Hi, I'm new to reading white coat investor and am still learning the basics. I am wondering what peoples thoughts are on my situation. I currently owe 300k at 6.8% interest. I have been in income based repayment in the past. As long as my employer qualifies for the PSLF program, all of my loans qualify for this program. I have made 39 qualifying payments towards the 120 payments if I chose to enter the program.
My question is: Would it be better to enter the PSLF program and pay for about 7 more years (I was told by the representative at Navient that after that the amount forgiven is not taxable income) OR is it better to refinance at a lower rate while living frugally and throwing all our extra income at the debt?
Is there a big risk of the PSLF losing funding and then I would be stuck with more debt which piled up as I payed the minimum IBR payment?
I have been out of residency for 7 months. My wife and I are single income and have worked our debt down to just our house and my student loans.
Any input or suggestions/information is appreciated!
My question is: Would it be better to enter the PSLF program and pay for about 7 more years (I was told by the representative at Navient that after that the amount forgiven is not taxable income) OR is it better to refinance at a lower rate while living frugally and throwing all our extra income at the debt?
Is there a big risk of the PSLF losing funding and then I would be stuck with more debt which piled up as I payed the minimum IBR payment?
I have been out of residency for 7 months. My wife and I are single income and have worked our debt down to just our house and my student loans.
Any input or suggestions/information is appreciated!
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