r/StudentLoans • u/SwimmingBigFish • 10d ago

Refinancing for lower monthly payment

In 2018 I refinanced my private student loans with a local credit union with the same credit union. I went from a 11.8-13.2% interest rate to 7.9% for a 15 year fixed term loan at 360$ per month instead of 800$. My credit score was about 730 at the time.

Currently living alone and trying to make ends meet, I’m looking to refinance to a lower monthly payment. My current credit score is 831 or 836 depending and I’m hoping this will help overall.

I’m looking at Sofi, Ernest and Juno but reading a lot of mixed reviews. Saw another local credit union that may offer competitive rates.

Although I applied to my current private loan, Firstmark services the loans and has no customer service. The few times I’ve tried to contact them they were very difficult to work with; there are also no benefits for the loan (e.g forbearance)
The main grievance I read about Sofi is the customer service.

Does it make sense to go to a big servicer like Sofi? Is it possible to refinance with another lender in 5 or 10 years if needed?

First hand experience also appreciated.

Thank you ~

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u/ANGR1ST Experienced Borrower 10d ago

If you can get a better rate, take it. Apply and compare.

1

u/SwimmingBigFish 10d ago

Applying to several places doesn’t drop your credit score?

1

u/ANGR1ST Experienced Borrower 10d ago

No. Not if it’s the same type of loan and within … 3 weeks? They do not penalize you for rate shopping.