Despite graduating from one of the most expensive private medical schools in the country my wife and I will finish in May with less that 150K of debt mostly due to savings and her employment. We decided early to put everything we could toward tuition rather than buy a house in medical school.
So I have several questions now regarding the best plan for us moving forward.
I have looked in to refinancing and it looks like there are two companies DRB and Link Capital. So far this looks like my best option because we obviously aren't considering PSLF now that we've put 100k+ toward tuition and supposedly Link Capital will even let you refinance during MS4 after the match. Also, we avoided taking out any loans until MS3 so not too much interest has grown and interest capitalization with refinancing wouldn't be as big of a deal. We also have $14k extra that we can take out with grad plus loans at an outrageous 6.8% or something. So my questions
Would I have any problems taking out the grad plus loan and then almost immediately refinancing?
Would it be better for any reason to do IBR for a year or two before refinancing?
Would I be able to take the $14k and use that to pay off all of our interest for tax purposes?
We plan on using the money for moving expenses and getting settled in residency but are there any other options, like the question above, that might help us maximize our financial opportunities? Like maxing out Roth IRA for wife or next year?
Any other advice or recommendations?
So I have several questions now regarding the best plan for us moving forward.
I have looked in to refinancing and it looks like there are two companies DRB and Link Capital. So far this looks like my best option because we obviously aren't considering PSLF now that we've put 100k+ toward tuition and supposedly Link Capital will even let you refinance during MS4 after the match. Also, we avoided taking out any loans until MS3 so not too much interest has grown and interest capitalization with refinancing wouldn't be as big of a deal. We also have $14k extra that we can take out with grad plus loans at an outrageous 6.8% or something. So my questions
Would I have any problems taking out the grad plus loan and then almost immediately refinancing?
Would it be better for any reason to do IBR for a year or two before refinancing?
Would I be able to take the $14k and use that to pay off all of our interest for tax purposes?
We plan on using the money for moving expenses and getting settled in residency but are there any other options, like the question above, that might help us maximize our financial opportunities? Like maxing out Roth IRA for wife or next year?
Any other advice or recommendations?
Comment