im 35k in student loans, my current loan have a high interest rate so i applied for sofi refinance loan, and I've selected 7 years at 5.34% and they charging me about 7k for refinancing fee so now that would put me at a total for 43k in loans, any advice??? should I keep looking around or should I go with Sofi??
Posted by Exotic-Yak4652
3 Comments
Your original loans are private ? Are you trying to refi into private from the govt loans?
Shop around not just one place
Are your loans private/federal? If federal, you’ll lose any associated protections. Have you shopped around to see what the terms/rates are if you refinance with other banks? Fwiw, SoFi was one of the companies that lobbied to end the federal student loan payment pause in 2023 so they could push more borrowers to refinance with them.
A refinancing fee? I’ve never heard of a fee to refinance student loans, and I refinanced with SoFi. If they truly are charging you a fee, then you should look elsewhere.