Refinance Bonuses

[Dermonc]

I recently refinanced my student loans - I applied with DRB, SoFi and Earnest. Sofi gave me a better rate than DRB so I refinanced my loans with Sofi and got the $300 intro offer through WCI. Earnest took about 40 days to get back to me (just received the email today) and they are actually offering 0.3% less on my loan that I already refinanced (originally from federal). I refinanced through SoFi may 1st and the $300 should be posted by the end of the day today (currently processing despite being after end of pacific business time - they said it should post today when I called them earlier, or the 1st of next month). When I called Earnest they said they would still offer me the $300 welcome bonus if refinancing from Sofi. My question is if I wait for the $300 to post from Sofi then immediately refinance through Earnest will I get both introductory offers? My offer from Earnest is good through June 15th without another hard credit check so it is not a big deal waiting although I would rather refinance earlier to pay less in interest. My amounts are fairly low - I refinanced starting at 22k a month ago and am down to 7k, hoping to pay it off completely in the next 4-6 months (I could pay it off today completely if I got rid of my emergency fund - my recent [2 weeks] wife still has 6 months of emergency in her savings/ no loans even if I pay off my loans completely). We are both late 20s early in Derm and Rad Onc residencies if that makes a difference.

 

Edit: I posted a very similar question to reddit but they were very unhelpful when I posted the expected salaries once graduating - but I don't want to leave the potential $600 on the table especially since that is years away, hoping to get better advice here.

 

Edit 2: Sofi now says $300 is now paid, not yet reflected in my loan amount

[Zaphod]

Dermonc wrote:

I recently refinanced my student loans – I applied with DRB, SoFi and Earnest. Sofi gave me a better rate than DRB so I refinanced my loans with Sofi and got the $300 intro offer through WCI. Earnest took about 40 days to get back to me (just received the email today) and they are actually offering 0.3% less on my loan that I already refinanced (originally from federal). I refinanced through SoFi may 1st and the $300 should be posted by the end of the day today (currently processing despite being after end of pacific business time – they said it should post today when I called them earlier, or the 1st of next month). When I called Earnest they said they would still offer me the $300 welcome bonus if refinancing from Sofi. My question is if I wait for the $300 to post from Sofi then immediately refinance through Earnest will I get both introductory offers? My offer from Earnest is good through June 15th without another hard credit check so it is not a big deal waiting although I would rather refinance earlier to pay less in interest. My amounts are fairly low – I refinanced starting at 22k a month ago and am down to 7k, hoping to pay it off completely in the next 4-6 months (I could pay it off today completely if I got rid of my emergency fund – my recent [2 weeks] wife still has 6 months of emergency in her savings/ no loans). We are both late 20s early in Derm and Rad Onc residencies if that makes a difference.

 

Edit: I posted a very similar question to reddit but they were very unhelpful when I posted the expected salaries once graduating – but I don’t want to leave the potential $600 on the table especially since that is years away, hoping to get better advice here

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I refinanced 4 times last year and got 1200. I dont know that I did any back to back but I never waited. The condition is the refinance, not that you keep it.

[jhwkr542]

Just refinance for the lower rate and if you forfeit the original $300, so be it.

[saildawg]

I just refinanced with lendkey for a lower variable rate, I also plan to re-refinance at some point again in the future to get an extra signup bonus.  Every little bit helps, and free money is free money.  I see people doing this with credit card and introductory offers all the time.  Only problem with student loans is that it can take weeks for payments to process and post.