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    Refinancing Private Loans Using Earnest Student Loans

    May 29, 2018

    Refinancing Private Loans Using Earnest Student Loans

    Refinancing Private Loans Using Earnest

    Posted: 28 May 2018 06:51 PM PDT

    I'm looking into refinancing my private student loans that have a current interest rate of 9.75%. Earnest has given me the best potential fixed rate at 5.51% for a 15 year term (beating out Sofi, Laurel Road, LendKey, Citizens One, Education Loan Finance).

    Have you had any problems refinancing your student loans with Earnest? What are your experiences dealing with Earnest? Thanks.

    submitted by /u/immelc14
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    Refinancing Parent Plus loan, but still in their name.

    Posted: 28 May 2018 08:18 PM PDT

    As the title say. My parents ( my Dad ) took out parent plus loans for me and my sister to go to college. Combined the total is about 115k. The interest rates are a little higher than 7%. Me and her both pay our share of it, my parents pay nothing. I know there are ways to refinance parent plus loan into the child's name (thru SoFi and related companies), but can you refinance, keep it in the parents name, for a lower interest rate. I believe these loans are for 25 years. So I definitely would like to get that down the 10 years. Max of 15. And lower the rate.

    submitted by /u/well_shiit
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    Stupid question about W2

    Posted: 28 May 2018 05:48 PM PDT

    For one of my requirements I need to turn in a copy of the W2 of wages I earned in 2016. However my mother said that I dont need to turn it in because I only made 2000 dollars (summer gig) and that the minimum is 3000 dollars. Is she right? I couldn't find anything about it.

    submitted by /u/folderkay
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    Anyone know any way to get longer payback time?

    Posted: 28 May 2018 08:58 PM PDT

    I got into my dream school, which sadly will have me in about 96,000 of debt after graduation from private loans alone. The issue is that places I have called tell me I will either only have 10 or 15 years to pay back. Looking for a company that will offer 25 or 30 years. Or is there a way to get a longer payback period after graduation?

    submitted by /u/wheelcor
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    Help, Please

    Posted: 29 May 2018 12:35 AM PDT

    I have a few questions. My situation:

    Debt at graduation in august will be about 230K (after interest capitalizes)

    Income will start 3-6 months later at about 90K adjusted gross.

    I do not qualify for PAYE due to loans before 2007.

    Question 1) I have a small 3K Perkins loan. I have read that I can consolidate this loan into just ONE of my other loans, so that I might then be eligible for REPAYE or IBR. Is this correct? Also when can I consolidate, can I do it before I graduate?

    Question 2) Since my income is zero now and will be zero for at least 3 months after graduation, what is the soonest I can apply for IBR or REPAYE so that I might be able to make a few months of a 0$ payment towards my final forgiveness term of 25 years.

    Question 3) This one is more theoretical but I am wondering.. with someone like me where I will likely be forgiven 2-3 100K... they always told us during school "don't take more than you need" but looking back, I mean my payments will be capped at 10% or 15% of my income and whether I am forgiven 250K or 280K (had I taken out extra loans during school) at the end of it it would have been the same to me. Am I missing something? Where is the deterrent for students like myself taking out massive debt to not to this.

    submitted by /u/alive123
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    Why did a friend's $600/month student loan bill make me think of THIS sound file?

    Posted: 29 May 2018 12:12 AM PDT

    Not eligible for First Republic, best alternative to refinance $110K MBA loans to pay off fast?

    Posted: 28 May 2018 05:17 AM PDT

    I have a $110k is private and federal loans from my MBA. I start working in July, with a base salary of $150K + another 10-30K in annual bonus. I have a 780 credit score.

    I live in a medium cost of living city, $1400/mo in rent. I am looking to pay down my loan in ~5 years.

    I was really interested in the First Republic refinance option at 2% fixed, but don't live in a coverage area. I looked into Sofi, Common Bond, and ELFI.

    ELFI has the best 5 year fixed rate at 3.74% SoFI is next at a 5 year fixed rate at 3.875%

    SoFI has the best 7 and 10 year fixed rates at 4.25 and 4.625% respectively.

    Are there other companies I should be looking at? Should I wait until I actually start work to refinance, I think SoFI accepts future employment. Also fixed vs variable if I plan on paying back quickly?

    submitted by /u/KarmalCorn
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    Changing monthly payment plan with Sallie Mae?

    Posted: 28 May 2018 08:40 AM PDT

    Hi everyone, I am beginning to tackle my Sallie Mae student loans. I have about six separate loans with different interest rates (ranging from 5% - 9.7%) and together they morph into a little over 150k. It's pretty ugly. What's even uglier is that Sallie Mae is asking me to pay almost $2,000 a month which is insane since I can't move back home to save money. Is there anyway to lower this monthly amount? I don't understand why Sallie Mae creates these fixed payment plans when it's entirely dependent on how much I make (I'm still looking for a job btw, although I'm close to landing a position). I know consolidating is an option, but I don't know the first thing about it. Anyone care to help?


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    Good student loan for summer sessions?

    Posted: 28 May 2018 01:43 PM PDT

    Currently enrolled in a California State University, and will be forced to take a summer course. My grants were used entirely for this past semester, and it doesn't seem that they are giving me an option to take out any federal loans at the moment. I took out a federal direct subsidized loan for the fall 2017 -Spring 2018 year and used it entirely. Does anyone know of a way to take out another federal loan for the summer semester? When I go to my schools portal website where I usually accept or decline grants/loans, it isn't giving me the option to take out anything else.

    If a private loan is my only option, or actually a better option since federal loans are up to 4.45% interest for undergraduates, does anyone know of any solid private loans that they have used for summer sessions? My parents will likely cosign for me.

    Additional Notes: -Only looking for about $1,200 yet will need this amount multiple summers for the next two years. Would it be smarter to take out one big loan to cover the three summer courses that I will be taking until 2020, or take out individual loans when the time comes for each summer session? Also I believe my credit score is pretty low considering I've never had a credit card or payed off loans yet. Only thing I have every payed was rent at an apartment complex for a year.

    submitted by /u/apginge
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