's not just me. I'm thinking might as well apply to Sofi

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[MDPhDWife]

Yeah, I was hoping DRB would come through because they had a slightly higher referral bonus, but I figured by waiting around, the higher interest I'm paying will eat right through that. Sofi had us approved within 48 hours and funded within the week.

[gcuthbe1]

Yeah, I was hoping DRB would come through because they had a slightly higher referral bonus, but I figured by waiting around, the higher interest I'm paying will eat right through that. Sofi had us approved within 48 hours and funded within the week.

Exactly I'm really sad looking at the interest still accumulating. Sofi's initial quote wasnt great. I get he's s resident so they're not inclined to give him a great rate, but I'm cosigning, so it really should not be an issue. We're going to call both DRB and Sofi tomorrow!

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[MDPhDWife]

Exactly I'm really sad looking at the interest still accumulating. Sofi's initial quote wasnt great. I get he's s resident so they're not inclined to give him a great rate, but I'm cosigning, so it really should not be an issue. We're going to call both DRB and Sofi tomorrow!

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I was able to successfully negotiate with Common Bond using Sofi's offer. The rate they offered was .13% higher than Sofi's, but they were willing to increase their referral bonus to $500 compared to Sofi's $200. In the end I still went with Sofi just because they were so much easier to work with. All this to say, it doesn't hurt to try and negotiate for a lower rate or at least a higher bonus offer.

[gcuthbe1]

I was able to successfully negotiate with Common Bond using Sofi's offer. The rate they offered was .13% higher than Sofi's, but they were willing to increase their referral bonus to $500 compared to Sofi's $200. In the end I still went with Sofi just because they were so much easier to work with. All this to say, it doesn't hurt to try and negotiate for a lower rate or at least a higher bonus offer.

Good to know! Thank you I really appreciate the advice! I contacted first republic as well!

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