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In response to
"Is this just some private bank with lower rates? -- nm"
by
James Bond (on phone)
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it's alums investing in the payoff of student loans of their alma maters, it looks like. it's an investment vehicle for them.
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these people actually look at your salary and credit rating and determine payment using that. like, you have a borrower profile.
for me, this is a great option because I can save a lot per month and still decrease my payment length. if I pay the $120 I save per month vs my current minimum payment, I bet I lose two years of repayment. I am currently paying almost $100 more than my minimum. if I paid the $120 + the $100 to sofi, I bet I could be paid off in 6 or 7 years.
note that IBR is not an option for me -- I save $4 per month if I do IBR and then would take the huge tax hit when I applied for forgiveness for being at a non-profit. it's weird that paying back all of my loans aggressively is my best option, but it just is.
97, don't miss this post.
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