pastudentw Posted October 14, 2019 Share Posted October 14, 2019 I'm looking into refinancing my student loans. I'm a recent grad and working in a great specialty, I'm about 3 months in to work but about to have my loans go into full repayment. I'm looking at using SoFi or Laurel Road. Looks like they both have similar discounts for being an AAPA member, 0.25% interest rate deduction. I would be at around 4.25% rate on a 10 year repayment w/ laurel road vs the 6-7% rates that I'm at with the federal loans currently. Pros and cons of either servicer? Good or bad experiences with either or have another company I should look into that offer similar discounts? Anyone have a referral code they would like me to use and we could split it in half, $200 each. Thanks! Quote Link to comment Share on other sites More sharing options...
NYCPAC Posted October 14, 2019 Share Posted October 14, 2019 I use SoFi and for the most part am really happy. Their rates are great and even with the discount of 0.25% they don’t change the monthly payment so that extra percentage goes toward your principle to have it paid off sooner. I always try to pay extra and refi every few years when I get raises and such for a lower fixed rate. Are you looking for fixed or variable? I consolidated all my fed and private loans through SoFi If you message me I can send you a referral code! Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
mgriffiths Posted October 14, 2019 Share Posted October 14, 2019 I used Laurel Road and got 3.375% over 5 years using the AAPA further discount. I have been happy with them. Zero problems and it's set for autopay. Quote Link to comment Share on other sites More sharing options...
MusicalPA Posted October 14, 2019 Share Posted October 14, 2019 So far so good with Laurel Road at 4.21 with the discounts. For some reason Sofi was a lot higher. I have a referral code for Laurel Road. PM if you want it. Quote Link to comment Share on other sites More sharing options...
Administrator rev ronin Posted October 17, 2019 Administrator Share Posted October 17, 2019 Just be aware that once you consolidate loans, you lose the ability to get loan repayments, as I understand it. I wouldn't recommend new grads take such programs, because those working environments with loan repayment tend to suck--not the rural living, the poor supervision. Quote Link to comment Share on other sites More sharing options...
MedicinePower Posted October 17, 2019 Share Posted October 17, 2019 5 hours ago, rev ronin said: Just be aware that once you consolidate loans, you lose the ability to get loan repayments, as I understand it. I wouldn't recommend new grads take such programs, because those working environments with loan repayment tend to suck--not the rural living, the poor supervision. You're mistaking refinancing through a private bank with federal consolidation. The former is converting your federal loan to a private bank loan which provides for lower interest rates but no longer allows for PSLF or other federal loan repayment/forgiveness. Consolidation is simply the act of taking multiple loans and converting them into one large loan with an interest rates averaged among them usually around 5.5%. I recently consolidated all of my federal loans into one large federal loan in order to ensure they could be included in the Public Service Loan Forgiveness program and that I wouldn't have the headache of trying to manage many smaller loans as part of the PSLF. IN order to quality for the PSLF your loans must be the right type of loan, you must be in the right type of loan repayment program, you must apply for the program, and you must make 120 on-time monthly payments. Consolidating federal loans makes the PSLF a smidge bit easier to prevent mistakes. Quote Link to comment Share on other sites More sharing options...
cinntsp Posted October 22, 2019 Share Posted October 22, 2019 I haven't used either Sofi or Laurel Road, but have refinanced a few times with other lenders since graduating. I'm currently going through Citizens Bank, though it's serviced by Firstmark. My rate was about the same(4.2%), but I got a $500 Amazon gift card for refinancing. No complaints. I've also been with Navy Federal Credit Union, Pentagon Federal Credit Union, and Common Bond. Don't be afraid to refinance again if better offers come up in the future. Quote Link to comment Share on other sites More sharing options...
tessarect Posted October 22, 2019 Share Posted October 22, 2019 (edited) If you can "prove" residence within First Republic Bank's footprint (CA, OR, NY, MA, CT, FL, WY), their rates are the lowest nationwide. I refi'd my fed loans from 7% down to 3.55% on a 10 year repayment schedule. A 5 year plan would've been 1.55% but at 3.55% im in no hurry to pay it off faster than 10 years. Added bonus is, if you pay back your loan in 4 years or less they refund 50% of the interest payments you paid. Shameless $300 bonus for you (and me) if you qualify and refinance -- refer.firstrepublic.com/s/matthew11 Edited October 22, 2019 by tessarect Quote Link to comment Share on other sites More sharing options...
NYCPAC Posted October 22, 2019 Share Posted October 22, 2019 If you can "prove" residence within First Republic Bank's footprint (CA, OR, NY, MA, CT, FL, WY), their rates are the lowest nationwide. I refi'd my fed loans from 7% down to 3.55% on a 10 year repayment schedule. A 5 year plan would've been 1.55% but at 3.55% im in no hurry to pay it off faster than 10 years. Added bonus is, if you pay back your loan in 4 years or less they refund 50% of the interest payments you paid. Shameless $300 bonus for you (and me) if you qualify refer.firstrepublic.com/s/matthew11 Be aware with first republic you cannot get the advertised rate unless you bank with first republic and maintain a monthly avg of $3500 in their checking acct. you must set up autopay through their checking acct you open with them. Additionally they do not have any pause/forbearance options should you get sick or lose your job for some reason. The rates are amazing but theres risks to consider that’s all I’m saying Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
tessarect Posted October 22, 2019 Share Posted October 22, 2019 4 hours ago, NYCPAC said: Be aware with first republic you cannot get the advertised rate unless you bank with first republic and maintain a monthly avg of $3500 in their checking acct. you must set up autopay through their checking acct you open with them. Additionally they do not have any pause/forbearance options should you get sick or lose your job for some reason. The rates are amazing but theres risks to consider that’s all I’m saying This is all true however mostly a non-issue for me personally. It was well worth it for me to make First Republic my main bank for the low rate and just have my paycheck direct deposited there. My loan payment is on autopay which is one less thing to think about. Its very easy to keep $3500 sitting in my checking account to satisfy that requirement. Regarding the pause payments forbearance issue, Ive been told by my banker that this is a flexible policy and they wouldn't immediately jump to filing a default on your loan for 1-3 months of missed payments if you reach out and explain whats going on. If something truly catastrophic did happen you could always refinance to one of the other big lenders with higher rates but let you pause payments i suppose....that being said probably not the best refi option if you ever anticipate needing to pause your payments in the future for an unknown amount of time. Quote Link to comment Share on other sites More sharing options...
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