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Saved $ When to Refinance

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  • Saved $ When to Refinance

    Have been saving up $$ due to public loans forbearance - plan to refinance with a private company soon.
    Better to pay off a large chuck before refinance to get a better sign on rate or sign up and then pay a large chunk once private and refinance immediately after for a new rate (do they even take this into account)?

  • #2
    earnest will re-refinance you in 6 months. I don't know how long other companies will wait to allow customers to re-refinance. What's the "big chunk"? Depending on the rate you get you might be (well probably will be) mathematically better off long term by refinancing now, and throwing that large chunk into VTSAX, which wasnt a choice you listed. You can then re-refinance anyway after paying off some of it.
    -tbh I hate debt and the mental aspect of it so I paid off my SL way too early from a mathematical/financial benefit sense, but it was totally worth it for the mental benefit.


    • #3
      I'd make a lump sum payment prior to your refi. It'll provide you with a lower monthly payment and you'll pay your loans down sooner by doing so.
      Helping student loan borrowers manage their student loans. [email protected]