Hey everyone! Let’s start this off... I’m 26, make $65,000 a year, and I pay $250 for rent in NYC. I get paid biweekly ~$1900. My credit is sitting around 803.
I’m looking to refinance my Sallie Mae loan of $12000 (originally was $24000) which have a glorious interest rate of 10.125% (variable, keeps going up every 3 months). I was supposed to have this loan paid off in 2023, but I’m refusing to let my interest pile up that high. My monthly payment is supposed to be ~$500 (yes, seriously).
To combat my interest rate, I’ve been paying off ~$2000 USD a month.. so I’m looking to have these loans paid off completely in 5-6 months at this rate.
I’ve been pre-approved with SoFi to refinance my Sallie Mae loan. They’re tentatively offering 4.75%, 5 years, and $226.45 monthly. I’m still planning on being aggressive with my repayment, but to be honest fuck Sallie Mae.
I think I need some perspective here.
My personal repayment plan is aggressive, but 10.125% variable is also aggressive. They increase this every 3 months and I’m pretty sure it’s because I’m paying off my loans too fast.
Should I refinance? Should I not? Any thoughts on SoFi?
Submitted April 04, 2018 at 12:32PM by cd457 https://ift.tt/2IpEhw7
