Author Topic: Student Loan Refinancing  (Read 286 times)

ejchis

  • 5 O'Clock Shadow
  • *
  • Posts: 43
Student Loan Refinancing
« on: February 11, 2018, 04:40:18 PM »
I'm carrying some pretty hefty student loan debt as a result of doing three very expensive degrees all on loans. Since finding this site, I've been aggressively tackling my loans, and part of that process has involved refinancing (a few times now) as I'm able to get into better and better interest rate situations.

I initially refinances with SoFi, but I have also refinanced with CommonBond, Earnest, and Laurel Road (formerly DRB). Earnest was able to get me an excellent rate compared to the others I had tried, and I recently made the switch to Laurel Road after they were able to get my rate down even further.

For anyone looking to refinance, I wanted to share links for referral bonuses. I have links for Earnest and for Laurel Road. If you go with either company using these links, you will receive a $200 cash bonus (and I'll receive the same). If anyone has any questions about any of these companies, I'm happy to share my experiences. I hope these can be helpful for anyone looking to find a better rate.

Earnest: http://bit.ly/2G8bJpH

Laurel Road: http://bit.ly/2o38tVo
« Last Edit: February 11, 2018, 04:43:42 PM by ejchis »

clarkfan1979

  • Handlebar Stache
  • *****
  • Posts: 1615
  • Age: 38
  • Location: Kauai & Denver
Re: Student Loan Refinancing
« Reply #1 on: February 12, 2018, 12:18:31 AM »
What kind of interest rates are we talking?

ejchis

  • 5 O'Clock Shadow
  • *
  • Posts: 43
Re: Student Loan Refinancing
« Reply #2 on: February 12, 2018, 06:22:34 AM »
What kind of interest rates are we talking?

That's a good question, the answer to which may or may not be relevant to others depending on their circumstances.

I did my first refi with SoFi in February of 2016 (exactly two years ago). I came in at that point with a student loan balance over $300k and an interest rate of 7.5%. I just refinanced last week with Laurel Road at 4.21%.

My strategy from the beginning has been to maintain an emphasis on savings while also aggressively attacking my loan balance, and I am on pace to FIRE in just over six years, right around the same time I will make my last loan payment. This means continuing to max my 401(k), IRA, and HSA contributions regardless of how big my loan payment needs to be. Getting that interest rate down to 4.21% helps me rest easier about continuing to spread my efforts down the stretch.