Sofi Refi/Consolidation Private Student Loan

[trinigal30]

For Grad School, I took out 2 private student loans from Sallie Mae (now Navient) that now have a balance of ~$54k left and 27 years remaining.  Both loans are variable interest 4% and 4.75%.  I've been receiving preselected loan offers from Sofi to refi/consolidate these loans.  I know the rates etc are based on your credit, but I would like to know if anyone has had experience with refinancing with Sofi.  I already have a mortgage so I'm not concerned about that, but would like to pay off my student loan debt.  Also, if you know of any other companies that refi private student loans, I would like to hear about your experience.  Thanks in advance.

UPDATE

I decided to take a chance and start the pre-approval steps with Sofi.  Currently I am owing ~$54k in student loans with 27 years left (see above).  My currently monthly payment is around $356/month.  My current prelim offer with Sofi is as follows:

Var Rates

20 yrs - $379/mth - 5.485%

15yrs - $441/mth - 5.235%

Fixed Rates

15yrs - $478/month - 6.49% (savings over life of loan $6k)

If I take a 15 year loan, I would be shaving 12 years of repayment off!.  Which offer do you think is best?

[Simply827]

Are those your updated scores in your signature? If so, they may quote you at a higher rate than what your loans are at. It's a soft pull to check your rates, so I'd say go ahead and see what you qualify for. 

I just refinanced my private loans with DCU at 4.5% fixed for a 10 year term. Their rates are here: https://www.dcu.org/loans/student-loan-refinance.html

A 766 TU score got me their best rates. I think it may be a bank card enhanced TU 08. It's higher than what Discover shows me each month.

[AZgal15]

I have not refinanced with Sofi but I am on another website where a lot of people have and have had really good experiences. I haven't heard anything negative about them so far. 

[trinigal30]

Thanks for the feedback @AZgal15!

[Simply827]

I don't know if you pulled the trigger yet, but if not, do so today! The Fed is planning on increasing the Prime Rate and student loan lenders are increasing their rates in turn. I personally wouldn't take on a variable rate loan for such a long term. There's no telling what may happen with the economy or your financial situation. I think a fixed rate is much safer over such a long time. Does a 20 year fixed option not exist?

ETA: I see again that you currently have variable rate loans at 4 and 4.75%. It makes no sense to get a variable rate loan at a higher interest rate. The fixed rate option is also higher, but at least you know your payment is the same for life. Your rate now isn't too bad. Are you in a position where you could throw extra money at it each month? Just doing that would shave years off your loan. 

[trinigal30]

Hi Simply827,

I need to update my scores in my signature.  My discover report shows me at about 710 on my monthly statement.  I went off of what my account showed on Navient...It showed 27 years remaining but when I called them yesterday before signing the SoFi paperwork, they told me I only have 18 years left, which would mean that the Sofi rate will be higher than what I currently pay so I did a hard pull for no reason .  I don't think I will receive a better rate than what I currently have so I'm just going to stick with Navient for the time being.  Thank you so much for your response.

[Simply827]

Sofi is a soft pull to check your rates, hard pull if you go through with the application. You shouldn't have any inquiry. 

[trinigal30]

Hi Simply827,

I didn't see your earlier post recommending going for the fixed rate and partially withdrew my application (I have to send an email to customer service to withdraw the loan).  I believe they have a 20 year fixed rate at 6.--(can't remember the exact amount).  I don't currently have a lot extra to throw into student loans as I have other debt that I am trying to eliminate.  The customer service rep said that I provided my SS# and the documents were just awaiting my signature so therefore a 'hard pull' was done.

[Simply827]

Ok, I'll just say to cross your fingers that rates don't rise too much in the near future. You can always apply again later to lock in a rate if the rate on your current loans gets too high. And the good news is that your credit profile will likely be stronger and you'll qualify for good terms. 

Best of luck.