Hi all,
I post very seldom here but read as much as I can given my busy schedule as a first-year resident. I must say I'm rather envious of those throwing the proverbial kitchen sink at their student loans. I try my best but my salary is fairly limited, and I live in a notoriously high COL area.
I have about 146k in student loans, all federal, all from medical school, with an average interest rate of about 6.2%. I could get into specifics loan by loan if people would find such information beneficial. I have no credit card debt and no other debt, have an old car (paid off) that I split with my husband, and bike to work about 95% of the time. We rent a 1BR apartment for a reasonable rate given the exorbitant cost of living (about 2300/mo with utilities included). Combined we have a post-tax income of about 8,000 per month (combined pre-tax annual income of ~150-160k). I am currently paying 1000/mo to my loans (which is about 30% of my post-tax salary), and my husband throws in another 500. Also maximizing his IRA and 401k and doing our best with mine (IRA), as my residency program does not offer a 401k match.
I have been contemplating refinancing with SoFi or DRB and have read the White Coat Investor posts about doing so. My hesitation is that I don't want to lose the so-called federal protections of government student loans, though I wonder if this is partially a marketing ploy by the government to keep people from refinancing privately at a lower interest rate. For what it's worth, my residency and fellowship will last about 6 years, and we want to have children during residency. I do not plan on pursuing PSLF.
Any thoughts - from doctors, non-doctors, folks with student loans, etc. - about how to proceed? Thanks so much in advance.