Hello all. I'm looking to refinance my student loans to find a lower APR compared to my current rates (about $25k subsidized and unsubsidized Stafford loans, rate avg of about 5.5% APR).
Household income is a little over $100k, little rotating debt. We have two cars - both paid off, one motorcycle loan ($5k), a mortgage ($220k), and a small amount of credit card debt ($1500) Our credit is very good, I've had a stable, professional job for about nine years with no gaps in employment. Wife is in finance, I'm in IT. I have an undergraduate degree and would (I believe) qualify for refinance programs based on my situation.
I first checked with SoFi, but the rates seemed unnecessarily high. Lowest rate offered with both my wife and I on the loan was 6.2% for a fixed rate 10 or 20 year loan - obviously higher than my current loan APR.
Is this fairly standard in terms of fixed rate student loan refinancing? Or does this seem high given my situation?
Are there better companies out there you've had a positive experience with?
Any advice would be appreciated. Obviously hunkering down and paying a lot of our disposable income to my loans would be preferable, but my wife is in grad school and were fairly strapped for disposable income until she graduates this year.
February 20, 2017 at 04:28PM
