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IDR vs. refinancing

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  • IDR vs. refinancing

    Hi everyone,

    I am a current 4th year student about to graduate in May and I am unsure of which route to take on my student loans. As it stands now I have roughly $280,000 in loans (including interest as of today). I am unsure if PSLF will be in my future. I know most hospitals qualify as a 501(c)3, but depending on your contract structure you may not be an "employee." Regardless, I would like to pay down my loans ASAP!

    I will be getting married in August and my spouse makes roughly $40,000 with no student debt.

    So here's my dilemma...

    Do I enter IDR (most likely RePAYE) during residency and make qualifying payments, although not doing much damage, and refinance after residency if PSLF is not an option? I understand the interest subsidy is very beneficial but if I refinance, for example, in 3 years doesn't that interest still get added back onto the principal?

    Or

    Do I refinance after graduation with a company like SoFi, who offers $100 minimum payments for up to four years of training? I'm pursuing family medicine so not an issue time wise. Also it is my understanding there is no penalty for paying more than the minimum so theoretically I could pay the same amount per month as I would under IDR or more if I choose.

    Thanks!
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