SoFi Refi Question?

[mtnbikes]

Has anyone used this service? How has your experience been? I currently owe $50,000 in student loans at 4.25% fixed. I'm on schedule to have them paid off in three years or less, however, I'm wondering if it would be worth refinancing? Any advice would be appreciated.

[Thegoblinchief]

The refi itself goes quite smoothly. I think their best rate currently is 4.2ish, and about 3.9ish with the auto pay discount. It's up to you whether a couple tenths of interest over 3 years is worth an hour or two.

[Fuzz]

Not sure what your income is.  Sofi wanted a co-signer for me, which was a dealbreaker. I'd say it's worth an hour or two of your time.

[patricles]

I refinanced private loans at 7.8% and fed loans at 6.5% to a variable rate at 4.9% (I bet the Fed would keep rates low, so far that bet has paid off splendidly).  They were very helpful through the refinance process and I recommend them to everyone.  They are selective about their borrowers, I had a great credit score, so they may require a cosigner.

That said I doubt will be able to do much better than your current terms.

[Sibley]

They're legit, though whether it makes sense for your situation you'll have to figure out. I just refi'ed and cut my rate, but your rate is lower than mine was.

I'd recommend you talk with them and ask questions. Make sure you consider any forgiveness programs you might be eligible for, etc.

My interactions with them have been polite and helpful. More than I can say about some companies!

[onecoolcat]

I don't think you will get a better offer than 4.25% fixed right now.  You could probably get a variable under 4% but I wouldn't mess with it if you are locked in at 4.25%.

I refinanced my loans from 6.5% to 3.9% variable and they have been great.  Very easy application and great customer service.  If you do use them, make sure you use someone's referral link so that both you and your reference get $100.00 deposited into your checking accounts.  If you arent already using someone link, my referral link is https://www.sofi.com/refer/4/11233

[mtnbikes]

Thanks for the great advice! I did talk to them and they gave me the impression that my rate would not be much lower and only if I did a variable rate. I might just stay where I'm at. The frustrating part is that I'm not even in the same profession I took these loans out for. Oh well, I will reach Mustachean status one day.