I'm enrolled in the federal student loan forgiveness program. I'm considering a company like SoFi to aggressively pay the loan back faster. Which would be a better option?

I have $100,000 in student loans. I have made 21 payments, I have 99 monthly payments left, and per Fedloan, I will pay slightly less than $1,100 per month. Based on that, they say I will have about $33,000 after my 99 payments. What is my best option here?

Asked by Zinkeng

1 Answer

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Answered by Stephen Hartel, MBA, AIF in Denver, CO
If you have the money to make larger payments and therefore pay the loan back faster, there is no need to involve a third party like SoFi. Just do it yourself. Also, once you use a third party like SoFi to refinance the loan, you no longer qualify for the federal student loan assistance programs (because you would be switching from a federal loan to a private loan). | 06.28.16 @ 19:35
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$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:19
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