I am a senior citizen with over $100,000 in student loan debt.
I have consulted with you on this site before and the plan is to use the IBR with Navient until I die. But I watched the democratic debate on 9/12/19 and there were several ads for SOFI to refinance student loans. Just curious if you know anything about this company.
If you have loans in IBR they are federal student loans. SOFI is a legitimate lender and can provide a debt consolidation loan for both regular debt and student loans.
However, it makes no sense to convert a federal student loan into a private student loan with a commercial refinancing. You will lose all the benefits of federal student loan payments like the IBR.
I assume you are in an IBR because you can’t make the regular full payment on the federal loan so putting yourself into a private student loan with limited benefits probably just doesn’t make any sense.
The odds are it makes more sense to make the Income-Based Repayment (IBR) payment and just accept you will probably die owing a balance on your student loans. But on the bright side, it will be forgiven when you pass.
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