Conquering Law School Debt And Buying A Dream Home -- How SoFi Member Dan Brady Made It Happen

Sometimes, what seems impossible is actually possible: Even with law school debt, you can still buy the house of your dreams.

Dan Brady graduated from law school in 2011 and joined the Marine Corps. After an injury ended his military career, he sought out a government job in Washington, D.C. However, thanks to the federal government shutdown in 2013, agencies were on a hiring freeze. Staring down $80,000 in law school debt, Dan decided to return to his hometown of Buffalo and take a law firm job.

Three years later, Dan has transitioned to a smaller firm and has purchased a home with his now-wife. Learn how refinancing with modern finance company, SoFi, made achieving these goals possible.

Tell us about your new home.

It’s a 3,200 square foot 1890 Victorian in the City of Buffalo. We are pretty confident it’s our forever home, and we spend most of our free time restoring it. There’s a lot of work to do on a 125-year-old house. We recently got married, and we spend a lot of time together working on home improvements.

How did refinancing your debt with SoFi impact your financial situation?

In total, I saved about $10,000. The biggest impact came in my monthly loan payment—it’s now about $400 less than it was before. I refinanced over a 10-year period, so I extended the repayment period, but at a smaller monthly amount and at a total savings. The additional savings, and particularly the much lower monthly payment, gave me flexibility and made it possible to purchase our new home. I probably still would have been in the market for a house had I not refinanced with SoFi, but it would have been much tougher and our options would have been much more limited.

See Also: When To Combine Federal Student Loans & Private Loans

How did you first hear about SoFi?

I saw an ad on either Facebook or Twitter. At the time I was relentlessly venting on both platforms about how much I hated student loans, and I must have triggered an ad. I was locked into high interest rates on two federal loans, with no refinancing options. At first I thought it sounded too good to be true, but after reading the fine print, asking lots of questions, and crunching the numbers, it was pretty much a no-brainer to me. This was especially true when I realized they didn’t charge any fees or early payment penalties.

How else has refinancing changed your situation?

Besides buying the house, another huge benefit was that it freed me up in terms of being able to change jobs. I had been working at a bigger law firm here in Buffalo, and I recently moved to join my father’s practice, a small family boutique practice. I don’t know if I would have been as comfortable making that switch if I’d had the higher monthly payment every month.

Learn More: How To Choose Between Variable and Fixed Rate Student Loans

Many lawyers point to student debt as a reason they can’t explore certain job opportunities. It sounds like you would agree with that.

Student debt is a real problem. It’s not something you can get out of simply by making a lifestyle accommodation. Most people are stuck making huge loan payments every month, and there’s nothing you can do to change that. It’s more of a real handcuff than the golden handcuffs that some lawyers speak about, which has to do with becoming accustomed to a certain lifestyle or standard of living. Refinancing definitely alleviated some of my concerns about my ability to make a job change.

Would you recommend SoFi to others?

Yes. I have recommended to other family and friends. Unless you’re a public servant and have the option of a loan forgiveness program, there’s no reason not to do it. Otherwise you just end up paying extra interest over time.

What advice would you give someone considering law school, or those about to graduate?

Be ready to accept changes in your plan, whatever it is. Everyone knows the legal market is challenged, but even aside from the economy, life is unpredictable. In my first five years since graduating, I’ve already seen my plan change two or three times. There will always be things in your personal life that are outside your control and can change your career. Just be ready for your plan to change.

No matter how much student loan debt you’re in or how many years you’ve been out of law school, there are solutions to help you reach your financial goals more quickly than you could have imagined. Dan is just one example of an attorney who was able to reach a major milestone and purchase his dream home by refinancing — imagine what you could do with your money when your own student loans are finally paid off.

Learn how SoFi can help you get started.