re: Refinancing Student Loans

quote:

---

What state do you live in? If you live in Louisiana simple Google search said 5400 minus whatever you have taken out for retirement which if it’s 6% takes you down below 5000.

---

minus health insurance($700ish)

It's crazy how much they've upped the requirements and scarcity of programs for PT and OT and have a pay scale stuck in the 1990s. I guess the only way to make money is to OWN the PT place.

1099 so can deduct health insurance as well. Think the plan currently is to start paying down the highest rate loan.

Would you invest any or worry about the loans first since you would need 6+% on returns to break even

I’m in a similar boat as you.

Instead of refinancing I got on the graduated extended repayment plan and make additional payments to the loan with the highest interest rate.

At your and your soon to be wife's income, over $3.2k a month in student loan payment (just for you) is a HUGE burden. Like you guys would have to commit to no other debt (no car loans, no c.c. debt, no personal loans etc) during that 5 year time frame and maintain your level of living that entire time. That's a HUGE chunk of your monthly income from the sound of it and all it would take to really derail you is 1 house issue and you're screwed (HVAC replacement, etc etc).

While it would be great to pay off those loans in 5 years, there's no way I'm putting myself in that tight a financial plan for that long WITH a house. If you guys rented and didnt have to worry about that kind of stuff, sure, but within 5 years you can almost guarantee a major house expense in that time frame.

I personally wouldnt do the sofi option, just start by paying extra on the highest interest loan and when your incomes go up thats when i might conisder a refi to a lower rate where it pays it off a bit quicker.

$3.2k a month though is signing up for disaster for you currently IMO

Live as cheaply as possible now. Pay it back in a few years. Profit.