Borrower Spotlight – Refinancing Grad School Loans

Published on Author Bethany Sims

We chatted with Brendan Koeth for our second borrower spotlight this month. Brendan was looking to refinance his law school loans but couldn’t find the time to thoroughly research all the options because of his demanding job. Read on to learn more about Brendan’s experience and how we was able to start saving for a down payment on a home.

1. Why did you decide to refinance your student loans?

I wanted to get a lower interest rate. That was the primary reason. Lowering the monthly payments wasn’t really a big deal; paying less interest over the course of the whole loan was the primary motivating factor.

2. We are thrilled you chose Purefy; how did you find us and what influenced your decision?

There was an event for alumni at my law school on the different options available right now for paying off your loans and someone from Purefy came to speak. I had also looked into going with other providers but Purefy seemed like 1) better rates and 2) more of a personal process than some of the other bigger refinance options.

3. How would you describe the application and approval process?

The application and approval process as a whole was pretty easy. The approval process was super easy but a little more time consuming than expected because of the way student loans are setup. You don’t have one student loan; generally you’ve got 13 or so because you have a new one every semester and you have to enter the information for each one individually. So that took a little bit of time but otherwise very straightforward and easy.

4. Has refinancing changed your financial behavior at all?

Not yet. Even though it wasn’t the intention, we did get a lower monthly payment. The intent is to use that extra money to save for a down payment on a house.

5. Is there anything else you would like to add?

As far as elaborating on why I refinanced the Sallie Mae {loan}, rates are so high for grad loans. It’s ridiculous when you compare it to mortgage rates or something like that. It just wasn’t making sense anymore to be paying the money for no reason and that is why I was searching around. I wish I did it a little sooner but it’s hard for attorney to carve out a couple of hours a day to do the research. You don’t want to just blindly jump into it. I had a pile collecting from all the junk mail I was getting through all of the competitors, like SoFi, but I just kept putting it off. That’s my story.

If you have questions about refinancing grad (or undergrad) school loans, contact us and we will be happy to help.

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