First Republic Bank certainly has the best rates if you live in a target area (primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida), Greenwich or New York City), have some cash liquidity, and a decent credit score. They also do require you maintain a checking count with a minimum balance of $3,500 (to avoid a fee) and direct deposit of (a portion) of your paycheck. Current rates are: 5 year at 1.95% APR / 7 year at 2.55% APR / 10 year at 3.35% APR /15 year at 3.95% APRJenDarby wrote:Debt at graduation in 2014: 194k
Interest rates: 72k at 7.65%, 41k at 6.55%, 36k at 6.16%, 20.5k at 5.160% (returned some $$ after disbursement to avoid the fee)
Interest paid in 2014: 17.5k
Debt at refinance with CommonBond in 02/2015: 176k
Payment and VARIABLE interest rate: ~1,850/mo at 4.16% that gradually increased to 4.68% - 10yr term
Interest paid in 2015: 7.95k
Interest paid in 2016: 7.15k
Debt at refinance with FRB in 01/2017: 145k
Payment and FIXED interest rate: ~1,450/mo at 3.75% - 10yr term
Debt at modification with FRB in 10/2017: 136k
Payment and FIXED interest rate: ~975/mo at 2.95% - 15yr term (I'm getting aggressive with payments so should have just done 2.65% - 10yr option)
Interest paid in 2017: ~4.9k
Current balance (as of 1/2019): 90k
Interest paid in 2018: ~3.1k
I have made a couple lump sum payments
CommonBond, Earnest, SoFi, and DRB are also very good alternatives if you are not in a target area or do not qualify based on liquidity/credit score for FRB.
For any of these companies, a poster can provide you with a mutually beneficial referral link. Let me know if you want to be added to the list of available referrers.
FRB: JenDarby, DangerZone, bk1, SmokeytheBear
Income Based Repayment plans such as PAYE/REPAYE/IBR certainly should not be ignored either. Often times, these are a better alternative to refinancing, depending on your particular circumstances (employment, job security, debt level, future plans, etc).