By: Tarah Thomas

Tarah Thomas — Sun, 30 Apr 2017 19:56:00 +0000

I see SOFI listed as a better option when I click on the link, but when I applied to SOFI, I got a rate (6.4) barely lower than my federal loan rate (6.8). I took the opportunity to email their CEO and got passed off to customer service who told me that to get a lower rate closer to what they advertised, unneeded higher income. Like double what I make, even though I make a pretty good income. I asked if refinancing a lower amount would help (since I pay several thousand on my loan a month in an effort to pay it off quicker and could wait a few months and refinance less) and was told no, it would not. They mentioned “debt to income ratio” and I expressed confusion because I hold only student loan and mortgage debt and routinely get the best interest rates when I need a loan because my debt to income ratio is considered great and I have such high credit. They then told me it had some to do with the cost of living where I live, yet I live somewhere with a low cost of living. I am not sure who SOFI actually lowers rates for. They offered to take a cosignor, but said if I died, my cosignor (my husband) would be stuck with the balance. So I withdrew my application. I was disappointed because I heard that they were the best, but apparently only if you make $120k+ a year in a town with a low cost of living and have no other debt.

By: Kahvi Collier

Kahvi Collier — Tue, 15 Nov 2016 23:13:00 +0000

I was a little concerned when I saw the three-star rating, since I just started the refi process on my Navient (former Sallie Mae) private loan that was going NO WHERE!! Despite me asking them not to, they kept putting my loan in deferment. They refuse to put any additional payments directly to principal, will only apply it to the next payment, which just pays on “foreseen” interest based on the loan never ending since they kept deferring it. 6-8 years of paying it, barely put a dent! Rip-off scam! My husband was worried about the refi I started, since it is basically the same company, but I chose a fixed rate, 5 year option just to finally be rid of this money pit of a loan. The “red flags” you listed were actually pluses for me, based on my needs 🙂

Comments on: College Ave Student Loan Refinancing Review

By: Tarah Thomas

By: Kahvi Collier