I am a couple months away from finishing residency. Starting in August I'll be doing a 1-year sub-specialty fellowship. I currently have about $280k student loan debt in the 6.8-7.9% range from medical school (that includes principle and unpaid interest). I am interested in refinancing to try and get a lower rate since even a modest decrease will put a dent in the interest I accrue, but during fellowship I won't be making a lot of money relatively speaking. Other than student loans I only have a small amount left to pay on a car loan, my credit score is 800+, and I utilize only 0-5% of my credit card limits.
What are the chances of even getting approved for a refinance with any of these private loan companies if I don't have a contract for a "real job" yet?
Assuming I can get approved from one of them, if I apply with my 1-year fellowship contract saying I'll be making about $55,000 for a single year vs applying a year later when I have a contract in hand for a job making substantially more money, will that have a significant impact on the rates I get quoted from one of these lenders?
Keep in mind that holding off for a year in hopes of an even lower rate would make me accrue about $15k more interest on my federal student loans, but without knowing what rate I'll potentially get yet and having not pinned down a repayment term strategy yet I'm not even sure if waiting a year would be beneficial in the long run. Any thoughts?
What are the chances of even getting approved for a refinance with any of these private loan companies if I don't have a contract for a "real job" yet?
Assuming I can get approved from one of them, if I apply with my 1-year fellowship contract saying I'll be making about $55,000 for a single year vs applying a year later when I have a contract in hand for a job making substantially more money, will that have a significant impact on the rates I get quoted from one of these lenders?
Keep in mind that holding off for a year in hopes of an even lower rate would make me accrue about $15k more interest on my federal student loans, but without knowing what rate I'll potentially get yet and having not pinned down a repayment term strategy yet I'm not even sure if waiting a year would be beneficial in the long run. Any thoughts?
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