This is my first post here. I'm sure you get overloaded with student debt questions so I apologize in advance but I've been searching around and haven't quite found my question answered. I am 27 and paying off around 78k in student loans. Current salary is around 70k. Credit score is around 735.
I have decided to finally pull the trigger and refinance and/or consolidate (some of my rates are outrageous...i.e. 12.875%!!). As of last week I was ready to jump into SOFI but after seeing this forum I realize I need to shop a little bit. Going to look into Common Bond this week.
Here is where I need some help. I have several different loans serviced by several different companies. I am thinking of a couple different options.
1. Refinance and consolidate them all into one easy payment. 2. Refinance them separately so as to free up cash flow as I go along for investing, saving, etc. With Option 2 I am slightly worried about having several credit checks or if refi companies will even consider it.
At any rate thank you all so much for your help in advance and I look forward to all the learning I'll do here.
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posted: Nov. 21, 2016 @ 9:40a
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posted: Nov. 21, 2016 @ 9:58a
list all your loans with the following info.. lender private or federal loan balance interest rate repayment term and months remaining
generally tho, do no consolidate as you will only lock in the weighted average of your loans and you will not be able to knock out the ones with higher interest rates or lower amounts sooner than the rest.
Posting the minimum payments you currently pay to each one would be helpful as well. Also, your overall budget that you can pay towards your student loan would be beneficial to determine if there are some you should leave out of consolidation in case you can throw money at it and cancel it quicker.
I was shopping around for refinancing options and Common Bond hit me with a hard credit check. Not the end of the world, but I didn't realize they were pulling it. Just something to look out for.
I ended up going with Earnest, as they had the best rates I could find.
One other option, IF you are very disciplined with your money is to use a 0% Balance Transfer. With Chase Slate you can get a 15 month 0% rate, 0% fee BT. I put $10,000 on the card, which is basically a year long loan at 0%. I have a savings account where I pay myself to insure that I will have the $ available to repay before the rate jumps at the end of the 15 months. Again, you should only go this route if you are very disciplined and on top off things, you can easily end up wasting much more than you save if you are not careful.
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