5 Tips from SoFi for Student Loan Refinancing

Journal ‘ Endorsed Programs News’ November 2016 issue

SoFi has refinanced $10 billion in student loans for over 170,000 borrowers across the United States. Through our partnership, MDA members can apply via SoFi.com/MIDental and qualify for a rate discount upon refinancing.

Consolidating multiple student loan balances into one new loan with a low-interest rate and monthly payments designed around your life is what makes SoFi so successful with our members. Here’s how to begin.

Check your credit. Although some companies consider your credit score as refinancing criteria, SoFi doesn’t. But they do take a look at your credit report. You can improve your credit score by paying off overdue bills, decreasing debt in general, and always paying bills as they’re due.

Take a hard look at your cost of living.  Some cities are more expensive to live in than others and cost of living matters a lot to refinancing companies. But anything you can do to pay down debt and make choices that free up more cash can help your case.

Give lenders a complete history. SoFi considers things like where you went to school and how you’re doing professionally when they weigh your application. Provide as much information as you can when it comes to your degrees and all relevant work experience.

Show all your income. List dividends, interest earned, bonuses, and any extra side money you make.

Be flexible. If you have a number of student loans and you’re not offered the best rate when you apply for refinancing, consider refinancing only a couple of them at one time.

See if you qualify for student loan refinancing by applying through SoFi.com/MIDental.