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IBR Purgatory

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  • IBR Purgatory

    I've been making payments through IBR for 7 years (including 2 as an attending), but recently took a job with a group that is not 501(c)(3). Loans total 401k at 6.125%. Considering refinancing them through sofi as I can get 5 year repayment at 3.35% with about $7200 monthly payment. I know you never know, but I don't see changing employers again anytime soon. I'm leaning toward refinancing just to move forward and get light at the end of the tunnel. Thoughts?

  • #2
    As you stated that you are not planning on changing employers, I think your plan to refinance to a lower interest rate and 5 year payoff is solid.


    • #3
      401k in loans that could be forgiven in 3 years. That is about 600k in pre tax income. If you were to work another job consider your salary 200k per year higher than what is listed and compare it to what you have now in the private sector. That’s a big difference.