Good morning,
I graduated from med school this past May and will be starting my internship July 1. I am outright confused about how to proceed with the next steps for loan repayment. I read these articles, talk with classmates, see other's posts but still feel overwhelmed--I'm looking for constructive advice about what to do next. I am in grace. I am single, but will be married in in 1.5yrs to a classmate/intern (our salaries are $51,000 each, she has her own loans). I will complete intern year then be an ophtho resident who will likely do a 1-2yr fellowship (5-6yrs total training).
All are Direct Unsubsidized loans
I think I should enter RePAYE because that will allow me to pay off my loans quickest/cheapest. But then I read these posts about refinancing with SoFi or Laurel Branch, and then the FAFSA repayment calculator implies PAYE might be better and I'm at a lost. Does anyone have constructive advice?
Additionally, in residency, I plan to fully contribute to my programs 401(a) retirement plan and contribute to a Roth I had one set up from previous field/employment.
THANKS!
I graduated from med school this past May and will be starting my internship July 1. I am outright confused about how to proceed with the next steps for loan repayment. I read these articles, talk with classmates, see other's posts but still feel overwhelmed--I'm looking for constructive advice about what to do next. I am in grace. I am single, but will be married in in 1.5yrs to a classmate/intern (our salaries are $51,000 each, she has her own loans). I will complete intern year then be an ophtho resident who will likely do a 1-2yr fellowship (5-6yrs total training).
All are Direct Unsubsidized loans
- 7/2013: $32,722 @ 5.41%
- 7/2014: $40,5000 @ 6.21%
- 7/2015: $47,167 @ 5.84%
- 5/2016: $ 34,418 @ 5.84%
- === $154,807.00=== ($174,871 balance as of now)
I think I should enter RePAYE because that will allow me to pay off my loans quickest/cheapest. But then I read these posts about refinancing with SoFi or Laurel Branch, and then the FAFSA repayment calculator implies PAYE might be better and I'm at a lost. Does anyone have constructive advice?
Additionally, in residency, I plan to fully contribute to my programs 401(a) retirement plan and contribute to a Roth I had one set up from previous field/employment.
THANKS!
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