Official SoFi Student Loan Refi Referral Thread

[TrulyStashin]

I just refinanced $155,006 worth of law school loans with SoFi.  I shopped it at two other lenders -- Charter One and Darien Rowayton Bank -- but SoFi gave the best terms and had outstanding service.   I applied on Black Friday (instead of shopping!).  On Sunday, SoFi pulled my credit report.  Today, Wednesday, my phone rang and it was Jasmine from SoFi calling to tell me I'd been approved.  A phone call!?  Nice.

10 years, variable at 4.16% (add'l discount of .25% for autopay), capped at 8.95%, indexed to the 1-month LIBOR.  My previous rates were 6.55%, 7.55% and 7.65% so I'm quite pleased.  I just signed everything and the refi will fund on Monday Dec. 8th. -- just over one week for the whole process.

[EDIT: Moderator Note from Pete MM - On Feb. 3 2016, Sofi let me know that posting these personal referral links on public sites like this (unless you own the site yourself) is not permitted by their user agreement. Many companies including Uber have similar rules. They asked them to be removed - so rather than risk them deactivating everyone's referral accounts I'll just edit out the codes here. Besides, you can get a $300 bonus instead of $100 if you use the "official" code for this blog (sofi.com/mrmoneymustache)]

[Blonde Lawyer]

I also had a great experience with SoFi. 

I graduated law school with federal and private student loans.  My private loans were co-signed by my husband, had a variable 8.61% interest rate and a 15 year term.  My federal loans had a 10 year term and interest rates at 5.8, 6.3 and 6.8%.  I refinanced with SoFi 4 1/2 years into my payments into a 5 year loan with a fixed interest rate of 5.375% and was able to lose the consignor.  My new payments are only $255.26 more per monthly minimum than my old payments.  Since I was paying extra on the private ones before I'm actually only paying about $195.26 more per month.  But, my federal loans will be paid off 7 months early and my private loans will be paid off 5 years and 7 months early and my husband is no longer bound to them should I die.  I also finally have a fixed interest rate.   My old variable one could go up to 19%!!!  This is going to save me a minimum of $17,000 over the life of my loan.

The process was very easy and the customer service was great.  After it was all done, they sent me a soft t-shirt (one I will actually wear) and a bottle opener.  I liked that the gifts were a surprise and not something they were using to entice students to make decisions. 

Thanks for starting this thread.  I will include my referral code too though I don't want to steal your thunder. [...]

Edited to update link.

[TrulyStashin]

Wow, Blonde Lawyer, that's a huge improvement for you and your husband!  Welcome to the thread.   It's always nice to meet a fellow SL serf.

[Shade00]

Another lawyer checking in.

I've been thinking about doing this but I just can't decide. My rate is 7.25% - previously consolidated so I have two loans (both federal), one each for subsidized and unsubsidized. My total is around $95k. I don't plan to ever need the federal hardship/forbearance options, but you never know. I plan to have the loans paid off in 3 years or so, so I'm not sure if it makes sense to go this route or not.

My younger self put my loans on an extended repayment plan (ugh) so almost none of my payments have been going to principle, and the repayment term is 25 or 30 years. Refinancing with a decent rate would bring my payment to about $60 more a month than I pay now and with a 15 year term. Plus, wayyyyy more would be going to principle for each payment. If I'm planning to pay it off early, does it matter though?

I have a great job with a great firm and expect to be a partner in about 3 years, so I guess I just need a push to feel comfortable that this is the right move.

[Melchior]

I am not a lawyer but I've been focusing down my own moderate interest student loans for a while now. If all goes according to plan the loans will be eliminated next fall.

Whew, I do not envy having those $100k+ law school loans. Good luck!

[kpd905]

My referral link is in my signature, and I also wrote a review of my experience signing up for Sofi here: http://forum.mrmoneymustache.com/reader-recommendations/my-experience-refinancing-student-loans-with-sofi/

My loans just funded this week, dropping me from a 6.55% interest rate to 4.16%.

[GetItRight]

I found SoFi to be a dead end. They arbitrarily choose to not lend to those who have no degree, regardless of income or other financials. Citizens Bank and Wells Fargo are the other two players who will refinance large student loans. Neither seem interested in arbitrary things and will do large loans at decent rates.

[TrulyStashin]

Another lawyer checking in.

I've been thinking about doing this but I just can't decide. My rate is 7.25% - previously consolidated so I have two loans (both federal), one each for subsidized and unsubsidized. My total is around $95k. I don't plan to ever need the federal hardship/forbearance options, but you never know. I plan to have the loans paid off in 3 years or so, so I'm not sure if it makes sense to go this route or not.

My younger self put my loans on an extended repayment plan (ugh) so almost none of my payments have been going to principle, and the repayment term is 25 or 30 years. Refinancing with a decent rate would bring my payment to about $60 more a month than I pay now and with a 15 year term. Plus, wayyyyy more would be going to principle for each payment. If I'm planning to pay it off early, does it matter though?

I have a great job with a great firm and expect to be a partner in about 3 years, so I guess I just need a push to feel comfortable that this is the right move.

I'm trying to understand why you wouldn't refinance (regardless of whether you use SOFI). 

What's the benefit to paying more in interest costs?  Especially if you don't foresee needing the forbearance/ forgiveness benefits that come with federal loans.  Is it just that your rational analysis has not yet convinced the side of you that's enjoying an emotional comfort zone?

[Shade00]

Another lawyer checking in.

I've been thinking about doing this but I just can't decide. My rate is 7.25% - previously consolidated so I have two loans (both federal), one each for subsidized and unsubsidized. My total is around $95k. I don't plan to ever need the federal hardship/forbearance options, but you never know. I plan to have the loans paid off in 3 years or so, so I'm not sure if it makes sense to go this route or not.

My younger self put my loans on an extended repayment plan (ugh) so almost none of my payments have been going to principle, and the repayment term is 25 or 30 years. Refinancing with a decent rate would bring my payment to about $60 more a month than I pay now and with a 15 year term. Plus, wayyyyy more would be going to principle for each payment. If I'm planning to pay it off early, does it matter though?

I have a great job with a great firm and expect to be a partner in about 3 years, so I guess I just need a push to feel comfortable that this is the right move.

I'm trying to understand why you wouldn't refinance (regardless of whether you use SOFI). 

What's the benefit to paying more in interest costs?  Especially if you don't foresee needing the forbearance/ forgiveness benefits that come with federal loans.  Is it just that your rational analysis has not yet convinced the side of you that's enjoying an emotional comfort zone?

Yes. That's the only reason.

For folks who have refinanced, would you mind sharing the rates you were offered as compared to your credit scores? I'm around 760 and curious where I'd fall on their broad scale of rates.

[Gin1984]

My referral link is in my signature, and I also wrote a review of my experience signing up for Sofi here: http://forum.mrmoneymustache.com/reader-recommendations/my-experience-refinancing-student-loans-with-sofi/

My loans just funded this week, dropping me from a 6.55% interest rate to 4.16%.

Kpd, would you be interested in doing a guest post on my blog towards May?  I write a student financial blog.

[TrulyStashin]

Another lawyer checking in.

I've been thinking about doing this but I just can't decide. My rate is 7.25% - previously consolidated so I have two loans (both federal), one each for subsidized and unsubsidized. My total is around $95k. I don't plan to ever need the federal hardship/forbearance options, but you never know. I plan to have the loans paid off in 3 years or so, so I'm not sure if it makes sense to go this route or not.

My younger self put my loans on an extended repayment plan (ugh) so almost none of my payments have been going to principle, and the repayment term is 25 or 30 years. Refinancing with a decent rate would bring my payment to about $60 more a month than I pay now and with a 15 year term. Plus, wayyyyy more would be going to principle for each payment. If I'm planning to pay it off early, does it matter though?

I have a great job with a great firm and expect to be a partner in about 3 years, so I guess I just need a push to feel comfortable that this is the right move.

I'm trying to understand why you wouldn't refinance (regardless of whether you use SOFI). 

What's the benefit to paying more in interest costs?  Especially if you don't foresee needing the forbearance/ forgiveness benefits that come with federal loans.  Is it just that your rational analysis has not yet convinced the side of you that's enjoying an emotional comfort zone?

Yes. That's the only reason.

I was worried that I'd need the forbearance option.  My job is semi-secure so it's a little risky for me to give up the possibility of forbearance.  But when I ran the loan calculator and saw how much I could save in interest (north of $20k in my case), I got over my reluctance after about a month of ruminating.   

My IBR payment is jumping from $926 (almost all going solely to interest) to $1580 (less than half going to interest) but for the first time, I feel like I'll make some progress.   

Maybe if you ran some loan calculations and saw the hard numbers, it would help you make a rational decision?

[GetItRight]

I also don't understand how loan term is relevant... If you are on a 25 -30 year term but are making payments to be done in ~3 years... Then all the 30 year term does is give you an option to survive on a lower monthly cost should you lose a source of income. The only thing refinancing to a 15-20 year term at a lower interest rate does is lower your total spent on repaying the loans since the interest paid will be less. 15yr vs 30 yr is probably a trivial monthly buffer amount if you're both a lawyer and frugal.

Unless your scenario is different or more complex. For example I have loans ranging from 4.5% to 6.8% I am paying interest only on the 4.5% (technically a bit more, but not much) but putting the extra $200 or so that would otherwise go to the 4.5% loan toward the 6.8% loan. Even though the 4.5% loan balance stays more or less the same for the time being, the higher interest loan balance decreases more rapidly for a lower total cost of all loans combined.

In my case I have already refinanced to lower fixed rates from the original loan rates I had, and may refi to a variable eventually as that would cut my effective rate at least in half at current rates, but I won't take that risk with an estimated 4 years of repayment left as interest rates could rise dramatically in that time.

[TrulyStashin]

Another lawyer checking in.

I've been thinking about doing this but I just can't decide. My rate is 7.25% - previously consolidated so I have two loans (both federal), one each for subsidized and unsubsidized. My total is around $95k. I don't plan to ever need the federal hardship/forbearance options, but you never know. I plan to have the loans paid off in 3 years or so, so I'm not sure if it makes sense to go this route or not.

My younger self put my loans on an extended repayment plan (ugh) so almost none of my payments have been going to principle, and the repayment term is 25 or 30 years. Refinancing with a decent rate would bring my payment to about $60 more a month than I pay now and with a 15 year term. Plus, wayyyyy more would be going to principle for each payment. If I'm planning to pay it off early, does it matter though?

I have a great job with a great firm and expect to be a partner in about 3 years, so I guess I just need a push to feel comfortable that this is the right move.

I'm trying to understand why you wouldn't refinance (regardless of whether you use SOFI). 

What's the benefit to paying more in interest costs?  Especially if you don't foresee needing the forbearance/ forgiveness benefits that come with federal loans.  Is it just that your rational analysis has not yet convinced the side of you that's enjoying an emotional comfort zone?

Yes. That's the only reason.

For folks who have refinanced, would you mind sharing the rates you were offered as compared to your credit scores? I'm around 760 and curious where I'd fall on their broad scale of rates.

My credit score ranges from 710 - 749 depending on the agency.   My rate with SoFi is 3.91% (variable). 

With Sofi, you can create a user name and input your data and get a preliminary answer right away without them doing a hard inquiry -- it's considered a "soft inquiry" so it doesn't drop your score like a hard inquiry does.  SoFi turned me down last May because I had too much debt.  I kept working on my debt and got approved in October. 

[Shade00]

Another lawyer checking in.

I've been thinking about doing this but I just can't decide. My rate is 7.25% - previously consolidated so I have two loans (both federal), one each for subsidized and unsubsidized. My total is around $95k. I don't plan to ever need the federal hardship/forbearance options, but you never know. I plan to have the loans paid off in 3 years or so, so I'm not sure if it makes sense to go this route or not.

My younger self put my loans on an extended repayment plan (ugh) so almost none of my payments have been going to principle, and the repayment term is 25 or 30 years. Refinancing with a decent rate would bring my payment to about $60 more a month than I pay now and with a 15 year term. Plus, wayyyyy more would be going to principle for each payment. If I'm planning to pay it off early, does it matter though?

I have a great job with a great firm and expect to be a partner in about 3 years, so I guess I just need a push to feel comfortable that this is the right move.

I'm trying to understand why you wouldn't refinance (regardless of whether you use SOFI). 

What's the benefit to paying more in interest costs?  Especially if you don't foresee needing the forbearance/ forgiveness benefits that come with federal loans.  Is it just that your rational analysis has not yet convinced the side of you that's enjoying an emotional comfort zone?

Yes. That's the only reason.

I was worried that I'd need the forbearance option.  My job is semi-secure so it's a little risky for me to give up the possibility of forbearance.  But when I ran the loan calculator and saw how much I could save in interest (north of $20k in my case), I got over my reluctance after about a month of ruminating.   

My IBR payment is jumping from $926 (almost all going solely to interest) to $1580 (less than half going to interest) but for the first time, I feel like I'll make some progress.   

Maybe if you ran some loan calculations and saw the hard numbers, it would help you make a rational decision?

Thanks for your suggestion. I am doing just that right now. Rough calculations show I'll save about $4k over the next year alone in interest if I refinance, assuming I get a reasonable rate. Once I start kicking the payments up after paying off the other loans, I'll save probably another $4k in interest.

I think I'm going to have to refi. How can I pass that up? My job is very secure except my wife and I might move to another office in another city. That won't necessarily make my position less secure, but it will change our budget somewhat.

[likeavision]

Yes. That's the only reason.

One other factor you (maybe not "you" but other people in a similar situation) might wish to consider is what happens if you die before the loan is paid off.  With the federal loans, the balance is forgiven.  I'm guessing but I assume your estate would have to pay back the SoFi loan.  My student loans are all paid off but I always looked at my federal consolidation loan as a form of reverse life insurance.

[Shade00]

Yes. That's the only reason.

One other factor you (maybe not "you" but other people in a similar situation) might wish to consider is what happens if you die before the loan is paid off.  With the federal loans, the balance is forgiven.  I'm guessing but I assume your estate would have to pay back the SoFi loan.  My student loans are all paid off but I always looked at my federal consolidation loan as a form of reverse life insurance.

Interesting point. I have not given this much thought. However, I think my wife would be ok - whatever community assets we have are nominal and could be sold without issue to satisfy whatever they would satisfy. The $500k life insurance policy would pass outside the succession, so whatever balance would not have to be taken from that.

Also, I found references around the web that say SoFi has death cancellation benefits, but I cannot find anything on their website.

[kpd905]

My referral link is in my signature, and I also wrote a review of my experience signing up for Sofi here: http://forum.mrmoneymustache.com/reader-recommendations/my-experience-refinancing-student-loans-with-sofi/

My loans just funded this week, dropping me from a 6.55% interest rate to 4.16%.

Kpd, would you be interested in doing a guest post on my blog towards May?  I write a student financial blog.

Sure, PM me the details of what you're looking for.

For folks who have refinanced, would you mind sharing the rates you were offered as compared to your credit scores? I'm around 760 and curious where I'd fall on their broad scale of rates.

They gave me my Experian score when I completed the application.  My credit score was 775, and I received a rate of 4.16% with autopay.  I think it also factors in the total of your loans vs. your income.  Right now my total balance of loans is roughly 60% of my yearly income.

[Blonde Lawyer]

Wow! Lots of responses here. I was impressed with the protections that SoFi offered.  I recall them offering forgiveness on death.  This article on their website confirms it.  https://www.sofi.com/blog/your-plus-loan-is-a-bad-deal-give-it-back/

It says they also offer IBR in that article but that is the one thing I did NOT think they offered when I refinanced.  Because I'm married and my husband also has a good salary I don't think I would ever qualify for IBR anyway. SoFi still offers forbearance for economic hardship and also has their own alumni network to help you get a job if you lose yours.  Since they are alumni funded they have an interest in keeping you employed. 

Regarding why length of repayment matters - some loan companies are shady and instead of applying over payment to principal, they pay you forward instead.  So, they figure out what your principal and interest is over the life of your loan.  Then they just start applying your extra payments to those.  Eventually, yes, you will pay it off early but you are not paying it off as early as you would be if you had the extra payments going to principal.

The private loan I got rid of was one of those shady companies.  I took out a 10 year loan and about a year into repayment I realized they had me on a 15 year plan.  They wouldn't fix their error and just told me to pay more each month to pay off in 10.  They gave me the calculation but it was 10 years from the date I called which would make it an 11 or 12 year loan.  Also, despite me asking 100 times for the over payment to go to principal I'm fairly certain that they were just paying me forward.

In 4 1/2 years I had only paid $3k in principal on that loan but had paid $18k in principal on my federal loans.  That wasn't just the interest rate difference at issue.

Regarding credit, I don't know my exact number but it is in the highest tier. I ended up w/ a fixed 5.375% rate if I use autopay and 5.625% if I opted out of autopay.  I wrote more about it for another blog I follow and you can read it here.
http://corporette.com/2014/12/10/refinancing-student-loans/

[fresh]

Hmmm, just did the "find my rate" thing to check on what kind of rate they could offer me.  I went through your link kpd905 but they said they couldn't approve me right now.  My credit score is around 750 and my loan amount is $18000 so I am looking forward to finding out why they declined me. 

Oh well, maybe next year.

[kpd905]

How long have you been at your current job?  I have found they like to see job stability.

Otherwise, see what they say about why they declined you.  Maybe there is some additional information/paperwork you can send them to change their minds.

[TrulyStashin]

Hmmm, just did the "find my rate" thing to check on what kind of rate they could offer me.  I went through your link kpd905 but they said they couldn't approve me right now.  My credit score is around 750 and my loan amount is $18000 so I am looking forward to finding out why they declined me. 

Oh well, maybe next year.

When I first applied (May, 2014) I was rejected.  I had a good credit score and a good job so I was a little baffled.  The SoFi rep I talked to at the time wasn't able to tell me exactly why I wasn't approved.  He just said that they have underwriting guidelines and there is an algorithm that applies those guidelines to each applicant.  If you're outside the guidelines, no luck.  I believe it was because my debt-income ratio was too high -- that's the only reason I could see.

I stayed focused and paid down my debt.  From October to May, I dropped my debt by almost $15k.  I reapplied in October, 2014 and was approved.  YMMV.

[Blonde Lawyer]

Two other thoughts on SoFi -

They recently changed their referral widget where I can see how many clicks my link got, how many people signed up from the link, and what commissions I have pending.  Previously, this data was all anonymous with just transaction numbers.  Now I see the email addresses of the people that signed up.  That seems like a bit of a privacy issue to me.  I just thought I would put it out there for discussion and for people to think about before using the link.  It wouldn't stop me from using the link, I would just use an email address that didn't have my real name in it.  I can't see where the person clicked my link though so I wouldn't be able to say "oh, that's so and so from the MMM forums."  Since I share my link in a lot of venues it makes it more anonymous but if someone only shared the link here, for example, they would know the emails of the people that signed up.

Also, when we were discussing federal protections lost, I thought of some protections gained.  You can't be a federal employee with federal student loans in default.  Your tax returns and social security checks can be garnished for failing to pay federal student loans.  I don't think private student loans have as broad collection rights like that.  Obviously, people on MMM are planning on getting out of debt but if "it" hits the fan, its nice to know there are some limitations to the company's reach.

[TrulyStashin]

^^^^^   Whoa! 

I read your post, BL, and just logged into my SoFi account to see if I've got similar information.  In the past, I've been able to see how many people registered using my link and the amount of referral payments pending, but there's never been any information about WHO used my link.   

Double-checking again right now, it's still the same -- # of referrals, but no details.  Certainly no email addresses.  I wonder if you experienced some kind of blip/ flaw in SoFi's website.  Maybe it's worth a call to them to let them know that you had access to this info.  I don't think your access to emails is normal or acceptable and it seems like they should know it happened.

[Blonde Lawyer]

Does your page look different? On mine, there is a thing on the side that says "Dashboard, Stats, Commissions, Payouts, Assets."  If you click "commissions" that is where I'm seeing email addresses under the column "customer referred."  I will give them a call.

[Gin1984]

Two other thoughts on SoFi -

They recently changed their referral widget where I can see how many clicks my link got, how many people signed up from the link, and what commissions I have pending.  Previously, this data was all anonymous with just transaction numbers.  Now I see the email addresses of the people that signed up.  That seems like a bit of a privacy issue to me.  I just thought I would put it out there for discussion and for people to think about before using the link.  It wouldn't stop me from using the link, I would just use an email address that didn't have my real name in it.  I can't see where the person clicked my link though so I wouldn't be able to say "oh, that's so and so from the MMM forums."  Since I share my link in a lot of venues it makes it more anonymous but if someone only shared the link here, for example, they would know the emails of the people that signed up.

Also, when we were discussing federal protections lost, I thought of some protections gained.  You can't be a federal employee with federal student loans in default.  Your tax returns and social security checks can be garnished for failing to pay federal student loans.  I don't think private student loans have as broad collection rights like that.  Obviously, people on MMM are planning on getting out of debt but if "it" hits the fan, its nice to know there are some limitations to the company's reach.

I believe the private student loans can garnish the same way, but that they need a court order.

[Blonde Lawyer]

In many states social security is protected from garnishment (as in Court's can't order it) and a private company couldn't stop you from holding a federal job.

On the email issue - I called SoFi and left a message but haven't heard back yet.

[Blonde Lawyer]

SoFi fixed the email address issue.  I left them a voicemail.  I didn't get a call back but that info is now gone from my page.

[TrulyStashin]

^^^  Yay.  That's great news.  Thanks for reporting back.

[randymarsh]

I believe the private student loans can garnish the same way, but that they need a court order.

This is accurate; garnishment of federal loans is called an "administrative garnishment" and can happen without a court order.

[Blonde Lawyer]

Check out my new post re: changes to the referral program.  Make sure you update your links!

[ILoveMyBlondeStache]

Hey everyone!  I just successfully refinanced through Sofi!  My interest rate had been 6.8% and now I am down to 3.42%!!! Here is my referral link if you're interested in getting $100 after signing up.  Enjoy!!!

[...]

[Blonde Lawyer]

Hey everyone!  I just successfully refinanced through Sofi!  My interest rate had been 6.8% and now I am down to 3.42%!!! Here is my referral link if you're interested in getting $100 after signing up.  Enjoy!!!

That's awesome! Did you go with a variable or fixed interest rate?

[ILoveMyBlondeStache]

Hey everyone!  I just successfully refinanced through Sofi!  My interest rate had been 6.8% and now I am down to 3.42%!!! Here is my referral link if you're interested in getting $100 after signing up.  Enjoy!!!

That's awesome! Did you go with a variable or fixed interest rate?

I chose to go with a variable rate.  I plan on paying it off in the next three years or sooner.  I could be jinxing it, but I think interest rates will hold pretty low for that amount of time.  Fixed would have been 4.17% I believe. 

[rocksinmyhead]

How long have you been at your current job?  I have found they like to see job stability.

Yep, this is why I got declined as well (had only been there a year). I ended up paying off my loans before I got a chance to reapply.

[Shade00]

Completed signing my paperwork yesterday. For reference, I have been at my current job for about 3 1/2 years, and assume they were satisfied by my credit. My score as reported by their disclosure was 764. My rate is 4.04%, and I'm refinancing $96k of federal loans (at 7.25%). I intend to pay it off earlier, but it will be so nice to actually see the principal balance go down even with minimum payments.

[randymarsh]

No go for me. My 7.9% loans are in my dad's name so I can't refinance them. He can't refinance either because he doesn't have a bachelor's degree, even though the person who the loans were for does. Very frustrating. His income is higher, he's worked for decades, and has an 800+ FICO. He's the better risk but they're like the HR department that wants the BS checkbox filled. The SoFi guy said they're working on it. :/

I could refinance my Stafford loans but I'm not sure if there's much point. I have a mix of interest rates, some as low at 3.6% and others at 6.8%. Going to SoFi means giving up income based repayment (not an option for PLUS) and I'm still stuck with tens of thousands of dollars at 7.9%.

[Blonde Lawyer]

No go for me. My 7.9% loans are in my dad's name so I can't refinance them. He can't refinance either because he doesn't have a bachelor's degree, even though the person who the loans were for does. Very frustrating. His income is higher, he's worked for decades, and has an 800+ FICO. He's the better risk but they're like the HR department that wants the BS checkbox filled. The SoFi guy said they're working on it. :/

I could refinance my Stafford loans but I'm not sure if there's much point. I have a mix of interest rates, some as low at 3.6% and others at 6.8%. Going to SoFi means giving up income based repayment (not an option for PLUS) and I'm still stuck with tens of thousands of dollars at 7.9%.

Could you try some of the other lenders? Common Bond, Wells Fargo, Citizens? Maybe someone will have a referral code for those too.

[randymarsh]

Citizens will, after 10 more months of on time payments.

[marblejane]

I have refinanced a loan with Common Bond and found their underwriting department easy to work with, but I'm not sure if/how their lending standards differ from SoFi.

I have this referral link: https://commonbond.co/refinance-loan?referrer=4b7468ecd78f78ca6b6d8782bdf025c1

but here's the caveat, it doesn't look like anyone who uses it gets an incentive, I'm the only one that gets a referral bonus ($200).

Weird, huh? Feel free to use it or not. & best of luck with your situation.

[minimos]

Just got done signing the refinance documents with Sofi -- dropping the highest of our SL rates by about 1.25%.  The application process was straight forward -- now to track that the payoff to our old vendor goes smoothly.   I'll give an update after a month or so with any updates in opinions!

After finalizing the documentation, got a referal link - so anyone using it will get a $100 bonus:
[...]

Good luck to everyone trying to tackle the student loan debt mountain.  Every little bit helps!

[mystikspiral]

Dropped my interest rate from 5.00% to 3.045%

Here's my referral link to save $100:...
Happy Saving!

[thurston howell iv]

I looked at Sofi and CommonBond and a another one I can't recall right now.
Common Bond did not want to disclose much info until you filled out their paperwork.
Sofi seemed to give more info.

I know this is the official sofi referral thread but are there any more lenders you might consider if not for sofi?  We have massive (more than you can imagine) student loan debt and I need to find the best rates, terms and options (like forbearance in the case of an emergency).  Right now % is insane. We're even selling a house to try and make a dent.

Any ideas? Or should I start a new thread?

[marblejane]

Thurston, I would suggest that you start a new thread. One bank that I've not used but heard recommended is Darien Rowayton Bank (DRB). Check out this article on Student Loan Hero: http://studentloanhero.com/featured/5-banks-to-refinance-your-student-loans/

[Blonde Lawyer]

I looked at Sofi and CommonBond and a another one I can't recall right now.
Common Bond did not want to disclose much info until you filled out their paperwork.
Sofi seemed to give more info.

I know this is the official sofi referral thread but are there any more lenders you might consider if not for sofi?  We have massive (more than you can imagine) student loan debt and I need to find the best rates, terms and options (like forbearance in the case of an emergency).  Right now % is insane. We're even selling a house to try and make a dent.

Any ideas? Or should I start a new thread?

I've heard Wells Fargo and Citizens are also refinancing student loans.  My understanding is that SoFi does offer forbearance in the case of an emergency and that they also have career placement assistance.

[thurston howell iv]

Good info. I have checked out a few of these banks.

Question now is this: If one were to secure a consolidation loan with one of these guys at 1.92% variable and lets say rates started to get crazy; would refinancing elsewhere, for a lower rate, be an issue?  (I know I can re-fi a car or a house. Re-fi on unsecured debt is new to me) Not sure if the terms of these consolidation loans have some sort of catch.

[Blonde Lawyer]

Other people here have reported refinancing w/ SoFi more than once.  I have not.  I went w/ fixed rate b/c I was too risk adverse to go w/ variable. If rates start going up you could likely still refi to fixed but those rates would likely have gone up too.  I know SoFi caps their variable rates at a fairly reasonable number though so you wouldn't get anything truly outrageous.  Before refinancing, my variable rate with my private lender was capped at 19%! Insane.

[jacquespluto]

Just refinanced through SoFi.  Moved from 5.7% to 3.43%  Very straightforward and quick process!

Referral code below!

[...]

[PencilThinMustache]

Good info. I have checked out a few of these banks.

Question now is this: If one were to secure a consolidation loan with one of these guys at 1.92% variable and lets say rates started to get crazy; would refinancing elsewhere, for a lower rate, be an issue?  (I know I can re-fi a car or a house. Re-fi on unsecured debt is new to me) Not sure if the terms of these consolidation loans have some sort of catch.

I specifically asked this question and they told me it is not a problem to refi either with them or a competitor

[PencilThinMustache]

I looked at Sofi and CommonBond and a another one I can't recall right now.
Common Bond did not want to disclose much info until you filled out their paperwork.
Sofi seemed to give more info.

I have refi'd with both sofi and common bond.  With SoFi I did the fixed rate 5 year plan, because I was a little nervous jumping into this whole thing.  I only refi'd half of my debt and got rate from 6.8% to 3.9%.  In the end it didn't matter much; I paid that puppy off in 9 months (we have been working on flexing our frugality muscles a little!). 

Recently, when we paid off sofi, I decided to get into an uber-low interest rate of 1.92% on a 5 year variable loan for the remaining portion of my debt at 3.8% (a rate I was previously comfortable with).  This rate is offered by SoFi, common bond, and DRB.  I ended up going with common bond and did get the 1.92%, but I have read on other posts that it takes pretty high credit scores to get that kind of rate (mine was 810, up from 750 the year prior, presumably because of how timely we paid our sofi debt).

I went with common bond only because I went to their website first just to sniff around, and as a another posted implied, you cant get much without putting in all your numbers to get a soft hit credit report.  Once I made it that far, inertia took over and I didn't bother with sofi because I knew they couldn't beat the rate

In the end I am actually a bit happier with common bond as the process was a little faster.  That being said I havent gotten my free common bind T shirt like sofi sent me!  caveat being that it was my second foray and I may have been a bit more comfortable in general.  Either way, the experience was eerily similar and I'm sure the "behind the curtain" calculations and review they do is very similar so if you are rejected by one don't expect much different from the other.

good luck

[ecksc]

Thanks to those in this thread suggesting SoFi. I just refinanced with them. Don't know why I waited so long. I checked with Wells Fargo, and Federal Consolidation Loans, and a couple other places, and none of them came close. In case anybody finds this thread and is looking for the $100 referral code, try this:

[...]

Thanks again!