When to refinance student loans

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  • Avatar familymedicineresident 
    Status: Resident
    Posts: 10
    Joined: 03/14/2018

    I am starting an attending job in August. Part of my pay is a 30000 loan repayment.

    I need to refinance my loans again based on my new salary. I am wondering if I should put the 30k to the loans and then refinance or refinance and then put the 39k in. Or does it not matter?

    #220878 Reply
    Avatar jhwkr542 
    Status: Physician
    Posts: 1263
    Joined: 02/15/2016

    It won’t matter. Both are going towards lowering the principle on the new loan.

    #220892 Reply
    Liked by Craigy
    Avatar highdoseamox 
    Status: Physician
    Posts: 16
    Joined: 05/18/2019

    Can you just plug both refinance amounts in on the “check your rate” page and see if you save much in interest?

    #220896 Reply
    Craigy Craigy 
    Status: Spouse
    Posts: 2012
    Joined: 09/16/2016

    Send the check now.

    Always make your extra payment before you refi.  It’ll give you a lower balance and give you better terms on the new loan.

    It’ll take longer to refinance than it takes for you to send in an extra payment.

    Even when you can get a refi done quickly, it usually takes some period of time for the new loan to fund and the other to be paid off (i’ve seen as long as two months).  Meanwhile you’re paying interest on that extra balance.



    #220952 Reply
    Liked by Tim

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