Hi all, I'm asking about student loan refi here, rather than on the student loan forum, as I'm hoping to hear about your specific experience doing this after BK.
My info: filed BK13 in 2014, discharged December 2019 after completing 5 year plan. Started rebuild at that time, currently with 2 CC's and 8 student loan accounts. The loans are all 8 to 10 years old which greatly helps my AoOA.
The original principal amount was $180,000 and I now have $87,000 left to pay off. Interest rate is 6.55% (which includes a discount for autopay). I held out and didn't refi before BK because of the possibility of public service loan forgiveness, but now I'm changing careers and won't qualify for PSLF. I currently pay $2500-3000 per month toward loans and am on track to pay them off in 2 years.
Since discharge, I've looked into refi to lower my interest rate, pay things off faster, and save money overall. But with the BK on my credit report, I keep get denied at the pre-qual stage (soft pulls only). Current FICO 8 as of today: EX 701, EQ 714, TU 673. If I wait until the BK falls off my reports next summer, I'll almost be done paying off my loans by then.
Do you know of any good refi companies that would consider someone with a BK on the record? If you refi'd your loans after BK, how did you do it? Would love to hear your experience!
