I recently graduated from residency with $351,000 in student loan debt (on top of my and my wife's consumer debt & her student loans). I am looking to refinance the loans and I am trying to determine how many year term to refinance for my debt.
I know that WCI recommends 5 year due to lower APR and to get it off quickly, but I feel that this is great for people $150,000-$200,000 in debt who's repayment isn't going to be $7,000 a month with the 5 year plan. I would love to get the debt off my back ASAP, but don't want to live below the poverty line to do so, especially with a wife and kid(s).
So my question is, how would you calculate or determine how long the repayment term should be when refinancing your loan?
I know that WCI recommends 5 year due to lower APR and to get it off quickly, but I feel that this is great for people $150,000-$200,000 in debt who's repayment isn't going to be $7,000 a month with the 5 year plan. I would love to get the debt off my back ASAP, but don't want to live below the poverty line to do so, especially with a wife and kid(s).
So my question is, how would you calculate or determine how long the repayment term should be when refinancing your loan?
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