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B-rad
B-rad

Generated link for wife(Certified Nurse Midwife) and chat confirmed she was eligible. $5000 min

Dr Dustin
Dr Dustin

My wife, not a physician, who only has an SoFi investment account was able to generate a referral link for me. I was able to refinance my private student loan which is <$10K. I confirmed on chat that the referral bonuses are pending and if approved and refinanced, we will each be getting $1,000 90 days later. $2,000 for refinancing <$10,000 is pretty sweet! Can confirm, did result in a hard pull.

Frank
Frank

Did it allow to select how much of your loan you wanted refinanced?
Did you already have a Sofi account of some sort?

Dr Dustin
Dr Dustin

I did have a sofi account already. Even had a student loan with them until about 3 years ago. I submitted the loan amount, which was then verified by the loan payoff letter. I refinanced the whole amount. Its unclear to me if it will let you refinance only part of the loan.

Raymond
Raymond

PhDs are left out as usual

ATXken
ATXken

That’s because PhDs have a much lower upside compared to physicians and dentists. Would you want to invest in someone with a PhD in underwater basket weaving?

Frank
Frank

I’m thinking we could just refinance a small amount and qualify. I think their minimum to refinance is $5k, which would make for a sweet deal.

007
007

Sort of makes me wish I hadn’t paid off my loans… If P2 refers me and I still had a loan, no matter what size (?), that would be $2k.

Matt
Matt

Curious if there’s a minimum amount you need to refinance

Gadget - Bank Bonus Geek

Nothing mentioned in the terms.

BW
BW

I played around with the app and the minimum you can refinance is $5000.

Jack

They should have an offer for Doctor Of Credit. It’s also a doctor!

Jack
Jack

A website is a doctor? Your jokes are getting worse and worse. Lok Hang Wong

Lok Hang Wong
Lok Hang Wong

Sorry, I’ve been too busy dealing with morons in real life to care about the ones here.

I’ll try to get a word in the next time he comments, since it looks like the moment has already passed here.

Dr Molly
Dr Molly

Do not refinance to private loans in medical school or residency. There is a very high chance you will end up working for a not for profit healthcare system. With the changes to PSLF it is very worthwhile to pursue. I never refinanced my federal loans (though I did consolidate them) and when the waiver came out in 2021 both my husband and I qualified for it. Over $300,000 in student loans completely forgiven. It really felt like winning the lottery! So many people who refinanced to private (to secure a lower interest rate) lost out completely and were filled with regret.

Jay
Jay

Wow, also not taxable for PSLF, right? Nice.

Derrick-The Wanderboy
Derrick-The Wanderboy

well it also depends on ur speciality. with all the gunners gunning Rads/Ortho/ENT/Uro/Opthal, there salary is going to start at 400k anyways, especially private.

Dr Dustin
Dr Dustin

True, but those who took out private residency search loans or similar private loans can take advantage of this deal. I recently had ~$350K forgiven via PSLF. I also have a small private loan that was originally a residency search loan to fund travel expenses during interviews. I’ve been bouncing this around for years to take advantage of these kind of sign up bonuses. This bonus would cover 12 months worth of payments.

Joey
Joey

Dr Dustin I’m guessing you get hit by hard pulls for every sign up bonus?

Dr Dustin
Dr Dustin

Yes, almost certainly generates a hard pull. I watch my credit score closely, hard pulls account for a pretty small proportion of the credit score calculation. I’d avoid it if I was buying/refinancing a house soon. But otherwise I’m not too worried about hard pulls.