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Depends where you would be on that range. The low end is fine, but the high end is atrocious. Private loans generally have higher interest rates though. Private loans can have there place when trying to pay for school, but I would definitely encourage exhausting all other options before going that route.
Rising Star
Private loans don’t necessarily have higher rates. My federal loans were all between 8 and 9% and I have a little over 4% with SoFi. But yeah if SoFi gives you a higher rate than what you already have, then keep looking.
Rising Star
I just did it with them and got around 4.2% for 15 years, which is pretty good. DM me for a referral code to get a discount.
The best part of refinancing is that you can see the amortization schedule. That way you know exactly how much you will pay every month and when it will actually be paid off. Only way to see the balance going down. Federal loans don’t have that.
I haven’t checked since rates went down but I went through the whole pre approval process, thought my rate was going to be substantially better and it turned out it was like 2% higher than they initially stated and wouldn’t be worth it given the average of my rates
Sofi or another company? Hate when this happens and would like to avoid
Send me a dm