- Centurion Member
- Posts: 616
- Joined: Thu Jan 24, 2013 12:24 am
- Location: United States
So I was thinking that I would refinance my private and government student loans when I graduate through SoFi. I will have a job after I graduate that will pay from $62K-$70K depending on who I work for, so I will not benefit from the income based repayment. SoFi will also honor the 6 month grace period, though I will start before then. I will have close to $50K in loans.
Right now I can get a variable 5 year rate of 1.9%. I realize that it will be going up in the future, but with my income I think I can afford to pay it off in 5 years which should keep it from reaching their fixed rate of 3.5%. I also realize I will not be able to write my interest off for my federal loans after I refinance. Still I should save me around $11K in interest.
Anyone have any input on this? it seems to me that I can afford the $900/month in payments. After taking out 6% for my 401(K) I should make at least $3500 after taxes per month. My rent and utilities are always less than $550/month. That leaves over $2K to live on per month which I think is more than enough. I can even put money away for an emergency fund.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000
FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)