Student loan refinancing reddit – Variable rates average 5 8 on private. Current refinance rates on a standard 10 year fixed loan can be anywhere from 3 6 depending on eligibility etc.
To build on what u my normie account said the major downside of refinancing student loans is losing some of the flexibility that the regulatory laws and programs give you.
Student loan refinancing reddit – Keep in mind however that you lose access to loan forgiveness ibr and paye if you refinance with private loans. 580 estimated payoff date. I ve checked a few loan refinancing companies and i ve found one after a soft check with a 3 6 loan. Student loan refinancing reddit
A new private company typically a bank credit union or online lender pays off the student loans you. Welcome to r studentloans the largest and oldest reddit community for discussion information and assistance related to the topic of student loan debt. Hey everyone definitely going to refinance my student loans. Student loan refinancing reddit
Banks and online lenders offer fixed or variable. I m considering refinancing my student loan to lower my interest rate. Please feel free to join the conversation discuss experiences or ask for help. Student loan refinancing reddit
I did some rate shopping today through sofi lendkey earnest and commonbond. Some are banks some are non bank lenders that partner with banks. As an advice community our goal is to be unbiased and clear with news and information pertaining to student loans. Student loan refinancing reddit
Yes there are companies that will refi your student loans. Student loan refinancing can mean big savings in the right circumstances. Net net over the life of the loan their offer was actually in favor of the lender by about 7500 vs. Student loan refinancing reddit
54k total 27k federal 27k private fixed rate of 5 75 on federal. You do have federal consolidation options but as you ve correctly identified your interest rate would be the weighted average of your consolidated loans. When you refinance student loans you lower your payments by consolidating your private or federal student debt into a new loan with a lower rate. Student loan refinancing reddit
My roughly 21 years left on my existing loan adding 54 payments. Now whether you even qualify for ibr depends on your income but most workers earn little enough to qualify. Many borrowers are finding loans on the lower end of that spectrum currently. Student loan refinancing reddit
Information on how to. General wisdom is if you have a 680 fico score or above better to be in low 700s or better honestly you can look at refi and likely get better rates. I am only mentioning these student loan issues because these decisions made right after graduation can have a huge positive or negative impact your personal finances for years to come. Student loan refinancing reddit
The biggest of these is income based repayment. Here s how it works. Turns out that instead of just knocking down the rate they also wanted to recast the loan into a 25 year loan vs. Student loan refinancing reddit