Student loan payments: get advice and actual numbers here

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Pokemon
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Re: Student loan payments: get advice and actual numbers here

Postby Pokemon » Mon Sep 11, 2017 8:26 pm

Counting my 401k, nav is above negative 150. 3rd year.

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bk1
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Re: Student loan payments: get advice and actual numbers here

Postby bk1 » Mon Sep 11, 2017 8:42 pm

same

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Mon Sep 11, 2017 8:47 pm

bk1 wrote:same


yo what's nav mean.

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bk1
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Re: Student loan payments: get advice and actual numbers here

Postby bk1 » Mon Sep 11, 2017 8:53 pm

SmokeytheBear wrote:
bk1 wrote:same


yo what's nav mean.

net asset value

Anonymous User
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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Mon Sep 11, 2017 8:57 pm

oh yeah same for sure.

edit: accidental anon

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Sep 12, 2017 2:58 am

What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Tue Sep 12, 2017 9:49 am

Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.

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bk1
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Re: Student loan payments: get advice and actual numbers here

Postby bk1 » Tue Sep 12, 2017 12:37 pm

SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.

I would add that the real "cost" to refinancing is foregoing the ability to use federal repayment plans and federal debt forgiveness (which are a lot more flexible than refinanced options). At 100k, the risk isn't that great, but it's something to consider.

I'd also note that paying off a 100k FR refi in 1 year is not the best EV (since you would generally get a better return from the market), but it's not entirely unreasonable if you just want to be debt free.

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Tue Sep 12, 2017 12:48 pm

bk1 wrote:
SmokeytheBear wrote:
Anonymous User wrote:
I'd also note that paying off a 100k FR refi in 1 year is not the best EV (since you would generally get a better return from the market).


Agreed

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JenDarby
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Re: Student loan payments: get advice and actual numbers here

Postby JenDarby » Tue Sep 12, 2017 1:17 pm

SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.

if you happen to live in FL then you will have to pay the stamp tax on the amount you refinance, which is $350 on 100k. though, if you get the loan documents signed and notarized outside of FL you can avoid it

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Tue Sep 12, 2017 1:18 pm

JenDarby wrote:
SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.

if you happen to live in FL then you will have to pay the stamp tax on the amount you refinance, which is $350 on 100k. though, if you get the loan documents signed and notarized outside of FL you can avoid it


STAMP TAX? Ummm I pretty sure we defeated the British in this little thing called the Revolutionary War.

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JenDarby
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Re: Student loan payments: get advice and actual numbers here

Postby JenDarby » Tue Sep 12, 2017 1:20 pm

SmokeytheBear wrote:
JenDarby wrote:
SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.

if you happen to live in FL then you will have to pay the stamp tax on the amount you refinance, which is $350 on 100k. though, if you get the loan documents signed and notarized outside of FL you can avoid it


STAMP TAX? Ummm I pretty sure we defeated the British in this little thing called the Revolutionary War.

:lol: :lol:

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Sep 12, 2017 1:47 pm

a year into the job (big law):

- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments

is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Tue Sep 12, 2017 1:50 pm

Anonymous User wrote:a year into the job (big law):

- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments

is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.


Two thumbs up.

Depending on the interest rates of your loans, some would say that you should dump your bonus into savings to increase your rainy day fund.

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bk1
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Re: Student loan payments: get advice and actual numbers here

Postby bk1 » Tue Sep 12, 2017 1:57 pm

Anonymous User wrote:a year into the job (big law):

- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments

is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.

Far better than the vast majority of biglawyers. As smokey said, I would probably up your e-fund (assuming your bank account is your e-fund) to closer to 15-20k and would also recommend maxing out your backdoor roth IRA (5.5k/year).

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Sep 12, 2017 3:35 pm

SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.


I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.

Definitely considering. Probably will do it once Spring semester starts and I'll have received my final disbursement
Last edited by Anonymous User on Tue Sep 12, 2017 3:42 pm, edited 1 time in total.

Anonymous User
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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Sep 12, 2017 3:37 pm

dumb question:

if i have a decent amount of CC debt, i should prioritize paying it off over putting anything in a 401k right? just hit the 60 day mark and am now eligible for 401k contributions

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First Offense
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Re: Student loan payments: get advice and actual numbers here

Postby First Offense » Tue Sep 12, 2017 3:37 pm

Anonymous User wrote:a year into the job (big law):

- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments

is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.

Soooo much better than me.

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Tue Sep 12, 2017 3:38 pm

Anonymous User wrote:
SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.


I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.

Definitely considering


It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.

Anonymous User
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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Sep 12, 2017 3:43 pm

SmokeytheBear wrote:
Anonymous User wrote:
SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.


I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.

Definitely considering


It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.


Probably true. My salary isn't even market, but I ran the numbers, and, after tax, I should net about 125. 100 to the loan, and try to get by on 25k for rent/food/etc. Plausible.

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Tue Sep 12, 2017 3:51 pm

Anonymous User wrote:
SmokeytheBear wrote:
Anonymous User wrote:
SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.


I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.

Definitely considering


It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.


Probably true. My salary isn't even market, but I ran the numbers, and, after tax, I should net about 125. 100 to the loan, and try to get by on 25k for rent/food/etc. Plausible.


$2000 a month to live on is plausible, but difficult in any city that pays close to market.

Doing some mental math now--where the heck are you living that you're not making market but netting $125k post-tax?

Anonymous User
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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Sep 12, 2017 4:08 pm

Anonymous User wrote:a year into the job (big law):

- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments

is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.


Just curious: are you in NYC? What do your monthly expenses, including rent, look like?

Anonymous User
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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Sep 12, 2017 4:19 pm

SmokeytheBear wrote:
Anonymous User wrote:
SmokeytheBear wrote:
Anonymous User wrote:
SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.


I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.

Definitely considering


It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.


Probably true. My salary isn't even market, but I ran the numbers, and, after tax, I should net about 125. 100 to the loan, and try to get by on 25k for rent/food/etc. Plausible.


$2000 a month to live on is plausible, but difficult in any city that pays close to market.

Doing some mental math now--where the heck are you living that you're not making market but netting $125k post-tax?


PM'd

clerk1251
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Re: Student loan payments: get advice and actual numbers here

Postby clerk1251 » Tue Sep 12, 2017 4:52 pm

Anonymous User wrote:a year into the job (big law):

- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments

is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.


Just be mindful of how much your total loans are, in terms of refinancing. If you want to do FR, you need to have at least $60k in loans left. They also typically like two years of work experience before refinancing, but will be more comfortable in forgoing that if you have a good salary (such as biglaw) and a good amount in savings. So, I would start putting less towards loans, more towards savings, and focus on refinancing as soon as possible. I don't see any reason to delay it.

Also, others have mentioned, if you want to refinance with first republic, I can refer you and we both get $200. PM me if you'd like.

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Hikikomorist
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Re: Student loan payments: get advice and actual numbers here

Postby Hikikomorist » Tue Sep 12, 2017 9:34 pm

SmokeytheBear wrote:
Anonymous User wrote:
SmokeytheBear wrote:
Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.


Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.

If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.


I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.

Definitely considering


It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.

Easy to do this living anywhere in TX.




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