So if you’ve read Our Very First Post then you’ve seen that we have a couple of student loans.
Mrs. Jane’s student loans are relatively small ($3,734) and our goal is to pay hers off immediately following the completion of our credit cards. We’re currently paying about $500 per month towards the credit cards and it may be higher as we work to curb our spending habits. So her loans won’t last very long and we’ve decided that for the minimal reduction in interest it is not worth the hassle to refinance it.
But Mr. Joe’s student loans are a fair bit larger ($8,761). YIKES!
We decided that there are some benefits to refinancing this loan.
- Lower Interest Rate
- Sign-Up Bonus
Student Loan Refinance
We started this a little while ago with a lot of research into whether it’s worth the hassle (like we said above), what our options were for different loan services, any additional costs or downsides we might be missing.
In the end, we decided that for the size of this loan it would make sense to refinance and we elected to use SoFI.
What drove us to SoFi was their super easy process, low rates, and that they offered referral bonuses! So not only did we get a lower rate but we will get a $100 bonus for using them.
So far, the loan has not been fully processed, they are currently in the stage of sending a check to our current loan servicer. The same day I applied I received a phone call telling me what the next steps were and asking if I had any questions. So if the service I’ve received so far continues, I’m pretty sure that I’ll be pretty happy in the long run.
Full Disclosure: The links above to SoFI are referral links. I will get a small bonus from SoFI if you sign up using my link and you will get $100.