Refinancing Student Loan Debt
Refinancing Your Student Loan Debt
On Monday, I talked about trust, and why it’s important to me that I have people’s trust from a personal and professional standpoint. I have essentially had a sales job my entire career, and it was always important for me to sell products or solutions that I believed added value for my clients and I believed in personally.When I started blogging, I learned about the potential for me to make income off of affiliate links on my blog. There are many bloggers out there who make a great deal of money off of affiliate links, and I salute them for it. My approach to affiliate programs is that I would only include links for products and companies that I like and believe in, and because of that, I rarely mention products and companies on this blog.Today, though, I wanted to share a potential student loan refinance option that I personally am excited about and that’s SoFi. As a financial planner who works predominantly with clients between the ages of 25 and 45, I see student loans ALL the time. Given the fact that 60%+ of students are borrowing to pay for school, it’s not surprising. Most of the time, the debt is manageable and my client’s have a good system for repayment and interest rate management. Other times, though, the student loan size, interest rate and sheer number make it very difficult to manage.
Student Loans Can Be Difficult to Manage
Not too long ago, I had a client pay me to figure out and organize his student loan portfolio, and when I completed the project, I realized why he did. It took me over six hours of my time deciphering the various student loans that he had between undergrad, grad, public and private loans. I created a massive spreadsheet for him, which could have been completely unnecessary; if he had the right refinance solution.If you have federal loans, then consolidating them and managing them is actually not too burdensome of a project and I highly recommend it. If you have private loans, though, the process becomes extremely complex and burdensome. There are not many providers out there who will consolidate both public and private loans and typically the main providers are banks that are the ones who typically originate the private loans to begin with, so it doesn’t make that big of a difference.I recently got to spend time learning about and chatting with the people at SoFi, and I believe that I have found a great solution for my clients who fit the perfect client for them. SoFi is an innovative lending company that started its business by helping grads with their student loans, but now it has evolved into personal loans and mortgages as well. They truly have a unique approach to assessing candidates and they have a great platform from which to resell their loans which helps keep the interest rates on your loans with them low.
Think You’re a SoFi Candidate?
While SoFi has a great platform and offers an easy way for graduates with private and federal student loans the opportunity to refinance and consolidate, I have to be honest with you and tell you they are not looking for every graduate, they do have specific candidates in mind. From a broad perspective, they would like to see graduates with high five figures to six figures of debt (typically from getting a higher degree) and also making six figure incomes for a few years or more. While this is not an exclusive list, I think it’s a quick and easy guide for people.That being said, if you check out their website, there is a very quick and easy tool that you can utilize to determine if you might be a good fit for SoFi for their student loan and other lending programs. To date, they have refinanced over $1.75 Billion in student loan debt, so you know this is a serious lender with a great deal of experience.If you want to check them out, you can click on the link below, which is an affiliate link, but like I said, this is a company that I support and would recommend with or without the affiliate link.Refinance your student loan debt with SoFi