mgriffiths Posted February 28, 2018 Share Posted February 28, 2018 I graduated with around $125k in student loans, but I took out the maximum loans possible as I was pretty sure I would get loan repayment. First job did not have loan repayment so I paid back about half at graduation, which was really just extra student loans I had accepted. I took the gamble of paying about $1500 in interest during PA school and having a chance at making ~$65k while in school if employer paid my loans for me. Unfortunately first job didn't have loan repayment and ended up being an awful work place. I was in the process of leaving when I got terminated - think they figured out I was leaving. Second job is awesome and offers $10k of loan repayment per year. Unfortunately I had already paid the $65k back, so lost out on that. Overall lost about $80k due to my awful first job between buying/selling a home within 5 months, paying back the extra student loans I could have kept, and moving twice (did it ourselves, but still costs a few grand each time). Sucks when I think about it, but at least I make a good salary and essentially have no debt - but that's going to change as I am looking to buy a home this summer after working at the 2nd job now a solid 8 months and definitely plan on staying long term. Through my work, loans will be paid off in about 5 years. Link to comment Share on other sites More sharing options...
MusicalPA Posted February 28, 2018 Share Posted February 28, 2018 5 hours ago, Colorado said: Reviving this a bit but wanted to share my brief SoFi experience. Student loan debt: 184,000 all federal loans thru Great Lakes servicer (mostly PA school, some undergrad) Credit score: 720 Base salary: 75k Bonus: varies 15-30k/yr but didn' include this in the application just because it varies. Maybe I should have.... Employment history: solid 15 years since age 14. Credit history: on time payments to undergrad loans including some paid off. Two different auto loans paid off in full and on time always. I have one credit card that I use occasionally and pay off each month. No late payments ever. No mortgage history. (For the naysayers that think I spent Willy nilly in school, cost of attendance is at 115k, col was about 20k/yr for just over 2.5yrs, mostly paid my way thru undergrad thru working and getting grants and scholarships. I have no other debt and own my car which is in great condition) Applied (just soft credit pull not full application, just to see their offer) Offer from SoFi: Fixed 6.25% for 10yrs. 2,100 per month. Really not much different than my federal loans. May look at another company but will most likely not refinance right now until I pay down some loans and increase my salary. Will re eval in future. Plan is to pay extra each month on standard payment plan with payoff goal of 5yrs. Not doing PSLF because its a totally unsustainable program in its current state and it makes no sense for the government, dem or gop, to continue to fund it without at least some serious caps on max forgiveness. I just don't want to toss the dice on that. I' rather just pay off what I honestly borrowed as fast as possible to minimize interest gained by the lender/servicer. Not sure if you have looked into it, but laurelroad.com gives AAPA members a 0.125% discount. Link to comment Share on other sites More sharing options...
delco714 Posted March 23, 2018 Share Posted March 23, 2018 Reviving this a bit but wanted to share my brief SoFi experience. Student loan debt: 184,000 all federal loans thru Great Lakes servicer (mostly PA school, some undergrad) Credit score: 720 Base salary: 75k Bonus: varies 15-30k/yr but didn' include this in the application just because it varies. Maybe I should have.... Employment history: solid 15 years since age 14. Credit history: on time payments to undergrad loans including some paid off. Two different auto loans paid off in full and on time always. I have one credit card that I use occasionally and pay off each month. No late payments ever. No mortgage history. (For the naysayers that think I spent Willy nilly in school, cost of attendance is at 115k, col was about 20k/yr for just over 2.5yrs, mostly paid my way thru undergrad thru working and getting grants and scholarships. I have no other debt and own my car which is in great condition) Applied (just soft credit pull not full application, just to see their offer) Offer from SoFi: Fixed 6.25% for 10yrs. 2,100 per month. Really not much different than my federal loans. May look at another company but will most likely not refinance right now until I pay down some loans and increase my salary. Will re eval in future. Plan is to pay extra each month on standard payment plan with payoff goal of 5yrs. Not doing PSLF because its a totally unsustainable program in its current state and it makes no sense for the government, dem or gop, to continue to fund it without at least some serious caps on max forgiveness. I just don't want to toss the dice on that. I' rather just pay off what I honestly borrowed as fast as possible to minimize interest gained by the lender/servicer. Caps on forgiveness..maybe. The goal should be at least meet principal. Don't give the grant to a teacher who went to Princeton who makes 40$k at the nearest middle school. In 10 years they will get their money back plus interest a little. I think that's reasonable for us. Others..not so much Link to comment Share on other sites More sharing options...
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