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Sorry, I'm not sure where to post this. I originally had a thread on this and was going to bump it, but it is now archived. Basically I have two separate student loans: One loan was initially $16,000 but due to its high variable interest rate of hovering around 9% (currently at 9.75%)under Chase Bank. So it was around $23,000 by the time I began to pay it. The other loan is with a Credit Union, that is about $5,800 at ~6% fixed interest. Anyway, I'm currently looking at consolidation places now. Especially since I now have a good credit score hovering around the 700s to 800s. I'm curious if I should just go around to local credit unions, or try one of these six sites listed. Any recommendations?
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Mar 3, 2018 20:20
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| # ? Apr 25, 2024 10:41 |
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Your list has most of the major players. I will add First Republic Bank as my preferred option if you live near one of their branches (SF, NYC, Boston, etc.). You should also look for referral offers because they absolutely exist for most of these lenders. Your profile looks like a good candidate for refinancing (good credit and high-rate debt means you have a lot of potential upside) but keep in mind that in order to qualify for the lowest rates listed by any of these lenders, you need very high income (like $125k+). You should apply at multiple places and compare quotes.
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Mar 5, 2018 17:55
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antiga posted:Your list has most of the major players. I will add First Republic Bank as my preferred option if you live near one of their branches (SF, NYC, Boston, etc.). You should also look for referral offers because they absolutely exist for most of these lenders. Fantastic response. A few more questions if you don't mind: What do you mean by "refferals"? What places would you say I should apply for? Are online consolidation places like the ones I listed as credible as going to a local bank/credit union? So my loan companies can't stop me from consolidating right?
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Mar 5, 2018 18:22
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punk rebel ecks posted:Fantastic response. Referrals are offers from various advertisers (often blogs) who will link you to the lender's web site with a special offer, generally $200ish. Search for student loan refinancing on the White Coat Investor blog for one example I would apply for all of them. It will only count as one hard pull if you submit all of the applications in a reasonable time (maybe a week) Online lenders will have better service and better interest rates than local banks or CUs unless you have a very excellent credit union. I have seen two ever that beat First Republic on rates but ymmv Your current lenders can't do anything unless your loans have prepayment penalties, which are very unusual. You can call your lender and ask to be sure
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Mar 5, 2018 22:32
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antiga posted:Referrals are offers from various advertisers (often blogs) who will link you to the lender's web site with a special offer, generally $200ish. Search for student loan refinancing on the White Coat Investor blog for one example drat they have a First Republic right by me! That said, I don't think I have 24 months of work experience and at least $60,000 in debt. I think I'll pick two or three online lenders and two local credit unions to apply to, and do so in a single week. That should be fine right?
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Mar 6, 2018 06:17
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That's fine but it really isn't much work to do the applications (to the point where they quote you an interest rate) so I would do at least 4-5. The range of interest rates I was offered (for reference) was 2.6% all the way to 5.5% with exactly the same income/credit/etc. That's enough to be a big difference over a typical 5-10 year repayment term.
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Mar 6, 2018 16:10
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Sounds great. But yeah, online lenders like Earnest just seem sketchy to me for some reason. Could you please explain to me why this feeling is unwarranted!
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Mar 6, 2018 17:41
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Quick question: I currently have a temp job, while I will have it when I apply for the loan, do I need to show proof that I still have the job when I get accepted?
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Mar 7, 2018 05:49
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You will need to show proof of income, an offer letter and paystubs are typical requirements. Suggest searching around for reviews of lenders if you're concerned but as far as I know everyone on that list is fairly well reputed. Online lenders virtually always cost less because physical branches require real estate and more staff, both of which are extremely expensive. antiga fucked around with this message at 19:46 on Mar 7, 2018 |
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Mar 7, 2018 19:43
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antiga posted:You will need to show proof of income, an offer letter and paystubs are typical requirements. So I show these when I apply correct, not after I have already been accepted?
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Mar 7, 2018 19:51
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First thing you do at each of these places will be a credit check where you submit basic information and they pull your credit to see if it meets their requirements. After that, they'll quote you an interest rate and you'll have to submit a more full documentation package (including proof of income) before they fund the loan.
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Mar 7, 2018 19:54
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antiga posted:First thing you do at each of these places will be a credit check where you submit basic information and they pull your credit to see if it meets their requirements. After that, they'll quote you an interest rate and you'll have to submit a more full documentation package (including proof of income) before they fund the loan. How long does it take between my credit check and submitting my proof of income?
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Mar 7, 2018 20:00
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That's going to vary place to place. Ask them or just apply and find out
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Mar 10, 2018 03:38
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| # ? Apr 25, 2024 10:41 |
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So I applied for Earnest and applied for "Student Loan Refinancing". I got 5.12% fixed interest with $293.39 monthly payment for 10 years. That seems good to me. "Student Loan Refinancing" is the same as "Student Loan Consolidation" right?
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Mar 26, 2018 01:46
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