FINALLY, after years of paying high interest rates on my student loans, I was able to refinance them! AND I GOT A $200 BONUS FOR DOING IT!! YOU CAN, TOO!
Between rates never being low enough to make refinancing a smart move and a thing I did years ago to damage my credit, it’s been a battle to make this happen. However, I kept at it and finally everything fell into place, which will save me THOUSANDS of dollars over the next few years! YES!!!
It only took about 10 minutes to get the process started using Credible, and once I finished the short application, I had several refi offers within 24 (business) hours. I was able to make a choice between fixed and variable rates (I chose fixed, but everyone’s situation is different so just do the math), select my term (I chose 5 years so I could get this done sooner than later) and it gave me my monthly payment amount. It was slightly higher than what I was refinancing from ($400/month to about $515/month), but the term was much shorter and the interest rate was nearly cut in half. My existing loans ranged from 5.5% to 6.5%, and now my new loan is a whopping low rate of 3.5%, yes!
There was not an origination fee or anything else, I just have to make a payment within 30 days (and make sure my current loan provider is up to date, even if it means making a payment to keep it from becoming past due while the disbursement from the new company is being made). The old company will refund me if it ends up being overpaid.
Please note how important this is, regardless if it is a student loan, car loan or any other kind of loan, whether you’re refinancing or if you are buying something new. While your loan (or vehicle trade) is being paid off by a new company, make sure you keep the old company current. This is YOUR responsibility, not the new company’s. The old company will reimburse you once they receive the overage amount from the new company. Credit damage from not paying your old loan CAN and WILL happen if you ignore due dates.
Credible acts as a mediator so you only have to fill out one application to get the process started and they will provide you with several companies to choose from (if you qualify) vs having to find and go to each individual company and start the process. I guess it could be compared to an insurance broker: you go to one agent and they give you options between several companies. Anyhow, this made things so easy because the company I ended up choosing is not a company I would have ever thought to even look up. Once I selected them, I did have to complete their specific application, provide documentation (income, graduation date, proof of ID, etc) and communicate directly with them. All of this, from start to finish, took about two weeks total to be approved. What made it even better is Credible assisted me throughout the process and they gave me a $200 bonus for using their free services, which they are offering again for new people in July 2018! Take advantage while you can! I love free money, who doesn’t?!?!
Good luck!! Let me know if you are successfully able to refinance your loans and how the process went for you!
