Hello, I have questions:
228k total fed loans with 6.08%, single status
Radiology Residency training = 6 yrs (1 intern, 4 rad, 1 fellow)
Which one of the options will work the best for me if I am willing to make an extra monthly payment close to $1,100 monthly (interest accrued monthly, currently)? If I have to choose among one of IDR options, what would you still recommend?
1) Refinance now for lower interest rate up to 4.5% with DRB and continue that for 6 yrs and then re-refinance when becoming attending and trying to pay off within 2-3 yrs.
2) PAYE with or without PSLF for 6 yrs and then refinance thereafter to pay off within 2-3 yrs.
3) RePAYE with or without PSLF for 6 yrs and then refinance thereafter to pay off within 2-3 yrs.
4) PAYE without PSLF for 6 yrs and continue to stay on PAYE for 2-3 more years to pay aggressively to pay off.
5) RePAYE without PSLF for 6 yrs and continue to stay on RePAYE for 2-3 more years to pay aggressively to pay off.
Is there a penalty or something I should know if I switch from PAYE (or RePAYE) into refinancing (option 2 and 3)? Also, when I re-refinance the previously refinanced one, is there any penalty or anything I should know?
Thanks!
Thank you for your time and feedback!
228k total fed loans with 6.08%, single status
Radiology Residency training = 6 yrs (1 intern, 4 rad, 1 fellow)
Which one of the options will work the best for me if I am willing to make an extra monthly payment close to $1,100 monthly (interest accrued monthly, currently)? If I have to choose among one of IDR options, what would you still recommend?
1) Refinance now for lower interest rate up to 4.5% with DRB and continue that for 6 yrs and then re-refinance when becoming attending and trying to pay off within 2-3 yrs.
2) PAYE with or without PSLF for 6 yrs and then refinance thereafter to pay off within 2-3 yrs.
3) RePAYE with or without PSLF for 6 yrs and then refinance thereafter to pay off within 2-3 yrs.
4) PAYE without PSLF for 6 yrs and continue to stay on PAYE for 2-3 more years to pay aggressively to pay off.
5) RePAYE without PSLF for 6 yrs and continue to stay on RePAYE for 2-3 more years to pay aggressively to pay off.
Is there a penalty or something I should know if I switch from PAYE (or RePAYE) into refinancing (option 2 and 3)? Also, when I re-refinance the previously refinanced one, is there any penalty or anything I should know?
Thanks!
Thank you for your time and feedback!
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