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Navigating student loans in uncertain times

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  • Navigating student loans in uncertain times

    Hello Im new to the forum. I have a question about what a repayment plan should look like.

    I currently owe about $420k, consolidated but federal 5.8%. Not married, no kids probably about another $10k in CC and auto loan. Im in fellowship and will be an attending starting in August 2020. Salary guaranteed $500k. I dont have any emergency savings and no retirement saved. Im 32.

    Initially I planned to obvi pay off my car, CCs first, start and max out retirement accounts and accrue some emergency savings. I also need to fix a lot of stuff on my credit report (irresponsible) in order to refinance to a lower interest rate. In a year hopefully I can refinance to <3% interest on my loans and will for sure have no consumer debt. f

    I suspect my monthly payments will be around $4k. Given my salary I could continue to live like a trainee and pay this off completely in 2 years. But now given the uncertainty of the economy and jobs, should I do more saving of cash and safe long term investing and just pay the minimum to stay on a 10 year plan? Unless things drastically change of course re: COVID 19.

    thanks for any advice!