What was your fixed offer? Seems like a gamble. Citizens Bank offered me a fixed that was only 1% higher than the variable and I snatched it upPriyaRai wrote:$153k fed loans at 7.2%
Refinance this week through Sofi- 10 year variable at 2.9%
Sofia variable cap at 8.9% is nice. Hardly much worse than my dreadful 7.2%
4th yr midlaw, $135k + bonus
Student loan payments: get advice and actual numbers here Forum
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Re: Student loan payments: Actual numbers
- JenDarby
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Re: Student loan payments: Actual numbers
PSA: first republic raised rates.
For 5 / 7 / 10 years, fixed rates went from 1.95 / 2.65 / 2.95 to 2.25 / 2.95 / 3.75
For 5 / 7 / 10 years, fixed rates went from 1.95 / 2.65 / 2.95 to 2.25 / 2.95 / 3.75
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Re: Student loan payments: Actual numbers
Ugh I need rates to stop going up for another year or so or I need hyperinflation to finally hit. Anything in the middle is gonna be obnoxious.JenDarby wrote:PSA: first republic raised rates.
For 5 / 7 / 10 years, fixed rates went from 1.95 / 2.65 / 2.95 to 2.25 / 2.95 / 3.75
- LaLiLuLeLo
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Re: Student loan payments: Actual numbers
Yay, I managed to squeak on in. Also, can any other first republic customers confirm whether I can direct deposit exactly the amount of my payment or does it have to be my entire paycheck to stave off a rate hike?JenDarby wrote:PSA: first republic raised rates.
For 5 / 7 / 10 years, fixed rates went from 1.95 / 2.65 / 2.95 to 2.25 / 2.95 / 3.75
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Re: Student loan payments: Actual numbers
Have you looked into Citizens Bank?Mlk&Ckies wrote:Ugh I need rates to stop going up for another year or so or I need hyperinflation to finally hit. Anything in the middle is gonna be obnoxious.JenDarby wrote:PSA: first republic raised rates.
For 5 / 7 / 10 years, fixed rates went from 1.95 / 2.65 / 2.95 to 2.25 / 2.95 / 3.75
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Re: Student loan payments: Actual numbers
It's too depressing to shop around right now because I'm not ready and I just see a lot of great opportunities I'm missing out on. I don't have the credit right now to refi, plus I want to be really sure I don't want the benefits of fed loans so I need to wait at least a year and then readjust where I see myself in 5-10 years.Nebby wrote:Have you looked into Citizens Bank?Mlk&Ckies wrote:Ugh I need rates to stop going up for another year or so or I need hyperinflation to finally hit. Anything in the middle is gonna be obnoxious.JenDarby wrote:PSA: first republic raised rates.
For 5 / 7 / 10 years, fixed rates went from 1.95 / 2.65 / 2.95 to 2.25 / 2.95 / 3.75
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Re: Student loan payments: Actual numbers
It is a gamble. Best 10 year fixed was 4.5%. Thoughts?Nebby wrote:What was your fixed offer? Seems like a gamble. Citizens Bank offered me a fixed that was only 1% higher than the variable and I snatched it upPriyaRai wrote:$153k fed loans at 7.2%
Refinance this week through Sofi- 10 year variable at 2.9%
Sofia variable cap at 8.9% is nice. Hardly much worse than my dreadful 7.2%
4th yr midlaw, $135k + bonus
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Re: Student loan payments: Actual numbers
Personally I would have taken fixed at 4.5. The chance of variable passing it is real, and I liked the idea of having a payment that never fluctuated.PriyaRai wrote:It is a gamble. Best 10 year fixed was 4.5%. Thoughts?Nebby wrote:What was your fixed offer? Seems like a gamble. Citizens Bank offered me a fixed that was only 1% higher than the variable and I snatched it upPriyaRai wrote:$153k fed loans at 7.2%
Refinance this week through Sofi- 10 year variable at 2.9%
Sofia variable cap at 8.9% is nice. Hardly much worse than my dreadful 7.2%
4th yr midlaw, $135k + bonus
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Re: Student loan payments: Actual numbers
You can always refinance again if the variable rate starts climbing. Student loan refinancing seems to be getting more popular with more options surfacing, so I don't think you'll run into issues shopping around in the near future. It all comes down to personal risk tolerance after you get out of the 8% fixed strangehold though.
- Tiago Splitter
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Re: Student loan payments: Actual numbers
I think variable makes sense. You'll likely be able to refi again if rates start moving up and you'll probably have a lot of it paid off by the time the variable gets` up over 4.5%.
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Re: Student loan payments: Actual numbers
+1Tiago Splitter wrote:I think variable makes sense. You'll likely be able to refi again if rates start moving up and you'll probably have a lot of it paid off by the time the variable gets` up over 4.5%.
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Re: Student loan payments: Actual numbers
I know PAYE v. refi has been debated extensively on this forum, but I'm hoping to get some input as to the best approach for someone in my shoes. Thank you in advance!
Income: 180k + ~45k from spouse.
Debt: Over 310k, including spouse's private undergraduate loans.
Plan: Biglaw as long as possible, and then . . . who knows?
Additional information: High-COL area. Two kids.
Income: 180k + ~45k from spouse.
Debt: Over 310k, including spouse's private undergraduate loans.
Plan: Biglaw as long as possible, and then . . . who knows?
Additional information: High-COL area. Two kids.
- Tiago Splitter
- Posts: 17148
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Re: Student loan payments: Actual numbers
I don't see how anything other than PAYE is even an option. How much of those loans are federal?Anonymous User wrote:I know PAYE v. refi has been debated extensively on this forum, but I'm hoping to get some input as to the best approach for someone in my shoes. Thank you in advance!
Income: 180k + ~45k from spouse.
Debt: Over 310k, including spouse's private undergraduate loans.
Plan: Biglaw as long as possible, and then . . . who knows?
Additional information: High-COL area. Two kids.
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Re: Student loan payments: Actual numbers
Just checked with spouse. Total debt is ~$350k, ~$70k of which is private loans.Tiago Splitter wrote: I don't see how anything other than PAYE is even an option. How much of those loans are federal?
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Re: Student loan payments: Actual numbers
I would refi the private debtAnonymous User wrote:Just checked with spouse. Total debt is ~$350k, ~$70k of which is private loans.Tiago Splitter wrote: I don't see how anything other than PAYE is even an option. How much of those loans are federal?
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Re: Student loan payments: Actual numbers
I'll look into it, but the interest rate on the private debt is already pretty low. Would you do PAYE for the rest? Thanks.Nebby wrote:
I would refi the private debt
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Re: Student loan payments: Actual numbers
PAYE is a very personal choice, but I have a hard time seeing how PAYE while you're saving a nest egg and seeing if you'll actually be making big law money for more than 2-3 years is ever a terrible call.Anonymous User wrote:I'll look into it, but the interest rate on the private debt is already pretty low. Would you do PAYE for the rest? Thanks.Nebby wrote:
I would refi the private debt
But if you're like 90+% sure you'll stay in big law or won't take that big of a pay cut in the future and you have the credit to lock in a low low rate it might be worth it? IDK, the potential downside risk of refi'ing that much debt is gigantic.
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Re: Student loan payments: Actual numbers
Also having kids eats into discretionary income and you'd have to make monster monthly payments on that kinda debt to have it all paid off in 10 or less years.
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Re: Student loan payments: Actual numbers
When you refinance, does a SallieMae bar study loan get rolled into the new loan? I understand that the interest as it sits now is not tax deductible, but I won't be able to deduct it anyway after this stub year. I'm trying to figure out the best way to get away from the $12,000 @ 9.5%
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Re: Student loan payments: Actual numbers
If you want it to be refinanced and the refinancing company agrees then yes.NycReturn wrote:When you refinance, does a SallieMae bar study loan get rolled into the new loan? I understand that the interest as it sits now is not tax deductible, but I won't be able to deduct it anyway after this stub year. I'm trying to figure out the best way to get away from the $12,000 @ 9.5%
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Re: Student loan payments: Actual numbers
I have $230,000 in federal loans; wife has $140,000 in federal loans. We're both junior associates at a big law firm. Wife will be leaving to clerk for 2 years. I might leave to clerk for 1 year in the near future. Our effective interest rate is around 6-7%. In 5 years, we're hoping to have a kid/ buy a house/car.
Should I look to refinance? Should she? Would it make more sense to keep our federal loans and try to aggressively make loan repayments? Looks like So-Fi is offering me 4.49% fixed for a 10-year plan or 2.98% variable for a 10-year plan.
Should I look to refinance? Should she? Would it make more sense to keep our federal loans and try to aggressively make loan repayments? Looks like So-Fi is offering me 4.49% fixed for a 10-year plan or 2.98% variable for a 10-year plan.
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- skers
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Re: Student loan payments: Actual numbers
Wait, aren't you PI dude?Nebby wrote:What was your fixed offer? Seems like a gamble. Citizens Bank offered me a fixed that was only 1% higher than the variable and I snatched it upPriyaRai wrote:$153k fed loans at 7.2%
Refinance this week through Sofi- 10 year variable at 2.9%
Sofia variable cap at 8.9% is nice. Hardly much worse than my dreadful 7.2%
4th yr midlaw, $135k + bonus
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Re: Student loan payments: Actual numbers
I had some private debt from UGskers wrote:Wait, aren't you PI dude?Nebby wrote:What was your fixed offer? Seems like a gamble. Citizens Bank offered me a fixed that was only 1% higher than the variable and I snatched it upPriyaRai wrote:$153k fed loans at 7.2%
Refinance this week through Sofi- 10 year variable at 2.9%
Sofia variable cap at 8.9% is nice. Hardly much worse than my dreadful 7.2%
4th yr midlaw, $135k + bonus
- SemperLegal
- Posts: 1356
- Joined: Fri Dec 03, 2010 8:28 pm
Re: Student loan payments: Actual numbers
I'm doing just enough to cover payments, banker seems to think that's OK.LaLiLuLeLo wrote:Yay, I managed to squeak on in. Also, can any other first republic customers confirm whether I can direct deposit exactly the amount of my payment or does it have to be my entire paycheck to stave off a rate hike?JenDarby wrote:PSA: first republic raised rates.
For 5 / 7 / 10 years, fixed rates went from 1.95 / 2.65 / 2.95 to 2.25 / 2.95 / 3.75
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Re: Student loan payments: Actual numbers
You can just do the amount of your payment (what I've been doing for ~1 year now).SemperLegal wrote:I'm doing just enough to cover payments, banker seems to think that's OK.LaLiLuLeLo wrote:Yay, I managed to squeak on in. Also, can any other first republic customers confirm whether I can direct deposit exactly the amount of my payment or does it have to be my entire paycheck to stave off a rate hike?JenDarby wrote:PSA: first republic raised rates.
For 5 / 7 / 10 years, fixed rates went from 1.95 / 2.65 / 2.95 to 2.25 / 2.95 / 3.75
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