I have 2 unsubsidized fed loan left to pay.
12k at 5% interest
18k at 6% interest
I tried obtaining a quote from Laurel Road and it gave me 3.5 to 7% estimate…(Has not fully finished application yet) Should I go ahead. It seems that they will share all of my data with affiliates.
May 3, 2014
I don’t know about the data sharing, so I can only offer suggestions on the financial strategy.
First, you have to decide if you are willing to give up the federal perks that go with the loans. Income based repayment and student loan forgiveness could be really important if you lose your job.
If you have decided that you just want to get the debt eliminated as quickly as possible and are just looking to save money on interest rates, refinancing can be a great option. I’d recommend checking rates with at least 3 or 4 different companies. They all use different underwriting criteria, so the only way to get the best rates is to shop around a bit. The rate checking process normally just takes a few minutes per lender. This page has a full list of lenders offering the service: https://studentloansherpa.com/student-loan-reviews/
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