Hellobee Boards

Following this... I've been hearing about it and wondering if I would qualify. My loans are mostly Staffords. Do you know if those can be refinanced? I hate my loans

@littlejoy: ooooh! I really hope I could cause my interest rates stink!

We refinanced my husbands law school loans with SoFi. We have approximately the same monthly payment but we'll pay it off in half the amount of time which is great. I think the process was fairly simple and straightforward but my husband dealt with most of it so I don't have more specifics.

I have a friend that refinanced with SOFI and was very happy with the service she received. I still have a significant amount left (63k) and looked into it -- the only way to get a lower interest rate than my 4 something right now was to do a ridiculously fast repayment.... like 5 year repayment. If I had 12k a year to throw at the loan I wouldn't need to refi

I've always been curious. Does refinancing only make sense if you have a high interest rate? My student loan has been paid off but DH still has a pretty significant Stafford loan. But his rate is super low, like under 3% so I'm wondering if it's even worth it?

I refinanced with DRB ( they gave me a better rate then sofi). Mine is more then 3 percentage points lower and I refinanced for 5 years with basically the same payment and I had 7.5 years left on my original loan. Super fast super easy. With DRB I got a $250 promo so that was nice

Just wanted to thank @littlejoy for starting this thread; it prompted me to refinance my student loans with DRB. I was able to cut my interest rate by more than 50%...! (I was paying a pretty egregious interest rate on my private loans...damn you, Sallie Mae!) The interest we'll save over the life of the loan is life changing, so, thank you!!!!!!

@simplyfelicity: Yup, that's the one!

@doxielove: Thanks for sharing! My private loans are all lower than 3% but my dang federal (the bulk!) are at the fixed 6.8%, which is INSANE.

I started an application, but when I click on "continue and save" nothing happens. Did this happen to anyone else? I'll try again when I get home - maybe it's my work internet explorer being a pain. would love to refi and get the federal loans down to 3% too!!

@yoursilverlining: I encountered that issue when I forgot to check one of the boxes agreeing that I'd read the terms. Maybe try that? If I remember, there was a box at the end of a paragraph (w/ a scroll bar).

@Bluemasonjar: Full disclosure, my SM interest ranged between 8-13% on my loans (Yup, I wasn't that bright when I was 18 and financing my tuition!) So in my situation, even if I got approved at DRB for the max fixed interest rate (5.75%, 10 years), it would STILL be below what I'm currently paying. Win-win! I almost cried when I got approved, lol.

@littlejoy: we refinanced ours into our mortgage when it was up for renewal. It was amazing, like they just disappeared.