I don’t know what information is pertinent or not pertinent to anyone who follows my blog so I will try to be as complete and succinct as possible here. I will refer (link) back to this post when I make reference to my refinance in the future.
Amount refinanced: $89,064.00
Minimum Payment: $636.76
Loan term: 15-year fixed (180 months)
Lender: Pentagon Federal Credit Union (PenFed)
FICO (at time of application): 794*
Loans included in refinance (amounts as of 11/1/2021):
|Account||Debt||Debt (7/1/19)||Min. Payment||Interest Rate|
|Private Student Loan 2||-$6,595.87||-$8,271.15||$93.30||5.090%|
|Federal Student Loan 1||-$21,440.37||-$20,583.34||$0.00||6.800%|
|Federal Student Loan 2||-$13,946.84||-$13,457.55||$0.00||5.310%|
|Federal Student Loan 3||-$11,184.47||-$10,737.40||$0.00||6.800%|
|Federal Student Loan 4||-$7,748.09||-$7,518.58||$0.00||4.450%|
|Federal Student Loan 5||-$5,561.12||-$5,520.10||$0.00||4.450%|
|Federal Student Loan 6||-$3,147.30||-$2,849.21||$0.00||5.600%|
|Federal Student Loan 7||-$2,863.10||-$2,649.80||$0.00||4.660%|
|Federal Student Loan 8||-$2,457.12||-$2,538.91||$0.00||6.800%|
|Federal Student Loan 9||-$2,307.18||-$2,047.30||$0.00||6.800%|
|Federal Student Loan 10||-$2,003.02||-$1,813.31||$0.00||5.600%|
|Federal Student Loan 11||-$1,639.01||-$1,573.49||$0.00||6.800%|
|Federal Student Loan 12||-$1,144.25||-$1,035.88||$0.00||5.600%|
|University Student Loan 1||-$3,428.11||-$4,581.00||$60.41||8.000%|
|University Student Loan 2||-$3,090.59||-$3,629.38||$0.00||0.000%|
|University Student Loan 3||-$317.64||-$1,031.21||$30.00||8.000%|
|University Student Loan 4||-$124.59||-$857.81||$30.00||8.000%|
Only a couple of things to note… First, there is a small discrepancy between the loan amount and the loan balances. This is pretty common and any overpayment will be credited to me by PenFed or refunded to me by the servicer/lender in the form of a check. And second, PSL4 was not included in my refinance which is why it does not appear on the chart above. The amount remaining on PSL4 is so small at this point that it makes far more sense for me to pay it off with the current servicer AES. It will appear separately from my refinanced loan on my student loan balances update for December 1st.
And that is it.
Fun holiday story: My father has login credentials for the private student loans that were serviced by AES. When he first logged into the account two-and-a-half years ago (the start of this blog) the balance was $30,000.00+. I didn’t realize he still checked the account until he mentioned during the Thanksgiving holiday that he saw the balance was now only $6,500.00 (he must have checked it in mid-October). I whipped out my phone and opened the app to show him that the balance was now much lower than that. He seemed very proud of me. That felt good. Not good enough to tell him about all of it but…maybe one day.
*I was…er…less than pleased with how I timed my application for this loan. I had recently applied for a Costco credit card and had taken a “new credit inquiry” FICO score ding. At the time I applied for the credit card, my FICO score was 812. Had I known I was going to be applying for the refinance, I would have waited to apply for the credit card. PenFed’s lowest advertised interest rate for refinanced student loans is 2.89% fixed (they do not offer a discount for automatic payments). While 3.500% is a much, much better rate than I had previously, I wondered if I would have gotten an even lower rate had a timed my application a bit better…