how to handle student loans

[peachfuzz2018november]

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

[JAYSLOL]

Well, it’s really hard to give you an answer as to which you should pick, is that 2k/month from the rentals your profit/month?  Are you planning to buy a house in the near future or are you living in one of those units?  Personally, the 10 year option seems like a good compromise between paying it off with a relatively good rate, but not over extending your monthly payments, but without knowing exactly what you make, your savings rate and what kind of money and/or credit you need to have access to so you can keep the rentals running smoothly or cover other expenses it’s hard to give perfect advice.  Actually, it’s hard to give perfect advice even with that information, but it would be slightly more informed advice

[Paul der Krake]

Can you expand on the terms of your repayment program? Why can't you refinance now?