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?

    Reply Like 1
      • ClimbingOutOfDebt
      • I think I can I think I can
      • ClimbingOutOfdebt
      • 2 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
      • 2 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.

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  • 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
      • 1 yr ago
      • Reported - view

      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
      • 1 yr ago
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      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
      • 1 yr ago
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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

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      • ClimbingOutOfDebt
      • I think I can I think I can
      • ClimbingOutOfdebt
      • 1 yr ago
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      Mayfly Congrats on refinancing! Glad it worked out for you, and I appreciate your using that referral link!

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