raddoc06ParticipantStatus: ResidentPosts: 9Joined: 02/05/2019
Current PGY-4 in radiology with 2 more years of training as of July 1st 2019. Household income $150k, me $77k. Spouse has no student loans. We are currently trying for our first child at the moment.
I have ~$228k in federal student loans with a weighted interest rate of ~6.4%; this recently capitalized due to delayed re-certification. I was married Jan 1st and the subsidy I would receive with REPAYE would only be ~$1450/yr based on household income (little over $100/mo).
My current rate for refinancing my loans through Laurel Road is 5yr 4.23% fixed and 3.97% variable; full 5 year repayment would start 1 month after fellowship graduation (have to pay $100/mo in training, interest would capitalize at time of full payment start). Should I go through with re-financing (if so variable vs fixed)? I plan on paying ~$1,000/mo in training with extra moonlighting money so I can cover interest and touch the principle.
I highly doubt that I will go for PSLF due to mistrust of the government and morally wanting to pay this off/be debt free. I want to aggressively pay off loans within 2-3 yrs of fellowship graduation so that I can get on with my life. I also want to have the most options for jobs once I graduate.
TIAApril 8, 2019 at 11:05 am MST #204919adventureParticipantStatus: SpousePosts: 1154Joined: 10/24/2016
We refinanced once during residency, and again during the first year of being an attending. Similiar scenario, but less overall training years. It’s debt, PSLF wasn’t likely for us. My loans are gone, working on the other half now. … a couple years to go.April 8, 2019 at 11:19 am MST #204928PedsParticipantStatus: PhysicianPosts: 3988Joined: 01/08/2016
well you werent going to do PSLF anyways.
you will likely have <1x income in loans.
sure refinance.ZZZParticipantStatus: SpousePosts: 560Joined: 06/18/2018CordMcNallyParticipantStatus: PhysicianPosts: 2503Joined: 01/03/2017
I’d refinance and take the variable. You should be able to pay it off easily in less than 5 years. Maybe the increase in interest rate after 5 years will give you more incentive to make sure you finish those bad boys off.
“But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
― Benjamin Graham, The Intelligent Investorwonka31ParticipantStatus: PhysicianPosts: 646Joined: 03/24/2018
Why would you mistrust the government?LordosisParticipantStatus: PhysicianPosts: 1296Joined: 02/11/2019
You have less debt then we did and I am a family doc and I had my loans paid off in 2 years post residency. I never thought to refinance back then and wasted tons of money on interest but at least they are gone. You got this!
“Never let your sense of morals prevent you from doing what is right.”April 8, 2019 at 1:36 pm MST #204982MSoonerParticipantStatus: SpousePosts: 190Joined: 02/25/2016
I wouldn’t bother with PSLF either. The job market could always change, but we are looking now (also rads) and seeing significant difference between what PSLF eligible jobs (academics) are offering vs private practice (or even corporate employed). The difference is enough to pay off your loans and then some in that time period, especially if you have just started making PSLF eligible payments. Good luck on the Core and potential baby. I can tell you firsthand that senior year is an EXCELLENT time to have one! 😉