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deleted980918
Current financial situation in a nutshell
Me- ~200k loan 5.7% interest on REPAYE, has 2 more years of training in cardiology subspecialty. Not counting on PSLF.
Wife- ~160k loan 5.8% interest on PAYE. Graduating this year, signed for 400-500k in PP not PSLF eligible.
Because REPAYE takes into account of spouse income, my plan is to change REPAYE to PAYE and file separately this year.
As far as my wife loan, I’m debating between two options.
1.Refinance now with ie SOFI to take advantage of the low interest rate. For a typical 10 year plan, monthly payment is about $1500/month
2.Continue with current COVID loan payment pause, ride it out with the PAYE monthly payment plan for as long as she can and then refinance since her year 1 attending monthly loan payment is based on her last year of residency salary. The downside is that by that time interest rare will be higher.
Our goal isn’t to pay back those loans ASAP given the current inflation situation.
Thank you!
Me- ~200k loan 5.7% interest on REPAYE, has 2 more years of training in cardiology subspecialty. Not counting on PSLF.
Wife- ~160k loan 5.8% interest on PAYE. Graduating this year, signed for 400-500k in PP not PSLF eligible.
Because REPAYE takes into account of spouse income, my plan is to change REPAYE to PAYE and file separately this year.
As far as my wife loan, I’m debating between two options.
1.Refinance now with ie SOFI to take advantage of the low interest rate. For a typical 10 year plan, monthly payment is about $1500/month
2.Continue with current COVID loan payment pause, ride it out with the PAYE monthly payment plan for as long as she can and then refinance since her year 1 attending monthly loan payment is based on her last year of residency salary. The downside is that by that time interest rare will be higher.
Our goal isn’t to pay back those loans ASAP given the current inflation situation.
Thank you!
