Hey everyone, had a question for all and wanted to get your thoughts.
Loans-
1. about 325K in IBR
2. 10K on a loan that would have been forgiven if I returned to my home state which I'm not doing now. Interest rate very high if not payed back in full at end of training.
I'm currently a pediatric anesthesia fellow and just signed a contract with a private practice group. I'm currently refinanced and in IBR because I strongly considered staying in academics and wanted to keep the option of PSLF program. However I now know this isn't an option. I've also started moonlighting so this may factor in as well. I have a 10K loan that has a very high interest rate if I don't pay it off in a one time payment at the end of fellowship. My goal is to save $5,500 for my Roth IRA and have the 10K for the loan as well as some money to help with the moving expenses. I'm confused at some of the refinancing options on the site where it looks like I can get an interest rate more in the 3-4% range. Should I go into forbearance on my loans and save the money that I was putting towards IBR (about $450/month) for these things? Can I refinance now with one of the other companies and decrease the interest and go into forbearance with them until fellowship ends? I plan on paying my loans back in 3 years after graduation.
Thoughts? Thanks for your input
Loans-
1. about 325K in IBR
2. 10K on a loan that would have been forgiven if I returned to my home state which I'm not doing now. Interest rate very high if not payed back in full at end of training.
I'm currently a pediatric anesthesia fellow and just signed a contract with a private practice group. I'm currently refinanced and in IBR because I strongly considered staying in academics and wanted to keep the option of PSLF program. However I now know this isn't an option. I've also started moonlighting so this may factor in as well. I have a 10K loan that has a very high interest rate if I don't pay it off in a one time payment at the end of fellowship. My goal is to save $5,500 for my Roth IRA and have the 10K for the loan as well as some money to help with the moving expenses. I'm confused at some of the refinancing options on the site where it looks like I can get an interest rate more in the 3-4% range. Should I go into forbearance on my loans and save the money that I was putting towards IBR (about $450/month) for these things? Can I refinance now with one of the other companies and decrease the interest and go into forbearance with them until fellowship ends? I plan on paying my loans back in 3 years after graduation.
Thoughts? Thanks for your input
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