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*Official student loan pay off thread*

Home Student Loan Management *Official student loan pay off thread*

  • Avatar ticker
    Participant
    Status: Physician
    Posts: 168
    Joined: 08/14/2016
    Earnest refinancing bonus

    FCP demolished me, but I worked through medical school and lived in a relative’s basement to minimize loans.  Married into some more debt.

    My SAHM wife and I had about $140k in loans at the start of 5 years of training.  We paid off the last of them this August, the month I got my first attending paycheck.

    For bonus points, we also had $160k in Roth money by the end of training, but that was largely due to a small inheritance picked up along the way.

    #91038 Reply
    Liked by NaOH, adventure, Zaphod
    Avatar CN
    Participant
    Status: Physician
    Posts: 4
    Joined: 12/12/2017

    The math does not add up, how did you pay of the loan on your salary? for travis524

    #91513 Reply
    Avatar EMscout
    Participant
    Status: Physician
    Posts: 98
    Joined: 01/13/2016

    Happy to say that I am finally adding to the list
    3.5 years post fellowship.
    ~300k original loan @6.8% (IBR throughout residency so interest climbed to over 360,000 by the end of residency)
    Refi to 4.5% a few years ago (decided to take control of my loans and not rely on PSLF)
    Refi again to 3.375% last year
    Paid off today.

    Live like a resident and feel like a king. Thanks WCI for your inspiration and to the forum for providing a community for adult learning.

    Miss Bonnie MD Miss Bonnie MD
    Participant
    Status: Physician
    Posts: 497
    Joined: 02/14/2017

    Another student loan bites the dust!

    We are debt free !!!

    Finished residency 2015 – ~ 2.5 years out.

    ~$210K in 2015.

    Refinanced the higher interest ones, snowballed the smaller loans.

    Fiancé paid off a huge chunk. It almost feels like cheating, but couples who pay off debt together stay together :). He also says, best investment ever, since I am now the retirement plan  😆

    "Being rich is having money; being wealthy is having time."

    Miss Bonnie MD --> Wealthy Mom MD @ http://wealthymommd.com

    The White Coat Investor The White Coat Investor
    Keymaster
    Status: Physician
    Posts: 4656
    Joined: 05/13/2011

    Another student loan bites the dust!

    We are debt free !!!

    Finished residency 2015 – ~ 2.5 years out.

    ~$210K in 2015.

    Refinanced the higher interest ones, snowballed the smaller loans.

    Fiancé paid off a huge chunk. It almost feels like cheating, but couples who pay off debt together stay together :). He also says, best investment ever, since I am now the retirement plan  ????

    Click to expand…

    Congratulations! It’s no small feat.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #99573 Reply
    Avatar ChristopherMD20
    Participant
    Status: Physician
    Posts: 195
    Joined: 10/31/2017

    Congrats Miss Bonnie. It is great working together as a team with your partner!! My wife’s salary has been paying off my student loans (not loan free yet). I Couldn’t be more happy with such an awesome teammate!

    …She also says that she will murder me if we get a divorce… So there’s that.

    Anyway CONGRATS!!!

    #99577 Reply
    Avatar Physiciancouple.com
    Participant
    Status: Physician
    Posts: 38
    Joined: 06/29/2017

    Excellent work, Bonnie. We will be contributing to this thread in 24 months! Can’t wait!

    #99581 Reply
    Avatar adventure
    Participant
    Status: Spouse
    Posts: 1207
    Joined: 10/24/2016

    Mine done – Spouses next!

    (@WCI, could we pin this thread to the top of the Student Loan Management category?)

    #101005 Reply
    Avatar FreshCatnip
    Participant
    Status: Physician
    Posts: 1
    Joined: 02/15/2018

    Made an account just to post on this thread!

    Roughly $180,000 from med school loans, and $7,000 from undergrad. Consolidated at the beginning of residency and made minimal payments based on IBR.

    Refinanced $220,614 with DRB when I finished residency with a 5 year variable rate ~2.5%, now up to 3.64%.

    My original goal was to get rid of the student loans within 36 months, but I managed to make my final payment yesterday 32 months later!

    #103889 Reply
    Liked by Firefly, childay, NaOH
    Avatar newdoc1
    Participant
    Status: Resident
    Posts: 47
    Joined: 02/24/2018

    Do you all recommend that I refinance? I am in my final year of a 4 year residency. I mostly have direct loans (subsidized and unsubsidized) at 6.8%, currently ~140k.Paying $240 per month on the IBR plan.

    #105743 Reply
    childay childay
    Participant
    Status: Physician
    Posts: 1097
    Joined: 01/09/2016

    Do you all recommend that I refinance? I am in my final year of a 4 year residency. I mostly have direct loans (subsidized and unsubsidized) at 6.8%, currently ~140k.Paying $240 per month on the IBR plan.

    Click to expand…

    Are you planning on going for loan forgiveness?  Is your next job going to be eligible?

    Otherwise, yeah 6.8% is terrible!

    #105782 Reply
    Avatar newdoc1
    Participant
    Status: Resident
    Posts: 47
    Joined: 02/24/2018

    Do you all recommend that I refinance? I am in my final year of a 4 year residency. I mostly have direct loans (subsidized and unsubsidized) at 6.8%, currently ~140k.Paying $240 per month on the IBR plan.

    Click to expand…

    Are you planning on going for loan forgiveness?  Is your next job going to be eligible?

    Otherwise, yeah 6.8% is terrible!

    Click to expand…

    If I refinance, will I be eligible for income based repayment?

    #105793 Reply
    nachos31 nachos31
    Moderator
    Status: Physician
    Posts: 432
    Joined: 01/12/2016

    Do you all recommend that I refinance? I am in my final year of a 4 year residency. I mostly have direct loans (subsidized and unsubsidized) at 6.8%, currently ~140k.Paying $240 per month on the IBR plan.

    Click to expand…

    Are you planning on going for loan forgiveness?  Is your next job going to be eligible?

    Otherwise, yeah 6.8% is terrible!

    Click to expand…

    If I refinance, will I be eligible for income based repayment?

    Click to expand…

    No, you will not. Refinancing is done through private banks/companies and income based repayment/PSLF are via the federal govt. Some companies that refinance do allow their version of income based repayment by allowing $100/mo payments while in training but sounds like you’re finishing up so not sure how long you’d be able to benefit from that.

    #105796 Reply
    Avatar newdoc1
    Participant
    Status: Resident
    Posts: 47
    Joined: 02/24/2018

    I see. Also, I am in the PAYE plan, so isn’t the federal government covering a portion of the interest?

    #105799 Reply
    SerrateAndDominate SerrateAndDominate
    Participant
    Status: Physician
    Posts: 501
    Joined: 02/01/2018

    I see. Also, I am in the PAYE plan, so isn’t the federal government covering a portion of the interest?

    Click to expand…

    I believe you are confusing that with REPAYE, which covers a portion of interest remaining after your payments (50% of remaining on the unsubsidized loans).  With PAYE, you usually pay the same monthly amount as REPAYE, but you do not get that interest subsidy as with REPAYE.

     

    If you are finishing training and have a contract lined up, definitely look at some refinancing options (assuming you are NOT doing a PSLF option).

    Earn everything.

    #105804 Reply

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