Student loans: refinanced!

Just refinanced my student loans through Earnest. I was able to keep the same pay-off date that I had through SoFi, lower my monthly payment by $40, and will save $5500 in interest over the course of the loan.  (And if anyone is interested, you can use this referral code and we each get $200: https://www.earnest.com/invite/marisa156)

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  • Great news!  I just refinanced mine on Lend Key.  Just waiting for the disbursement.

    Did you do a fixed rate or did you go variable?

    Like 1
      • ClimbingOutOfDebt
      • I think I can I think I can
      • ClimbingOutOfdebt
      • 3 yrs ago
      • Reported - view

      Lavender Stallion (087fb73df186) I went with fixed. My wife is in school and won't be back at work for a few more years, so I am afraid of the variable rates without a guaranteed second income. Did you get a better rate with variable?

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      • TJ Crutcher
      • Lavender_stallion
      • 3 yrs ago
      • Reported - view

      Khaki Koala (3a49af38372f) I did.  I went with a variable rate because I was able to get it at 2.58%.  If I were to do fixed it would have come in at 3.15%.  I know it's a gamble because people are expecting rates to go up in December, but I'm hoping it's only by a quarter or half percent.  If so I'm still coming out with a better deal even though the minimum payment will go up.

      Like
  • ClimbingOutOfDebt  How's it going with Earnest for you?  I'm thinking about refinancing with them to lock in a lower interest rate,  but am still on the fence...

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      • ClimbingOutOfDebt
      • I think I can I think I can
      • ClimbingOutOfdebt
      • 3 yrs ago
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      Mayfly I just made my first payment, but the application process was easy, the approval was fast, and they paid off my old loan in days. So far so good.

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      • Mayfly
      • Forest_Green_Crab_27286
      • 3 yrs ago
      • Reported - view

      ClimbingOutOfDebt That's good to hear!  I'm hoping that things go smoothly with them (really no reason on my end that they shouldn't) so I can lock in a lower rate.  I have a few private loans left and the rates, which have historically been quite low, are now climbing every month.

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      • Mayfly
      • Forest_Green_Crab_27286
      • 3 yrs ago
      • 1
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      ClimbingOutOfDebt  Just wanted to let you know that I (just this minute) finalized my refinancing with Earnest and I used your referral link.  Hopefully that means there's some cash coming your way - and mine, too!  

       

      I was really pleased with how easy the process was.  I'm hoping the payoff goes just as smoothly.  I'll  be paying a little more each month than I currently am, but I locked in a 3.6% interest rate, which is almost 1/2 percent lower than the lowest one I had.  (There was as low as 3.25% available, but I didn't want to push my payment too much higher.)

      I also got my own referral link, in case anyone is looking to refinance and wants to use it!

      https://www.earnest.com/invite/steffani10

      Like 1
      • ClimbingOutOfDebt
      • I think I can I think I can
      • ClimbingOutOfdebt
      • 3 yrs ago
      • Reported - view

      Mayfly Congrats on refinancing! Glad it worked out for you, and I appreciate your using that referral link!

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  • ClimbingOutOfDebt Mayfly are either of those referral links still active? I'm about to refinance and would like to use one!

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      • Mayfly
      • Forest_Green_Crab_27286
      • 5 days ago
      • Reported - view

      Emma Catherine  probably not, but give me two seconds and I’ll get you a new one!

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      • Mayfly
      • Forest_Green_Crab_27286
      • 5 days ago
      • 2
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      Emma Catherine And here you go! https://www.earnest.com/invite/steffani10
       

      Thanks so much for using it, if you do!! :)

      Like 2
      • Emma Catherine
      • Civil engineer getting back on track
      • emmacatherine
      • 5 days ago
      • Reported - view

      Mayfly Thank you! I'll let you know when I actually sign the loan so you know when to expect money!

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      • Mayfly
      • Forest_Green_Crab_27286
      • 5 days ago
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      Emma Catherine Thank you so much!  I really appreciate it! FYI, I’ve refinanced with them three times (every time the interest rates have been lowered) and it’s been completely seamless every single time. I’ve also had great customer service from them otherwise, as well.

      Like 2
      • Emma Catherine
      • Civil engineer getting back on track
      • emmacatherine
      • 5 days ago
      • Reported - view

      Mayfly I've done it! 

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      • Mayfly
      • Forest_Green_Crab_27286
      • 3 days ago
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      Emma Catherine Sweet!  Thank you again!  And hope everything goes smoothly for you!

      Like
  • I have a question, I have my student loans through Earnest as well. How do I add them to YNAB? I can't find Earnest as an account option to link.

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    • PharmerZach Hey there! Because financial institutions report data differently for loan and investment accounts, we aren't able to support direct import for them at this point. But you can absolutely still keep track of things in YNAB! Here's how I recommend setting up those loan accounts:

      I hope that helps you get things up and running, but let me know if you have more questions!

      Like
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