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55k fed loans left 6% interest - refinance or just pay off asap after pause ends?

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  • 55k fed loans left 6% interest - refinance or just pay off asap after pause ends?

    I have about 220k of federal student loans but was able to save up just shy of 170k that I plan on paying before student loan pause ends. That'll leave me with about 50-60k fed loans left. I plan on paying the rest within a year. My fed loan rates are about 6% and looking at the refinance rates it's ?<3%, and doing the math over that time frame it be a $1000-$2000 dollar difference at most. I'm happy to save an extra grand but wondering if that hassle of refinancing would be worthwhile?

  • #2
    Refinancing was always really easy for me. I'd do it.

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    • #3
      Sure, probably not as difficult as you think. It's not like refinancing a mortgage.

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      • #4
        Originally posted by hebel View Post
        Sure, probably not as difficult as you think. It's not like refinancing a mortgage.
        I just did a mortgage loan for my first house so was wondering if it's a similar process as refinancing student loans!

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        • #5
          It really isn’t too difficult to do. Just uploading the documents is the time consuming part. And even that is too bad.

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          • #6
            Refinance. Given your numbers it’s probably a higher $/hr rate than moonlighting. And with the added benefit of no taxes needing to be paid or liability

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            • #7
              Refinancing is a very quick process, and with the WCI links you are eligible for a signup bonus (that can add anywhere from $300-$650 on top of the interest savings you get). It says on their page CommonBond still has a 0% 6 month interest rate freeze (which would take you well past the fed government's freeze). You just need to compile a few documents to upload. I feel like it's definitely worth it.

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              • #8
                Refinance! Super easy and nothing like refinancing a house. That extra $1000-2000 can then be used towards something to celebrate!

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                • #9
                  Refinancing is easy. Will end up saving you a couple thousand dollars as well.
                  Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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