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Origination fee for refinancing

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  • Origination fee for refinancing

    Anyone know of any companies that refinance student loans without a hefty origination fee?  I have roughly 106k left in loans that I'll be done paying off in about 7 years that I'd like to get a lower rate for - currently 6-7.6%  I went through the approval process with DRB and they can give me 5% fixed or 4.5% variable for 7 years but they want to charge almost $20,000 for the origination fee for the loan.  That's 20% of the loan amount.  That makes no financial sense to me and really does nothing to make me pay these off faster.  I was wondering if all companies that refinance student loans have such a steep origination fee?  Anyone have better experiences and can recommend another company I look at?

  • #2
    Dig ding ding ! Lender making money on origination fees.

    I would personally PM WCI to see what he thinks. He may be able to talk to these lenders or be open about steep origination fees.

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    • #3
      DRB does not charge origination fees, nor does any of the other advertising student loan refinance companies on WCI website as far as I know. May have read the financial disclosure wrong, probably was referring to interest paid over life of the loan.

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      • #4
        I can't believe that's true...we refinanced 2 loans with SoFi with no fees.

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        • #5
          Youre misinterpreting something here, makes no sense. Even a payday loan company wouldnt do that. Ive refinanced with sofi and earnest and all to my knowledge advertise no origination fees.

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          • #6
            Ok everyone, I apologize. I'm an idiot.  It reads finance charge but what they mean is the interest paid over the life of the loan.  So sorry for the confusion on my part.

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