Hi everyone, first post here & seeing if anyone could offer me guidance
I'm a recent graduate of a PA program with 130,000 in federal loans (120K combined undergrad + PA school, and 10K in interest)
My starting salary when I start working this summer will be ~115,000.
My S/O makes about 40,000 and is still in school - loans are in deferment but they owe ~80,000 in federal loans (not married currently, but i'm planning to put money aside for a ring)
I'm looking for advice on how to go about repaying our loans while reaching some of these 5-year goals:
-Housing - we're currently lucky to living with family in a low-rent situation (300/month) but unfortunately this needs to end soon. They'd like us out on our own within the next 1.5-2 years. We'd like to get a house or a condo (we'd likely qualify for a FHA loan if it's a good idea..). "Starter" homes in our area are around $280-325K. Condos/Town house around 225-300K
-Loans - I'm not sure whether to gamble on PSLF (my current job would qualify) or to follow the standard 10 year plan. Under REPAYE, my loans would be ~800/month as opposed to 1,500 under the standard plan. As I mentioned my s/o has loans that are still in deferral, so that's something we'll need to plan for over the next year or so. Once they graduate they'll likely get a higher paying job for ~60,000/year
PSLF obviously is an amazing deal (i'd end up paying $118,000 total as opposed to $175,000 on the 10 year plan due to interest), but I'm cautious about potential changes coming later this year, or the fact that I'd have to deny any opportunities at private-practice or for-profit urgent care centers in the future.
-Marriage - I've been thinking of this a lot but am held back financially, but like I said I'm planning to set aside $ for an engagement ring.
-Savings/Retirement - I've been advised to save 15% of pre-tax income. Until my employer will match my contributions (after 1 year and 1,000 hours) I was advised to just put the 15% into a savings account, and then start contributing into 403b once they'll match. Thoughts on this combined with saving for a down payment for a house?
Lots going on here, I'd appreciate any advice you could give. Thanks!
I'm a recent graduate of a PA program with 130,000 in federal loans (120K combined undergrad + PA school, and 10K in interest)
My starting salary when I start working this summer will be ~115,000.
My S/O makes about 40,000 and is still in school - loans are in deferment but they owe ~80,000 in federal loans (not married currently, but i'm planning to put money aside for a ring)
I'm looking for advice on how to go about repaying our loans while reaching some of these 5-year goals:
-Housing - we're currently lucky to living with family in a low-rent situation (300/month) but unfortunately this needs to end soon. They'd like us out on our own within the next 1.5-2 years. We'd like to get a house or a condo (we'd likely qualify for a FHA loan if it's a good idea..). "Starter" homes in our area are around $280-325K. Condos/Town house around 225-300K
-Loans - I'm not sure whether to gamble on PSLF (my current job would qualify) or to follow the standard 10 year plan. Under REPAYE, my loans would be ~800/month as opposed to 1,500 under the standard plan. As I mentioned my s/o has loans that are still in deferral, so that's something we'll need to plan for over the next year or so. Once they graduate they'll likely get a higher paying job for ~60,000/year
PSLF obviously is an amazing deal (i'd end up paying $118,000 total as opposed to $175,000 on the 10 year plan due to interest), but I'm cautious about potential changes coming later this year, or the fact that I'd have to deny any opportunities at private-practice or for-profit urgent care centers in the future.
-Marriage - I've been thinking of this a lot but am held back financially, but like I said I'm planning to set aside $ for an engagement ring.
-Savings/Retirement - I've been advised to save 15% of pre-tax income. Until my employer will match my contributions (after 1 year and 1,000 hours) I was advised to just put the 15% into a savings account, and then start contributing into 403b once they'll match. Thoughts on this combined with saving for a down payment for a house?
Lots going on here, I'd appreciate any advice you could give. Thanks!
