Hi all,

I wanted to see if anyone has an opinion on SoFi I recently refinanced through them which helped drop the interest rate on my federal student loans from 6.9% down to 5.4%. I was wondering if anyone else has used the service and what success they have had.

I also have a question, I would like to work with my mother in law on refinancing the student loans in my wife’s name. They currently have a 8.1% interest rate which seems high to me. I tried having her go though SoFi as well but it is currently not available in Vermont. I was wondering if anyone had any recommendations on a refinancing options for the state of Vermont. Any advice would be appreciated.

Best,

-Zachary

Zachary,
I think borrowers should be very cautious about refinancing federal student loans into private loans because federal loans have unique benefits that few private loans offer.  That said, I know SoFi has incorporated some progressive provisions, for example death and disability discharges, that I appreciate.  I recommend that folks do a good bit of research and like I said, beware of refinancing federal loans.
Best,
Heather