Author Topic: Student Loan ReFi Sign Up Bonus Churning?  (Read 1267 times)

bluetick

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Student Loan ReFi Sign Up Bonus Churning?
« on: November 17, 2017, 07:44:52 PM »
Hey All,

A few months back I refi'd with SoFi and got a $300 sign up bonus via the MMM affiliate link. Everything is going well so far at Sofi. BUT Commonbond is offer a $500 bonus through StudentLoanPlanner.com.  The rates are exactly the same. Thinking about switching over and then perhaps repeating with a few of the other Refi companies in a few months.  My reservations are the multiple hard pulls on my credit report and my moms as she would need to cosign and losing  the 7 payments at SOFI toward the 36 I need to release the cosigner.  My rate is 4.9% for 10 years, but Im trying to pay it off in five.

Any Thoughts?

bluetick

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Re: Student Loan ReFi Sign Up Bonus Churning?
« Reply #1 on: November 17, 2017, 07:48:18 PM »
Sorry for the duplicate post,  maybe an Admin can delete this one?

Sibley

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Re: Student Loan ReFi Sign Up Bonus Churning?
« Reply #2 on: November 18, 2017, 09:11:15 PM »
Sounds too complicated for me, but with any loan keep an eye on transaction costs. Could make it not worth it.

Hargrove

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Re: Student Loan ReFi Sign Up Bonus Churning?
« Reply #3 on: November 18, 2017, 10:15:25 PM »
I guess you can, since SoFi has no origination fees, but I didn't actually get the loan materials for the fine print.

I would say that provided your new refi company will refinance a private loan (which yours became once SoFi paid off the government), and has no origination or early termination etc fees, you probably could do this for the cost of the hit to your credit.

However, I'd be surprized if there were no language in there preventing you from jumping ship like that within x months, and/or that the new lender would refi an identical rate from a months-old loan. Credit card churning is probably a more lucrative use of your credit score.