Does it make sense to refinance student loans?

Houzz MerT45
May 17 14 Comments

I have about 35k in student loans at around 13% and was thinking about refinancing. Does it really make sense? I know sofi and stilt offer loans for around 6% to 9% interest.


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TOP 14 Comments
  • Apple / Eng xUEdsjT
    13% is crazy, pay that shit off right away. Mine were 5% for undergrad and friends who did grad schools got 4%.
    May 17 0
  • eBay / Eng

    eBay Eng

    Mine were only 2%. You messed up somewhere.
    May 17 0
  • Adobe krlfg
    If you have a high credit score and earnings then refinancing can be a good option. I refinanced through Earnest and reduced my rates to 5.5% You choose variable or locked in rates. Do your research on Nerdwallet and Studentloanhero.
    May 17 0
  • Apple / Eng kGUv48
    How did you get student loans at 13% who charges that much for a student loan?

    Yeah, if you don’t have 35k laying around to pay it off, what is the downside of refinancing?
    May 17 3
    • Reset the clock, elongate your loan payoff and refactor numbers outside of your favor to make you think your monthly amount is lower and you’re getting a better deal. This is the oldest trick in the book mate.
      May 17
    • New / Eng DEV_ENV
      Doesn't have to be longer period.
      May 17
    • Who’s in charge? You, or the bank. They will definitely elongate it.
      May 17
  • New / Creative HasanMinaj
    What did you end up doing
    19h 0
  • SoFi / Biz Dev

    SoFi Biz Dev

    PG&E, NYC Department of Education
    Do you like paying more money? What do you mean, “does it make sense”? Does paying $10 for a coffee at Starbucks make sense?
    May 30 0
  • Life360 / Eng

    Life360 Eng

    For you it absolutely makes sense to look for refinancing, if your credit score have gotten better you can get 6% or less. Even getting below 10% will save you a lot of money. Check Sofi, Earnest and apply to see what rate you get.
    May 24 0
  • / R&D
    serjorah R&D

    OP is from India where high interest rates are common
    May 17 0
  • Oracle hh44dddf66
    Pay it off. 13% is a lot
    May 17 0
  • Google / Sales ilhw80
    Yes, it does make sense since you'd be paying less in interest.

    But to get the best rates from SoFi and others, you typically need to have good credit.

    NerdWallet has a simple student loan refinance calculator.
    May 17 0
  • No
    May 17 0