Hello all,
I'm struggling with the plethora of options re: student loans.
Currently I have $116, 000 in loans, @6.25% (held by myfedloan, since i'm in a loan repayment program)
The repayment program, has been great, but it requires full time employment, AND i'm done working full-time. (i'm a psychologist and love the work, but 40 hours of therapy type work is too much).
So, I will be receiving $20,000 (from the loan repayment program), and I plan to work full time until June 2020, when my contract is up.
I'm thinking that I will put the 20k towards the loans, and then refinance with another company at a much better rate.
Earnest quoted me following rates:
5 Years - $1750.04 per month - 3.58%
10 Years - $973.97 per month - 4.04%
20 Years - $633.26 per month - 4.99%
The 5 year loan is probably more than we want to allocate monthly. We right now have minimal savings since we just bought 8 units for rental properties that are cash flowing around 2000 per month.
Can you give me feedback on the above scenario?
My plan, workwise, is to work part time as a psychologist, and part time doing real estate stuff (flipping houses and finding/fixing rentals).
Look forward to your suggestions and challenges.
thanks