Student Freaking loans

[peachfuzz2018november]

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

[seemsright]

I am going to throw some face punches...


You still owe over 100K on becoming a Dr. And now you do not like it and you want to do something else? You can have that choice when you do not owe money for that decision you made when you went to school. Change they type of Psychology you do.

I am anti rental so I wont chime in that other than you bought rentals when you own over 100K on student loans...yikes.

You need to look at your entire financial picture and keep working to at least your student loans are gone. I say Refinance to the 5 year option, work your ass off and get them gone then make any change you want.

[Laserjet3051]

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

going with earnest, you are aware of all the federal protections you will lose on your fed loan(s)? And you are ok, with the increased risk that this entails? I'm tempted by the lower interest rate from earnest (and am also a Dr/PhD), but no way am I willing to lose those federal protections. YMMV.

[Sibley]

Not enough information.

How much do you earn where you are, full time?
How much would you earn elsewhere, full time?
How much would you earn part time?
How much time/effort are you spending on the rentals now? (Hrs/week.)
Do you have a property management company? If so, how much are they charging?