Declined student loan refinance because of IBR status

[IR Doctor]

Is this typical?   I was told I need to come out of IBR status and make three payments under a standard or graduated plan.

 

I wish I had known before I took a a hard inquiry to my credit reports.

[Craigy]

Not entirely sure what that means.

Single hard inquiry shouldn't mess up anything.

Which company?  You can always inquire with other banks, and call to discuss your situation before reapplying.

 

[DMFA]

IR Doctor wrote:

Is this typical?   I was told I need to come out of IBR status and make three payments under a standard or graduated plan.

 

I wish I had known before I took a a hard inquiry to my credit reports.

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I haven't heard of that.  Is that some kind of test?  If you're out of fellowship, then your payment amount at next recertification should revert to the 10-year standard amount because your income should be beyond the PFH level, though you'll still technically be in IBR.

The hard credit pull might drop your score by 5-10 points which shouldn't change much, and it should pop right back up afterward.

[Dru]

Who's the lender? I went straight from ibr (residency) to a refi with SoFi 2yr ago. And that's with a very unfavorable debt:income ratio

[Craigy]

Dru wrote:

Who’s the lender? I went straight from ibr (residency) to a refi with SoFi 2yr ago. And that’s with a very unfavorable debt:income ratio

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Yeah, who is telling you this?  Either there is a misunderstanding or you need to look elsewhere.

[IR Doctor]

This was with Citizens bank through credible.

[LBKCLU]

I would go to www.student-loan-consultant.com and schedule a 30 minute meeting with Jan Miller (no cost and I have no financial relationship with him). He will answer your question and help educate you.

If you feel you need or want to work with him in this area, you can potentially hire him. Otherwise, you part ways more informed.

Several of my clients have spoken with him regarding various issues and I have always received favorable feedback.