Should I go to Standard repayment

[coolio]

I am planning on paying off my student loans over the next 9 months. I have 100k. I am earning an attending salary and was denied IBR because of my income. I understand I will be put on Standard repayment with my loans capitalized. At this point the only other option is REPAYE but this requires loan consolidation for me and even then my loans will be capitalized. Should I just stick with standard repayment and pay off my loans since I won't be using PSLF and will likely be done by 9 months?

 

Please let me know if I am missing anything.

 

Thank you.

[adventure]

Good question. Who cares. I'd refinance them today, at the lowest rate you can get from one of these sites:

https://www.whitecoatinvestor.com/student-loan-refinancing/

A low variable rate ought to save some money as you pay it off over 9 months. That's awesome to demolish them at that rate!!

[DMFA]

Might as well refi to 5-yr variable, save a few thousand to interest and get a few hundred for free from the refinance company: SoFi, LendKey, etc.  That's a few thousand bucks for a few minutes' work.  Worth it imo.

[coolio]

Thanks for the responses. I was mainly comparing Standard repayment plan to IDR plans in my situation. In this case I don't think it makes much difference. I would have refinanced if I was paying off over a longer period. At this point, I don't think it's worth the hassle of switching lenders.

[DMFA]

Very little hassle, really. How much do time do you want to spend for $300 up front and a free few thousand saved in interest over the remainder? I spent *maybe* fifteen minutes at a time on a couple of occasions refinancing my wife's loans with SoFi.

If you owe $100,000 and are paying back over 9 periods, at 6.8% you pay $2854.68 in interest. SoFi has 2.8% variable, at which you'd pay $1170.29, saving you $1684.39...plus the $300 bonus, that's a couple Frappucinos short of $2000. How many clicks are you willing to make for $2000? And, if $2000 isn't worth anything to you, then please make a cashier's check out to DMFA...

If it weren't against forum rules, I'd post my referral link so you can earn me $300, too. Heck, maybe I'll send you an unsolicited PM...lol

[adventure]

DMFA wrote:

If it weren’t against forum rules, I’d post my referral link so you can earn me $300, too. Heck, maybe I’ll send you an unsolicited PM…lol

Click to expand...

@coolio - I'll pay you $100 to use my link instead !!