student loan refinance rates?

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Tenesmus83
Posts: 71
Joined: Thu Nov 22, 2018 2:32 pm

student loan refinance rates?

Post by Tenesmus83 » Sun Jun 30, 2019 7:49 pm

I know that mortgage rates are very low right now. How about student loan refinance rates?
Are they dependent purely on federal fund rate?

NativeTxn
Posts: 73
Joined: Mon May 20, 2019 9:32 pm

Re: student loan refinance rates?

Post by NativeTxn » Mon Jul 01, 2019 12:18 pm

I think they are more market driven.

I have a small private loan that I had refinanced a few years ago taking it from a variable rate loan and refinancing to a 10-year fixed that at the time was 4.625%. That was with SoFi. I had about 6 years and 2-3 months left on it when I recently (at the end of May/beginning of June) refinanced it through Earnest to a 5-year at 3.5%. I checked the rates at SoFi to refinance it (even though they already held the loan through Mohela), and the best they had for 5-year was 4.25% or 4.5% (I can't remember the exact rate - I just remember it was above 4% and not really that much lower than what I already had with them).

And each of them had rates that ticked higher the longer the loan you wanted, but none of them were what I would consider really high.

So, while I'm not sure about other lenders, I think the student loan refinance market it more "market factors" based, rather than set to go up or down only based on the Fed funds rate, Prime rate, or any other rate.

regularguy455
Posts: 177
Joined: Tue Jul 18, 2017 2:08 pm

Re: student loan refinance rates?

Post by regularguy455 » Mon Jul 01, 2019 3:30 pm

I got mine in 2014 through SoFi. They used 1 month LIBOR + 3.5%. I paid it off when it went over 6%.

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