They’re Paying 0% to 1% Interest on Private Student Loans After Variable Rate Refinancing

[{"selector":"#anim-dff9d431-28b3-4c6e-a622-070e7a8ba893","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-271b6df1-4e1f-41f1-82ce-23229b10e2af","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ef23ff4b-ae47-43db-a4d0-998c51834ea6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-36b1dfa9-c8b1-401c-9d1a-ccbc4a46f155","keyframes":{"transform":["translate3d(0px, 133.84261%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

I knew that borrowers with federal student loans were benefitting from temporary interest-free loans during the pandemic, but I was quite surprised that some who had chosen variable rate refinancing via private companies are also benefitting from 0% interest or close to it.

[{"selector":"#anim-f8d1edf7-461f-4a20-bf7e-6cd150105400","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ad49a4d0-239a-4c54-bd05-ab6da381044f","keyframes":{"transform":["translate3d(0px, 86.23896%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-75d0bc4d-3865-4cbd-ae4d-ef87cd5b83b6","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2dbf17c2-d139-447f-b6b5-ce7d88daa7a3","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-76911fb1-bfd7-4d11-b87b-d94ed9a77853 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Learn more

In two threads in our physician-only Physicians on FIRE Facebook group, more than a dozen borrowers with refinanced variable rate student loans reported paying under 1% currently.

[{"selector":"#anim-d71f78ac-e688-4959-9167-6110e9eb7651","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cadd1a28-6418-4c42-a3b0-c164c3d290e4","keyframes":{"transform":["translate3d(0px, 86.23896%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-46096c6c-8ae4-4bd1-81d5-a3575acb2a83","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-463496d0-8343-411c-a232-9c7a81245e09","keyframes":{"transform":["translate3d(110.33435%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1f5437a8-8fb9-4bb3-8163-31a38d0db646 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Learn more

All but two were paying less than half a percent, and two were paying no interest at all.

[{"selector":"#anim-198a25a7-bd38-4387-b52a-d248063073e4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e46338b0-6613-4dcb-9b8b-6b41b69fbe73","keyframes":{"transform":["translate3d(0px, 86.23896%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-51136f0b-28e5-4b22-ba32-9be7a627c896","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-be33196c-f8f2-4ee5-8990-b6fbe691e63c","keyframes":{"transform":["translate3d(110.63829%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-295cd1b5-1331-4002-8b2b-03e3a4d9f5da [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Learn more

First, I’d like to reiterate that if you’re reading this in 2021, most federal loans are currently at 0% interest until the end of January, 2022. If you’ve not taken out private loans or refinanced at any point, stick with what you’ve got! It’s a great deal for as long as it lasts.

[{"selector":"#anim-8f2b1c8f-80ef-4813-9c8b-342d9ca6d62e","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c94a2b7c-a870-42e2-9d15-fa4bd610c7f3","keyframes":{"transform":["translate3d(0px, 88.74941%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-526c5dca-25c6-449a-962d-d9579c21c8d5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-53af5b60-46d8-4d77-95b1-f8f39e850aa5","keyframes":{"transform":["translate3d(-115.84159%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3677c174-d3f6-4ea7-8e3a-ec4d502fbbb9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Learn more

Also, if you are pursuing Public Service Loan Forgiveness (PSLF), you absolutely do not want to refinance your student loans. Doing so would make you ineligible for the program.

[{"selector":"#anim-c91d87aa-1e3c-4347-975e-974f33b56fb9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ae0c962e-3841-43f9-9c1a-9fc359518a57","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-fe447fca-b3e6-45da-bbf4-64ec4945237a","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more

Fixed Rate Versus Variable Rate Refinancing When you refinance student loans with most companies, you will be given the option of a fixed rate or variable rate loan.

[{"selector":"#anim-de6a6f90-7ce2-4285-8af8-d83d77c19e1b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-20fc3a8a-af52-4217-86e4-41cc6d5ae22d","keyframes":{"transform":["translate3d(0px, -164.48164%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7f9b97c3-7f59-47fa-9f94-7c64377f18b6","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ec66befa-f8a4-47b2-89b8-2c9ab447bb15","keyframes":{"transform":["translate3d(0px, -136.94085%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b26dfbd1-93b8-4834-afd6-f72e5e3888b7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Learn more

Read The Full Article By Clicking Below

[{"selector":"#anim-b569c81e-d2bf-44f7-8649-b49751eae961","keyframes":{"opacity":[0,1]},"delay":0,"duration":2500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d0c233ca-2aa9-4c55-ab21-c14a3ecb7ce6","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-08b7bb61-e568-43dd-9a74-b6614e67061d","keyframes":{"transform":["translate3d(-121.52777%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-98844658-0e71-4a37-9bba-f1397b06e552","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bcb98789-c568-4774-be51-14b6cf1c9c66","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

They’re Paying 0% to 1% Interest on Private Student Loans After Variable Rate Refinancing

I knew that borrowers with federal student loans were benefitting from temporary interest-free loans during the pandemic, but I was quite surprised that some who had chosen variable rate refinancing via private companies are also benefitting from 0% interest or close to it.

In two threads in our physician-only Physicians on FIRE Facebook group, more than a dozen borrowers with refinanced variable rate student loans reported paying under 1% currently.

All but two were paying less than half a percent, and two were paying no interest at all.

First, I’d like to reiterate that if you’re reading this in 2021, most federal loans are currently at 0% interest until the end of January, 2022. If you’ve not taken out private loans or refinanced at any point, stick with what you’ve got! It’s a great deal for as long as it lasts.

Also, if you are pursuing Public Service Loan Forgiveness (PSLF), you absolutely do not want to refinance your student loans. Doing so would make you ineligible for the program.

Fixed Rate Versus Variable Rate Refinancing When you refinance student loans with most companies, you will be given the option of a fixed rate or variable rate loan.

Read The Full Article By Clicking Below

more articles...

How to Build Wealth on a $150k Salary

Taxes on a Million Dollars

How Much Money Does a Doctor Need to Retire?