Author Topic: My Experience Refinancing Student Loans with Sofi  (Read 41490 times)

djballer

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Re: My Experience Refinancing Student Loans with Sofi
« Reply #100 on: July 07, 2016, 10:58:22 PM »
My experience with DRB

I graduated in May 2015 and started working in August. I had about $215k in total loans with an average of 5.8%. This included a mix of federal and private loans. I applied to both SOFI and DRB. SOFI offered me 4.99% fixed for 5 years and ~3.6 variable rate, while DRB offered a variable rate of 3.22% and 4.5% fixed for 10 years. I went with DRB's variable rate, which is based on the 3 month Libor. I refinanced 171k in December. My credit score when i refinanced was 812. Even though my rate is considerably low, I am always on the lookout for lower rates. First Republic Bank has the best rates out there. If you are local to one of their branches, definitely look into it. They offer fixed rates as low as 1.95%. My current variable rate is 3.61. The 3 month LIBOR rate as been going up since i refinanced. I will probably try to refinance again once I make a significant balance on the amount owed.

I recommend applying to multiple lenders at the same time and the going with the lender with the better term.

« Last Edit: July 08, 2016, 09:22:27 AM by djballer »

dtodas2000

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Re: My Experience Refinancing Student Loans with Sofi
« Reply #101 on: January 30, 2017, 01:58:13 PM »

I processed my student loan refinance through Earnest. The process was quick, and simple. Customer support is just a call away, and always very helpful. They compete mainly with SoFi, which i applied as well. Overall i have to say the experience was better going through the process with Earnest. If by any chance you decide on Earnest, by using my Earnest referral link:

https://www.earnest.com/invite/daniel3316

You can get a bonus of $200 dlls. It is a nice way to start paying off those student loans.

When you share your personal referral link with your friends and family, you'll each get $200 when they refinance with Earnest.

seventytimes7

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Re: My Experience Refinancing Student Loans with Sofi
« Reply #102 on: January 30, 2017, 03:44:47 PM »
I've been looking at SoFi for a while now and have lots of friends who highly recommend it. I have high interest rates (6.55 on some and 5.16 on more), but I've budgeted to pay off all of the loans within 2 years. SoFi is offering a variable rate of 3.865, which is good but worrisome with the idea of three rate hikes anticipated in 2017.

The savings is around $1400 including the MMM referral. I get that $1400 is not chump change, but I guess my hesitation is that SoFi does not have as good as a program as FedLoan. Does SoFi  have the ability to adjust if unemployment or underemployment occurs? From my understanding they have some unemployment protection, but only for 12 months aggregate.

Any notion on whether the $1400 is worth that small peace of mind? Anyone used the SoFi unemployment protection?

TrulyStashin

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Re: My Experience Refinancing Student Loans with Sofi
« Reply #103 on: February 03, 2017, 09:59:09 AM »
I've been looking at SoFi for a while now and have lots of friends who highly recommend it. I have high interest rates (6.55 on some and 5.16 on more), but I've budgeted to pay off all of the loans within 2 years. SoFi is offering a variable rate of 3.865, which is good but worrisome with the idea of three rate hikes anticipated in 2017.

The savings is around $1400 including the MMM referral. I get that $1400 is not chump change, but I guess my hesitation is that SoFi does not have as good as a program as FedLoan. Does SoFi  have the ability to adjust if unemployment or underemployment occurs? From my understanding they have some unemployment protection, but only for 12 months aggregate.

Any notion on whether the $1400 is worth that small peace of mind? Anyone used the SoFi unemployment protection?

When I left steady employment at a big law firm in September of 2015, SoFi gave me 6 months of payment abeyance.  They would have allowed me to make no payments at all, but I elected to continue paying the interest so I didn't backslide on principal owed during that 6 month window.  They were absolutely great to work with and I owe then a mortgage-worth! 

I have the adjustable rate loan (10 year term) and thanks to rate hikes my monthly payment has gone from $1702 to $1718.00.   My interest was 4.1% and is currently 4.78 (it just went up).  Which, IMHO, still beats the pants off the 6.9 and 7.8 I was paying for federal student loans.

YMMV
I refinanced my student loans with SoFi and dropped my interest rate from over 7% to 3.9%.

Dicey

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Re: My Experience Refinancing Student Loans with Sofi
« Reply #104 on: February 04, 2017, 02:27:36 PM »
I don't watch TV much, but happened to be somewhere when one was on. Saw a commercial for So-FI(!). Later, another one. Are they loosening up a bit? Anyone know?
I did it! I have a journal!
http://forum.mrmoneymustache.com/journals/a-lot-like-this/
And hell yes, I am still moving confidently in the direction of my dreams...

ejchis

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Re: My Experience Refinancing Student Loans with Sofi
« Reply #105 on: February 06, 2017, 01:36:07 PM »
I refinanced with SoFi a year ago. Experience was all positive, and they have offered some free perks over the last year. Kind of random stuff--we went rock climbing and got free dinner one night, and there have been several happy hours. I've also received several free t-shirts.

While that stuff is nice, I'm really in this game to get my loans paid off for the lowest cost. To that end, I just refinanced with Earnest. They offered me a substantially lower interest rate. I even gave SoFi an opportunity to keep me as a customer, but they couldn't match Earnest.

Earnest does a pretty comprehensive review of your complete financial posture, so I would imagine this would benefit many people on this forum. They aren't just looking at debt-to-income. All of your savings are going to play a factor as well. I assume that's why my rate was much better with Earnest than with SoFi.

Also, if you live in a state where it is permitted, Earnest also lets you switch between fixed and variable rate. That was a huge selling point to me up front, but it turns out it isn't permitted in my state.

Anyway, if anyone wants a $200 cash bonus (direct deposited into your checking account), you can earn one by using this referral link: https://www.earnest.com/invite/eric1814

Blonde Lawyer

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Re: My Experience Refinancing Student Loans with Sofi
« Reply #106 on: February 21, 2017, 02:55:11 PM »
I'm done!!! I've paid them off.  Today is the day my payments normally came out.  It's amazing.  I would never have paid them all off by now without getting a better interest rate.