Andrew StudentLoanAdvice Great tips, thanks!
Right now for me it seems like Earnest has the best 10/15/20 year fixed rates. I'm hoping some other companies can beat their rates.
I'm surprised First Republic doesn't offer a more competitive rate. I'm not trying to throw shade on them. However, since they are so boutique and only target certain zip codes I thought they'd be able to take more risk by offering a lower rate especially since one has to put 20% down to get the best rate.
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If you're looking to private refinance to a term longer than 5 years, fixed is usually the best way to go.
Commonbond and SoFi are currently offering 0% promos for the first few months.
I've also seen lots of clients going with Laurel Road as they offer extremely competitive & low rates for 10,15, & 20. I would pick 3-4 private lenders on WCI's page and get rates from each of them (takes like 2-5 minutes per application). Then go with the lender who gives you the best terms.
If you have a high earning spouse or your spouse has great credit this will certainly help you get a better rate.
I see lots of clients private refinancing all their loans at once (if PSLF or loan forgiveness is not an option) to 2-3% interest rates and starting to pay them down. Rather than leaving them federal at interest rates of 6-8%Leave a comment:
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What's your recommended strategy for best *fixed* long term rate?
What is your recommended strategy to refinance student loans with the best-fixed rate?
Is there a certain company that tends to have better-fixed rates for longer durations (10, 15, 20 years)?
Do you recommend paying off a certain amount in order to secure a lower amount (ie get debt to income close to 1?)
Have spouse with high-income act as a co-signer?
Any other tips?
PS - I've read through WCI posts regarding variable vs fixed. At this point, I'm interested in fixed. Thx
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