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||So back in 2013 when I graduated pharmacy school and I was refinancing my loans. I initially looked into sofi, but it's been a few years since then and I wanted to find out you know who is still in the market and what I found increasingly is that sofi has become less competitive with regards to rates And Partiallly is that they are one company offering one rate. And what I found that carried over from my experience on these other platforms is that it's best when you can have multiple companies competing to give you the best rates. but the play is instead of trying to find a good rate on a bunch different platforms. What I was looking for is a solid single platform that would actually go out and find you the best rate and bring you back the best quotes you could find one that fits you. Another issue I had was SoFI was that not everybody could do this. They were only doing rates for specific schools and specific programs specific cohorts that sort of thing. And so I actually told my brother about it and he tried to get into it and they just didn't even accept him. So I have a solution for this and it's come on my radar. I'm incredibly excited about it and it is credible. Go to choosefi.com/credible when you get to this page they absolutely will they just do a phenomenal job giving you the information you need on a very clean interface and allowing people to compete for your business. Now in particular When you get there just click on the orange button refinance my loans. It's going to ask you for your email address and you'll need to set up a password. Setting up the account will now allow you to unlock your personalized rates next on your screen. It's going to ask you what you want to do Your three options are Lower my monthly payment Maximize my total savings Or get out of debt faster. I would think we would want to maximize total savings that would seem to be the game changer. If you are in over your head I guess maybe the other two options make sense. But you know the cool thing about this is when you maximize your total savings you usually have the option to switch and get out of debt faster anyways. But I would likely suggest that you say maximize my total savings. All right. Now the cool thing about this is you are actually allowed to specify what type of loans you're refinancing. So it can be your own student loans; federal, private, or both. That's awesome. And it can also include Parent PLUS loans So it gives you a chance to bring both of those in. Next it's going to ask you what your undergraduate school is. Go ahead. Put that information in. It will ask you what degree you've got. Go and fill up that information. If you did graduate school it will ask you to put in your graduate school information as well. They will ask for what type of graduate degree you've got and then you're going to go and press next. Go to the next screen and it's going to ask you the total loan balance. I'm going to go and do a trial run just to kind of see how this compared to where I was several years ago so I'm going to put in one hundred sixty eight thousand dollars. And is going to ask you for your monthly housing payment. So for me a thousand bucks It'll go ahead and ask for your annual income. You go ahead put that in there. And you it gives you place to put in other individual income maybe from a self-employed business or income from other household members so basically giving you a way to include your household income as well Next it's going to ask you to give them a little bit more information about yourself. This is going to allow them to give you a more personalized rate. Basic stuff. First name date of birth. Primary phone number,Address Very simple three step process education information financial information and your personal profile. Finally just click agree and find my rates. What's really cool is this is not going to affect your credit score. This is not a hard pull. This is just them going out based on a very generic information and finding people that will give you an upfront quote based on this very limited information. It takes couple minutes as they prepare your results. What's truly incredible is the rate is so much better than when I got out. I think sofi find up quoting me like a 6.5% rate with the discount to get down to like 5.8%. I basically entered in the same information I did then and I'm getting offered a 4.5 percent fixed. APR you know that means that on a $168,000. So then finally what it does is it groups at by best rate. So this is kind of interesting this is where you need to figure out what type of term you actually wanted to get. And what I see here is you have options for a five to seven a 10 year term a 12 year term. Obviously the higher it goes up in terms the lower your payment. And I'm seeing offers here honestly from various companies ranging from four to five percent on 15 year terms. There's even one that offers a 25 year term for 6.17%. So you know you just got to look at what the difference is what's crazy to me is the difference between 25 years your payment for 25 years would be 1152 dollars But your payment for 15 years would only be 1361 dollars with this one company advantage education. And so what that means practically when I look at the screen this is what's insane, when you look at what comes back there's a couple of things that always stand out to me. One it's giving you options for different various terms. It's group basically buy the best rates your lowest rates are going to be at the top there's an offer for a 3.97% Variable Term of five years on my 168K my payment would have been $3111 a month for five years. So obviously that's a very short term that is not the way that I would push you. I'm so much more willing to pay a slightly higher rate in order to get a longer term. Don't get me wrong I'm going to pay this thing off early but I don't want to be locked into that. So kind of what I look for something in the middle I want to have something that has like a 15 year term but still has that lower rate. So as I scroll down to the 20 or 30 options that it gives me I find that sweet spot somewhere in the middle there. This 4.09% at 1700 dollars a month don't sound too bad. And also this 4.87% at one thousand three hundred sixty one dollars over 15 years. Notice the difference just in interest on these accounts. It's just amazing how when you're willing to pay these things off early that interest accumulates you know I'll look at some of those longer plans like 20 year plans, Twenty five year plans. Notice that you're paying over a hundred thousand dollars an interest that's crazy. So if I sign up for those in my own mind I know I'm not going to be paying that much in interest because I'm going to pay it like a five year plan and be sending every extra dollar I have. But it gives me more flexibility I get that lower payment. But honestly there isn't that much difference between the 20 and 25 year plan versus the 15 year plan. It's only a couple extra hundred dollars a month. So 15 to me seems like kind of a sweet spot to lock in that best rate and that rate is so much better than what I was being offered by Sofi when I initially use them so I'm a huge fan of credible. All you need to do then is select your lender and it's quick and simple they're going to ask you a few more questions to finalize your rate. They have an automated tool which will import your loan details. You don't need to upload a driver's license. Paystub or any other documents in the next step. So you can always come back to your results page. If for some reason you don't like this one They make it incredibly easy. So now you've decided you want to move a little bit farther they are going to ask you for some additional information. They're going to get some more information of your housing your personal your loan details and review. But honestly this is just the cleanest thing to do and if you're in a position like I was is where you realize that this massive student loan you have the shovel to dig your way out but you don't want to go pay off all of your different accounts your 3 or 4 different accounts. I love the idea of consolidation. There are a few people that should not do this. People that are going to be looking into you know student loan forgiveness programs. This would not be a good choice for you. You should keep as many you know as much money in those government programs as possible. But if you're like me thinking I'm going to dig my way out of this in the next five to 7 years then this is the place to go. It's absolutely a fantastic resource and I highly highly recommend it. Choose F.I. dot com slash credible.
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