SoFi Blog

Tips and news—
for your financial moves.

Interview with Walmart pharmacist Ashley Holmes about refinancing student loans

Ask Your Pharmacist: Ashley Holmes on Balancing $120K Student Debt With Work & Family Life

In our latest SoFi member spotlight, we celebrate National Pharmacist Day with member Ashley Holmes, who explains how a teenage passion for chemistry led her to work as a Walmart pharmacist. After seven years of college, which left her with $120,000 of student loan debt, Ashley today successfully balances the professional demands of the only employer she’s ever known with the challenges of paying off her student loans, owning a home, and starting a family.

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sofi wealth, market commentary

Signs of Expansion – Week of January 11, 2017

So far the world is living up to the hype of a post-election economic expansion. Economies are large, inertial systems and there is little doubt that the seeds of the current uptick in activity were laid several months ago. Regardless, the upward revisions in expected growth and inflation after the election of Donald Trump continue to be vindicated as the data fits the narrative. We are beginning to hear more about increased uncertainty surrounding Trump’s economic policies but our experience is that economic forecasters always view the world as “unusually” uncertain.

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Top 5 Tips for Refinancing Student Loans in 2019

Top 5 Tips for Refinancing
Student Loans in 2019

It’s a new year—and the perfect time to take a fresh look at your student loans. With recent changes in the financial landscape, now is a great time to consider a change if you are one of the 40MM+ individuals with student debt. Refinancing and consolidating student loans can be a financial game changer: You can pay your debt in a single monthly payment and potentially lower your rates—meaning less interest and more peace of mind.

Here are our top five tips to help you navigate and understand student loan refinancing.

1

Know Your Loans

Make sure to take inventory of the current loans you have. Which lenders are they with? Are they private or federal loans? What’s the balance owed and the interest rate for each loan? It’s important to know where you are today to better evaluate your best options for student loan refinancing. For example, the Federal Direct Loan consolidation program won’t let you combine your private and federal student loans to a single payment or interest rate. You should also understand what deferment and forgiveness benefits are, and if they’re applicable to your loan and circumstances. Check out these helpful tips on consolidating federal and private student loans.

2

Do the Math

In order to better understand how much you’ll benefit from refinancing, it’s best to know your numbers: Specifically, the overall balance owed and average interest rates across both your federal and private loans. Once you have that info, you can use an online Student Loan Calculator to see how refinancing will impact your current situation and the monthly and lifetime savings you can expect (if applicable).

3

Understand Fixed vs. Variable Rates

This is important, as most lenders will offer both fixed and variable interest rate options when refinancing student loans. Which one should you choose?It depends: Do you want your rate to stay constant long-term or start out low and adjust incrementally? Head over to our fixed vs. variable rates page for a helpful overview of fixed and variable rates to see what best suits your needs.

4

Choose a Lender

When it comes to choosing a lender for student loan refinancing, you’ve got options. There are many helpful articles and online resources to find the right lender for you, but ultimately you’ll want to find a refinancing partner that offers a competitive rate. Additional benefits can also be helpful—like payment deferral (in case of job loss), career coaching, or discounts on other financial products that can save you money. Here are a few sites that may be helpful in finding the best match for your student loan refinancing: Student Loan Hero, Magnify Money, and
Lendedu
.

5

Lock In Your Rate

The sooner you refinance your student loans, the quicker you can start meeting your financial goals with a simpler monthly bill or a lower interest rate. So don’t wait—make 2019 the year for action. Check your rate in 2 minutes.

Student Loan Calculator

Learn how you could lower your monthly payments and save on total interest when you refinance student loans with SoFi.

Calculate Savings

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How to pay off student debt faster in 2017

17 Ways to Accelerate Your Student Loan Payoff

New Year’s resolutions come and go, but student loans? Not so much. When next year rolls around, wouldn’t it be nice to see you’ve made a significant dent in your student debt—or have even decimated it completely?

If you’re serious about paying off student loans, we’ve got 17 easy and effective ways to help you do it. Check out our list, and start committing to your financial resolutions today!

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Physician assistant Ashleigh Shepard on getting out of student debt

How Physician Assistant Ashleigh Shepard Fast-Tracked Her Way Out of $102K in Student Debt and Into Her Happily Ever After

In our latest member spotlight, we speak to Ashleigh Shepard and learn why she chose The University of Florida to pursue her graduate degree in Physician Assistant Studies, and how she tackled a monthly student loan payment that was more than her rent – all the while she and her fiancé save for their first home.

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