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.
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.