Hi All,
First off, thanks for everyone that contributes. I read a ton of the posts on here. So I'm a dentist in a rural area on the west coast. I'm saddled with 215,000 in federal loans. Their interest range between 5.06-5.96%. I'm making a little over 100k in guaranteed salary (plus possible bonuses that I have yet to hit due to patient no shows). In the mean time, I'm moonlighting for an extra 20k after tax. I got accepted to my state's loan repayment and they gave me 91k in tax free money that will be disbursed quarterly for 3 years (it's around 7500 a quarter). I'm currently on IBR. I could sign up for PAYE or REPAYE but don't know what to do. I was also thinking about refinancing some of the loans (refinance the higher interest ones, get the bonus, pay them off). I'm currently maxing out a 403B (option to do roth 403b, but thought pre-tax would be better), and maxing out an IRA/Roth conversion. I'm in a high state income tax state if that effects the decision. I'm currently making payments in the range of 1300 a month (I'm required to make 0 due to a low 2018 income) on the highest interest loans. I'd like to make the most mathematically correct decision possible. I don't want to do PSLF as I'd like to be debt free in 5-6 years. Unmarried now but will be married this year or next.
Any ideas on what I should do?
First off, thanks for everyone that contributes. I read a ton of the posts on here. So I'm a dentist in a rural area on the west coast. I'm saddled with 215,000 in federal loans. Their interest range between 5.06-5.96%. I'm making a little over 100k in guaranteed salary (plus possible bonuses that I have yet to hit due to patient no shows). In the mean time, I'm moonlighting for an extra 20k after tax. I got accepted to my state's loan repayment and they gave me 91k in tax free money that will be disbursed quarterly for 3 years (it's around 7500 a quarter). I'm currently on IBR. I could sign up for PAYE or REPAYE but don't know what to do. I was also thinking about refinancing some of the loans (refinance the higher interest ones, get the bonus, pay them off). I'm currently maxing out a 403B (option to do roth 403b, but thought pre-tax would be better), and maxing out an IRA/Roth conversion. I'm in a high state income tax state if that effects the decision. I'm currently making payments in the range of 1300 a month (I'm required to make 0 due to a low 2018 income) on the highest interest loans. I'd like to make the most mathematically correct decision possible. I don't want to do PSLF as I'd like to be debt free in 5-6 years. Unmarried now but will be married this year or next.
Any ideas on what I should do?
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