Desperate financial/debt advice needed...

[Dr. Mom]

Congrats on a huge income shovel to get out of your debt hole.  I would refi to the lowest interest rate you can from the choices on WCI's site then use that base salary and the bonuses to knock out all debt in 2-3 years, except the mortgage. If you really enjoy the whole debt free thing at that point, continue on with the mortgage after that. Get comfortable with taxable investing as it will be necessary at your income level and offers great flexibility.  You are going to do great!  Guard against burn out and take care of yourself.

[jayzsurgery]

Long-time lurker, first time poster...
Now that I'm a year+ into practice, I'm looking to get more serious on my debt management and looking for advice specific to my situation

Demographics/Income:

• Married, filing jointly; family size: 4


• Base salary: $600,000


• Annual bonus:  $100,000-$150,000

Savings:

• Currently maxing out 403(b) ($18,000/year) with employer match of 6% income and Roth IRA ($5,500)


• Currently have $250,000 in cash/money market


• Need to open 529 accounts for children's college funds for projected 15-20 years

Expenses:

• Generally, mortgage/car/bills:  ~$8,000/month

Debt:

• Direct subsidized loan:  ~$65,000 @ 7.125%


• Direct unsubsidized loan:  ~$400,000 @ 7.125%
  
  
  
  • Currently enrolled in REPAYE with monthly payments ~$2250
  
  
  • Ineligible for PSLF program
  
  
  
  

While I fully accept the magnitude of my debt and am fortunate with my current income situation, I struggle to mentally accept the exponential growth of my monthly payments from IBR as a resident ($300) to REPAYE as a new attending ($2300) to standard repayment ($5000-$7000) at my current interest rate.

Ideally, I'd hope to pay off the bulk my loans with my annual bonus which is received in February each year and make smaller monthly payments, however, didn't know if that was the ideal route or best way to do so.  Any recommendations on refinancing?

Thanks in advance,

Drowning in numbers