Student loan payments: Actual numbers

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
User avatar
El Pollito
party fowl
Posts: 17899
Joined: Tue Jul 16, 2013 2:11 pm

Re: Student loan payments: Actual numbers

Postby El Pollito » Sat Mar 26, 2016 1:31 am

JohannDeMann wrote:
El Pollito wrote:if you're on IBR and come out of partial financial hardship and get your interest capitalized, it's just the current "unpaid interest" figure on your subsidized loans on fedloan's website right? or is it something else?


correct that moves into the loan balance

cool, that shouldn't be too bad. thanks.

User avatar
Dessert Fox
Posts: 48
Joined: Sun Apr 01, 2012 9:37 pm

Re: Student loan payments: Actual numbers

Postby Dessert Fox » Tue Mar 29, 2016 5:29 pm

This is EP in exile. I came here to spread the gospel of First Republic Bank refinancing. They're going to give me 1.95% fixed 5-year repayment or 2.65% 7-year repayment with a credit score under 750. I highly recommend getting on the phone and talking to someone. They have way more flexibility than online-based refi companies that only do student loans because they are a real bank.

Also, I shit you not, the guy at the bank mentioned that some other clients told him that NY might be going to 190 soon.

User avatar
Tiago Splitter
Posts: 15508
Joined: Tue Jun 28, 2011 1:20 am

Re: Student loan payments: Actual numbers

Postby Tiago Splitter » Tue Mar 29, 2016 5:33 pm

Student: How much is my interest rate?

Bank: 4%

Student: And if I put 190k for my income?

Bank: 3%

Student: Yeah it's 190k


Seriously though congrats on the amazing rate.

User avatar
Dessert Fox
Posts: 48
Joined: Sun Apr 01, 2012 9:37 pm

Re: Student loan payments: Actual numbers

Postby Dessert Fox » Tue Mar 29, 2016 5:41 pm

i absolutely lost my shit when i realized that's what happened

then i told the guy all about the meme

User avatar
JenDarby
Posts: 13311
Joined: Wed Oct 20, 2010 3:02 am

Re: Student loan payments: Actual numbers

Postby JenDarby » Tue Mar 29, 2016 6:27 pm

^ that's amazing

my loan balance is down after a year of refi and my income is higher so I will definitely be calling them to check rates (message me if I can get you any referral kickback)

User avatar
Danger Zone
Posts: 7310
Joined: Sat Mar 16, 2013 10:36 am

Re: Student loan payments: Actual numbers

Postby Danger Zone » Tue Mar 29, 2016 6:35 pm

I also plan on a refi soon, so hit me with dat referral if you have one

bdubs
Posts: 3729
Joined: Sat Feb 06, 2010 2:23 pm

Re: Student loan payments: Actual numbers

Postby bdubs » Tue Mar 29, 2016 8:51 pm

Dessert Fox wrote:This is EP in exile. I came here to spread the gospel of First Republic Bank refinancing. They're going to give me 1.95% fixed 5-year repayment or 2.65% 7-year repayment with a credit score under 750. I highly recommend getting on the phone and talking to someone. They have way more flexibility than online-based refi companies that only do student loans because they are a real bank.

Also, I shit you not, the guy at the bank mentioned that some other clients told him that NY might be going to 190 soon.


Kinda pissed that First Republic is not available nationally, that is a pretty killer fixed rate.

User avatar
Greenandgold
Posts: 259
Joined: Mon Jun 27, 2011 12:45 pm

Re: Student loan payments: Actual numbers

Postby Greenandgold » Wed Mar 30, 2016 10:01 am

bdubs wrote:
Dessert Fox wrote:This is EP in exile. I came here to spread the gospel of First Republic Bank refinancing. They're going to give me 1.95% fixed 5-year repayment or 2.65% 7-year repayment with a credit score under 750. I highly recommend getting on the phone and talking to someone. They have way more flexibility than online-based refi companies that only do student loans because they are a real bank.

Also, I shit you not, the guy at the bank mentioned that some other clients told him that NY might be going to 190 soon.


Kinda pissed that First Republic is not available nationally, that is a pretty killer fixed rate.


Yep, same boat. I haven't been able to find anything close to that here in Texas.

birdstheword
Posts: 64
Joined: Wed Jan 13, 2016 3:57 pm

Re: Student loan payments: Actual numbers

Postby birdstheword » Wed Mar 30, 2016 10:07 am

Greenandgold wrote:



You an Aussie?!

User avatar
2014
Posts: 5831
Joined: Sat Jun 05, 2010 3:53 pm

Re: Student loan payments: Actual numbers

Postby 2014 » Wed Mar 30, 2016 10:17 am

Dessert Fox wrote:This is EP in exile. I came here to spread the gospel of First Republic Bank refinancing. They're going to give me 1.95% fixed 5-year repayment or 2.65% 7-year repayment with a credit score under 750. I highly recommend getting on the phone and talking to someone. They have way more flexibility than online-based refi companies that only do student loans because they are a real bank.

Also, I shit you not, the guy at the bank mentioned that some other clients told him that NY might be going to 190 soon.

What % of your balance did you have to have liquid and for how long?

Anonymous User
Posts: 273385
Joined: Tue Aug 11, 2009 9:32 am

Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Mar 30, 2016 10:19 am

If I took about 60k in loans total for law school, with 7% interest rate, how soon would I be able to pay off my loans? Has anyone had this amount that maybe could tell me how much it went up after LS due to interest.

I have a 1L SA in a secondary market. Assuming I stay there next year (hopefully), and then get offered, the starting salary is about $140k.

Anyone?

User avatar
Dessert Fox
Posts: 48
Joined: Sun Apr 01, 2012 9:37 pm

Re: Student loan payments: Actual numbers

Postby Dessert Fox » Wed Mar 30, 2016 10:54 am

2014 wrote:
Dessert Fox wrote:This is EP in exile. I came here to spread the gospel of First Republic Bank refinancing. They're going to give me 1.95% fixed 5-year repayment or 2.65% 7-year repayment with a credit score under 750. I highly recommend getting on the phone and talking to someone. They have way more flexibility than online-based refi companies that only do student loans because they are a real bank.

Also, I shit you not, the guy at the bank mentioned that some other clients told him that NY might be going to 190 soon.

What % of your balance did you have to have liquid and for how long?

They're flexible on this, but 10% is ideal. The guy I spoke to said I just need it for the application, and that we could probably work with 6% or so (I don't keep a ton in savings because ... loans). The flexibility and getting a personalized application / evaluation really highlights the difference between a real bank and Sofi et al. IMO.

CubbieBlue
Posts: 3
Joined: Fri Dec 17, 2010 5:16 pm

Re: Student loan payments: Actual numbers

Postby CubbieBlue » Wed Mar 30, 2016 11:08 am

Currently working as an in-house attorney for a large asset manager.

Salary: $100k, bonus is discretionary, but anywhere from 30-75% of salary
Debt: $220k
Monthly Payment: $1490 (I have refinanced $150k of my loans at 4.2%, the rest are federal ranging between 5.6%)
Rent: $1650
Monthly Expenses: $1000
401k: Putting in 5% with a 3% employer match

I took most of my bonus last year and put it towards my loans, saving the other portion in a joint fund with my wife. I am paying for all my loans on my own. Wife makes about $85k, and is contributing to joint account as well.

I am in a 15 year payment plan, and know its going to be a struggle, but have a little room to breathe right now.

Any help would be great.

User avatar
2014
Posts: 5831
Joined: Sat Jun 05, 2010 3:53 pm

Re: Student loan payments: Actual numbers

Postby 2014 » Wed Mar 30, 2016 11:27 am

Dessert Fox wrote:
2014 wrote:
Dessert Fox wrote:This is EP in exile. I came here to spread the gospel of First Republic Bank refinancing. They're going to give me 1.95% fixed 5-year repayment or 2.65% 7-year repayment with a credit score under 750. I highly recommend getting on the phone and talking to someone. They have way more flexibility than online-based refi companies that only do student loans because they are a real bank.

Also, I shit you not, the guy at the bank mentioned that some other clients told him that NY might be going to 190 soon.

What % of your balance did you have to have liquid and for how long?

They're flexible on this, but 10% is ideal. The guy I spoke to said I just need it for the application, and that we could probably work with 6% or so (I don't keep a ton in savings because ... loans). The flexibility and getting a personalized application / evaluation really highlights the difference between a real bank and Sofi et al. IMO.

Is it a 10% snapshot though or a 10% average balance over X period?

User avatar
Dessert Fox
Posts: 48
Joined: Sun Apr 01, 2012 9:37 pm

Re: Student loan payments: Actual numbers

Postby Dessert Fox » Wed Mar 30, 2016 11:46 am

2014 wrote:
Dessert Fox wrote:
2014 wrote:
Dessert Fox wrote:This is EP in exile. I came here to spread the gospel of First Republic Bank refinancing. They're going to give me 1.95% fixed 5-year repayment or 2.65% 7-year repayment with a credit score under 750. I highly recommend getting on the phone and talking to someone. They have way more flexibility than online-based refi companies that only do student loans because they are a real bank.

Also, I shit you not, the guy at the bank mentioned that some other clients told him that NY might be going to 190 soon.

What % of your balance did you have to have liquid and for how long?

They're flexible on this, but 10% is ideal. The guy I spoke to said I just need it for the application, and that we could probably work with 6% or so (I don't keep a ton in savings because ... loans). The flexibility and getting a personalized application / evaluation really highlights the difference between a real bank and Sofi et al. IMO.

Is it a 10% snapshot though or a 10% average balance over X period?

snap shot, for the purposes of the application. I even asked if it would be fine to have somebody temporarily transfer money in and he said that would work.

Anonymous User
Posts: 273385
Joined: Tue Aug 11, 2009 9:32 am

Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Mar 30, 2016 11:49 am

To use First Republic do you need to live/work in a state where they have a location or just go there to fill out physical forms? I am about to start working in DC...

User avatar
2014
Posts: 5831
Joined: Sat Jun 05, 2010 3:53 pm

Re: Student loan payments: Actual numbers

Postby 2014 » Wed Mar 30, 2016 11:49 am

Dessert Fox wrote:snap shot, for the purposes of the application. I even asked if it would be fine to have somebody temporarily transfer money in and he said that would work.

Thanks this is super helpful, I may pull the trigger on the rest of my 6.X% federal loans next paycheck

Anonymous User
Posts: 273385
Joined: Tue Aug 11, 2009 9:32 am

Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Mar 30, 2016 11:50 am

El Pollito wrote:
JohannDeMann wrote:
El Pollito wrote:if you're on IBR and come out of partial financial hardship and get your interest capitalized, it's just the current "unpaid interest" figure on your subsidized loans on fedloan's website right? or is it something else?


correct that moves into the loan balance

cool, that shouldn't be too bad. thanks.


What happens if you are on PAYE and you refi? Does the interest capitalize, or does the upaid interest go away? In other words, is there a chance that my loan balance will go up if I refi?

User avatar
Dessert Fox
Posts: 48
Joined: Sun Apr 01, 2012 9:37 pm

Re: Student loan payments: Actual numbers

Postby Dessert Fox » Wed Mar 30, 2016 12:20 pm

2014 wrote:
Dessert Fox wrote:snap shot, for the purposes of the application. I even asked if it would be fine to have somebody temporarily transfer money in and he said that would work.

Thanks this is super helpful, I may pull the trigger on the rest of my 6.X% federal loans next paycheck

Awesome, glad I could help. Again, I strongly strongly recommend getting on the phone with someone. Feel free to PM me and I'll put you in touch with my contact who can recommend a colleague wherever you are located.

Anonymous User
Posts: 273385
Joined: Tue Aug 11, 2009 9:32 am

Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Mar 30, 2016 12:56 pm

Anonymous User wrote:If I took about 60k in loans total for law school, with 7% interest rate, how soon would I be able to pay off my loans? Has anyone had this amount that maybe could tell me how much it went up after LS due to interest.

I have a 1L SA in a secondary market. Assuming I stay there next year (hopefully), and then get offered, the starting salary is about $140k.

Anyone?


I took out almost exactly $60k at around 7%. By date of first payment, I owed just about $69k (But note that this might be skewed high because more than half of my loan dollars were taken during 1L year.)

Anyway, I paid off aggressively. I was done in 13 months (i.e., January of my second year). I had some savings, was paid slightly above NYC market, and lived cheaply in a secondary market. I think that you should be able to pay off ~$60k at your salary in a couple years, even accounting for savings/emergency fund.

Anonymous User
Posts: 273385
Joined: Tue Aug 11, 2009 9:32 am

Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Mar 30, 2016 2:01 pm

Anonymous User wrote:
Anonymous User wrote:If I took about 60k in loans total for law school, with 7% interest rate, how soon would I be able to pay off my loans? Has anyone had this amount that maybe could tell me how much it went up after LS due to interest.

I have a 1L SA in a secondary market. Assuming I stay there next year (hopefully), and then get offered, the starting salary is about $140k.

Anyone?


I took out almost exactly $60k at around 7%. By date of first payment, I owed just about $69k (But note that this might be skewed high because more than half of my loan dollars were taken during 1L year.)

Anyway, I paid off aggressively. I was done in 13 months (i.e., January of my second year). I had some savings, was paid slightly above NYC market, and lived cheaply in a secondary market. I think that you should be able to pay off ~$60k at your salary in a couple years, even accounting for savings/emergency fund.


Also took out $60k. Was up to about $71k after graduation. Started biglaw this past fall and have it back down to $58k. Trying to pay off as soon as possible, should be done by middle of next year (paying about 4k a month and assuming I can keep that up). FYI this is a site I like to use to play around with the numbers: http://unbury.us/

Anonymous User
Posts: 273385
Joined: Tue Aug 11, 2009 9:32 am

Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Mar 30, 2016 8:14 pm

not sure if this kind of question has been answered but i have about $22k in undergrad student loans from 2004-2008 (apr around 3-4% on these) and ~$70k in law school loans (apr around 7-8%). i'm probably going to refi the law school loans because i can get a 2.68% variable rate with citizens bank.

it wouldn't make sense to refi the ug loans right? because of their age, i'm pretty much paying all principal and very little interest at this point. seems like it would result in more interest even if they are a little higher interest rate than refi.

just want to make sure i'm not crazy

Anonymous User
Posts: 273385
Joined: Tue Aug 11, 2009 9:32 am

Re: Student loan payments: Actual numbers

Postby Anonymous User » Fri Apr 01, 2016 6:23 pm

Loans: 2 loans totaling 44k
Interest: 5.95% on one loan, 6.55% on the other (this includes the debit discount)
Income: 59.5k
Plan: 10-year. $527/month minimum payment right now

I'm just living at home and putting most of what I earn to pay down the principal. Hopefully I can get it down to ~25k by the end of the year. Rent is insanely high where I live so once I move out I won't be able to make near as much of a dent in these things. I want to be able to get the principal down to where I can have a more affordable monthly payment and then maybe refi. Does this sound like a good plan or do ya'll have a better plan?

Anonymous User
Posts: 273385
Joined: Tue Aug 11, 2009 9:32 am

Re: Student loan payments: Actual numbers

Postby Anonymous User » Sat Apr 02, 2016 11:26 am

Anonymous User wrote:Loans: 2 loans totaling 44k
Interest: 5.95% on one loan, 6.55% on the other (this includes the debit discount)
Income: 59.5k
Plan: 10-year. $527/month minimum payment right now

I'm just living at home and putting most of what I earn to pay down the principal. Hopefully I can get it down to ~25k by the end of the year. Rent is insanely high where I live so once I move out I won't be able to make near as much of a dent in these things. I want to be able to get the principal down to where I can have a more affordable monthly payment and then maybe refi. Does this sound like a good plan or do ya'll have a better plan?

Your debt isn't very high. If you just stick to the payment plan you will not pay that much interest at the end of ten years. I think you should take advantage of the time right now to aggressively save money since your income isn't very high either and if you could get yourself a nice $20k cushion or so you'll be in a much better spot.

Anonymous User
Posts: 273385
Joined: Tue Aug 11, 2009 9:32 am

Re: Student loan payments: Actual numbers

Postby Anonymous User » Mon Apr 04, 2016 7:04 pm

Soon-to-be graduate here.

Debt: 20,000
Income: I'm clerking for two years at 60,000 and then 75,000. I'm either doing midlaw after my clerkships (110,000) or biglaw (presumably 185,000 + 70,000 bonus).
Other: My first clerkship is in an city where COA is pretty high, but my second on is in a city where it's pretty cheap to live. We will have our first baby around when I graduate. My spouse and I worked throughout law school to pay down the debt. I will be the only source of income.

Two questions: (1) what repayment plan should I select? (2) how actively would you pay down the debt? I imagine I could pay the debt down during my clerkships, but I could just make minimum payments until I start at a law firm and take care of it pretty quickly.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.