Hello all,
I just found out about REPAYE. I have been digging deep into all the posts and trying to crunch the numbers, I would like your advice please!
I am currently a PGY-3 in IBR since internship started; first year was $0 payments and now $100 payments, all PSLF eligible, I am due for re-certification in November. Current fed loan debt is $290,000 at 6.75% interest with $30k accrued interest so far ($44k of that is subsidized, so that portion has not accrued interest yet). I have additional private student loans of $40k at 2-3% interest and another $32k at 6.25% interest (not eligible for the income based plans obviously). So now I face the dilemma... do I switch to REPAYE and have my interest capitalize for a new principle of $320k?
I just got married, last years income tax was still single. My spouse makes $70k gross and will continue to have that salary. My PM&R residency is 4 years, and maybe 1 additional year of fellowship (haven't decided yet). Attending salary will be around $200-250k from what I hear. Not sure if I will go for PSLF 50/50 at this point, or maybe slightly leaning towards heading to the private sector. I would jump at a low interest refinance option.
I have not put any money toward retirement yet. I recently started reading like crazy about finance, investing, student loan management, student loan refinancing, etc. Love this blog I am a huge fan, I really like how everyone is helping each other out on this blog. I purchased a copy of the WCI book and just ordered Bernstein's Investor's Manifestor. Also really liked Denniston's Taxes Made Simple/ I plan to start a Roth IRA and go with the "Default Portfolio".
So my specific questions, is it beneficial for me to switch from IBR to REPAYE?? How aggressive should I be with loans vs putting towards a Roth IRA?? Go for student loan refinancing?? I was also very intrigued by Dr. Wise Money's method of leveraging debt by utilizing a 0% APR credit card balance transfer, I am weighing that as an option to save a bit on interest too. I would highly appreciate any advice! If anyone can run some numbers on a spreadsheet I would be eternally grateful! Thanks again.
I just found out about REPAYE. I have been digging deep into all the posts and trying to crunch the numbers, I would like your advice please!
I am currently a PGY-3 in IBR since internship started; first year was $0 payments and now $100 payments, all PSLF eligible, I am due for re-certification in November. Current fed loan debt is $290,000 at 6.75% interest with $30k accrued interest so far ($44k of that is subsidized, so that portion has not accrued interest yet). I have additional private student loans of $40k at 2-3% interest and another $32k at 6.25% interest (not eligible for the income based plans obviously). So now I face the dilemma... do I switch to REPAYE and have my interest capitalize for a new principle of $320k?
I just got married, last years income tax was still single. My spouse makes $70k gross and will continue to have that salary. My PM&R residency is 4 years, and maybe 1 additional year of fellowship (haven't decided yet). Attending salary will be around $200-250k from what I hear. Not sure if I will go for PSLF 50/50 at this point, or maybe slightly leaning towards heading to the private sector. I would jump at a low interest refinance option.
I have not put any money toward retirement yet. I recently started reading like crazy about finance, investing, student loan management, student loan refinancing, etc. Love this blog I am a huge fan, I really like how everyone is helping each other out on this blog. I purchased a copy of the WCI book and just ordered Bernstein's Investor's Manifestor. Also really liked Denniston's Taxes Made Simple/ I plan to start a Roth IRA and go with the "Default Portfolio".
So my specific questions, is it beneficial for me to switch from IBR to REPAYE?? How aggressive should I be with loans vs putting towards a Roth IRA?? Go for student loan refinancing?? I was also very intrigued by Dr. Wise Money's method of leveraging debt by utilizing a 0% APR credit card balance transfer, I am weighing that as an option to save a bit on interest too. I would highly appreciate any advice! If anyone can run some numbers on a spreadsheet I would be eternally grateful! Thanks again.
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