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Refinanced Student Loans wit Sofi

New Contributor

Refinanced Student Loans wit Sofi

Ok I had a little over 10K left in my Student Loans was able to drop my interest from 6.5 to 4.9 only saves me about 500 through out the life of the loan but that is 500.  The process was painless took about a week from application to funding.  If would recommend them to anyone who is looking to refinance to save some money.  I have a referral link if anyone wants it.  I can answer any questions about the process as well.  

American Express EveryDay: $20,000, Discover IT: $17,000, Citi Diamond Preferred: $11,200, NFCU Flagship Visa: $10,000, Citi Simplicity: $9100, US Bank Cash+: $8,000, US Bank Krogers Rewards: $7000, Capital One Quicksilver: $7000, Chase Freedom: $5500, Chase Amazon $5500, Capital One Venture One: $5000, Home Depot Card: $2000, Bank of America: $1000 next up $150k Club starting score 566 7/15/2014 Current score 747
Message 1 of 5
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Regular Contributor

Re: Refinanced Student Loans wit Sofi


@wrote:

Ok I had a little over 10K left in my Student Loans was able to drop my interest from 6.5 to 4.9 only saves me about 500 through out the life of the loan but that is 500.  The process was painless took about a week from application to funding.  If would recommend them to anyone who is looking to refinance to save some money.  I have a referral link if anyone wants it.  I can answer any questions about the process as well.  


It can be very good to save interest. One thing for some people to take into account. Once you privatise a a Stafford loan or other educational loans you do lose the protections that come with it. The rehabbing and deferment periods. It may or may not be a killer for someone. But it is something to take it a account before doing this.



Starting Score: 600
Current Score: Exp = 703 Tran = 706 Equ = 710
Goal Score: 800


Take the myFICO Fitness Challenge
AAoA Exp = 12.2 Equ = 7.5 Tra = 7.4
Inquiry Exp = 1 Equ = 0 Tra = 2
Message 2 of 5
New Contributor

Re: Refinanced Student Loans wit Sofi

I have been paying straight for 6 years only have 4 to go plan to finish in 2. My income is enough that I feel more than corfortable loosing the deferment periods.
American Express EveryDay: $20,000, Discover IT: $17,000, Citi Diamond Preferred: $11,200, NFCU Flagship Visa: $10,000, Citi Simplicity: $9100, US Bank Cash+: $8,000, US Bank Krogers Rewards: $7000, Capital One Quicksilver: $7000, Chase Freedom: $5500, Chase Amazon $5500, Capital One Venture One: $5000, Home Depot Card: $2000, Bank of America: $1000 next up $150k Club starting score 566 7/15/2014 Current score 747
Message 3 of 5
New Member

Re: Refinanced Student Loans wit Sofi

What was your credit score when you applied? I have a small Sallie Mae loan and a few federal student loans totalling 15k. I just graduated in December so I still have a few months until I have to pay them. Id like to refinance then all into one loan and do a 5-7 year loan. Hoping it works out with Sofi when I apply.
Message 4 of 5
New Contributor

Re: Refinanced Student Loans wit Sofi

My discover card has me at 744 this mornig si I woul dsay I was around the same last month when i applied.  

American Express EveryDay: $20,000, Discover IT: $17,000, Citi Diamond Preferred: $11,200, NFCU Flagship Visa: $10,000, Citi Simplicity: $9100, US Bank Cash+: $8,000, US Bank Krogers Rewards: $7000, Capital One Quicksilver: $7000, Chase Freedom: $5500, Chase Amazon $5500, Capital One Venture One: $5000, Home Depot Card: $2000, Bank of America: $1000 next up $150k Club starting score 566 7/15/2014 Current score 747
Message 5 of 5