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If private and you find a lower rate go for it? Why not? Public, maybe, it depends on whether you can actually benefit from any of federal loan benefits. Private Student loans refinance unlike mortgages rarely carry origination or closing costs, so other than a new account on your credit report not much harm
Coach
Hell yeah fellow COVID-rate student loan holder!
Subject Expert
If the rates are variable and/or high, whether public or private, I say absolutely. However, I wouldnt refinance lower-interest, fixed rate *public* loans.
I refinanced with SoFi because of lower interest rates and their platform is easy to use. If the rate is better and you can make the payments, go for it.
I had SoFi and refinanced again with Earnest because I got them down to a 4.25 rate. Think SoFi had me over 5
Subject Expert
If you’re in BL you’re probably ineligible for the student loan interest deduction, so the reason to do it would be for a better rate as others have suggested, not for any potential tax benefit.
Coach
Unless you have those COVID-rates (which are lower than anything market today) you should be aggressively paying those down. There may come a time where you want to leave BL, student loan debt is a lame golden handcuff…
Enthusiast
As others have said refinance if you can get a better rate.
Also, keep in mind that if the loans are your spouse’s loans only, they’ll become yours as well if you refinance and you were to get a divorce. As things stand now, they would be your spouse’s only assuming she had them prior to the marriage. Not saying you shouldn’t do it because of that. I did for my wife’s loans and we paid them off, but you should be aware of that.
Coach
CA probably has the most extreme community property laws in the nation