Refinance Student loan

[b4u2]

So I read an article last night that stated student loan refinance rates where as low as 1.91%. Back in my much dumber days I got a spousal consolidation for 300 month at 3.875%. Divorced since then so most of the debt is on me. I am now down to 172 months with a current balance of $43,536.34 monthly payment is $343. I am thinking of trying to refinance but not sure who to use.

Anyone use SOFI?
On paper I think a refinance would help. Not really wanting my payment to go up but if it's not a huge amount I could swing it. My credit is 750+ so I should be able to easily refinance.

[therethere]

From my experience, ingeneral I've found that.... Sofi gives low rates for high incomes. Earnest gives low rates for higher assets (incl retirement).

It can't hurt to get quotes from everyone and just pick the lowest that fits your payoff timeline. I will say that the 1.91% rate advertised is likely a variable rate and on a 5-7 year payback period. There's nothing holding you back from refinancing over and over again.

[b4u2]

I didn't even think about that being a variable rate. I looked and if I qualify, which I should, I could get 3.45%. Not really enough to consider refinancing at this point.

[therethere]

If the length of the loan is the same (making the payment roughly the same) and you can cut your rate at all it's still worth it. I mean any rate reduction is less money you're giving away on interest right? I'm willing to refinance my student loans if I can save at least $250 over the length of the loan.

A 0.43% rate cut will save you $180 the first year plus whatever referral/signup bonus you get  (typically $100-$200). Is a $300 return in the first year worth the 1-2 hours of work and hard pull? I would say most definitely. You can always refinance again to lower rates as your salary and assets grow.

Other companies to look at:
Earnest, Sofi, Citizens Bank, Credible (search engine)

[rothwem]

From my experience, ingeneral I've found that.... Sofi gives low rates for high incomes. Earnest gives low rates for higher assets (incl retirement).

Not sure where you’re getting that from. Earnest didn’t even have a section to fill in assets for my wife’s student loans.

Both Sofi and Earnest offered us a rate of 5.25%, which was nearly exactly what the current loans were at.

I’m not sure who is eligible for those super low rates tbh, our household income is $145k and both of our credit scores are >780.

[b4u2]

I have not applied yet but this is good to know. I was thinking about going ahead and trying to refinance into a lower rate.