Asked by Zinkeng  |  Submitted June 20, 2016

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?

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  Answers  |  1

June 28, 2016

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).

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