Student loan payments: Actual numbers

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Nebby
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Re: Student loan payments: Actual numbers

Postby Nebby » Tue Dec 06, 2016 11:34 am

PriyaRai 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

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 up

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Tue Dec 06, 2016 11:48 am

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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Mlk&Ckies
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Re: Student loan payments: Actual numbers

Postby Mlk&Ckies » Tue Dec 06, 2016 11:52 am

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

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.

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LaLiLuLeLo
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Re: Student loan payments: Actual numbers

Postby LaLiLuLeLo » Tue Dec 06, 2016 12:53 pm

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


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?

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Nebby
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Re: Student loan payments: Actual numbers

Postby Nebby » Tue Dec 06, 2016 12:54 pm

Mlk&Ckies wrote:
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

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.

Have you looked into Citizens Bank?

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Mlk&Ckies
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Re: Student loan payments: Actual numbers

Postby Mlk&Ckies » Tue Dec 06, 2016 1:15 pm

Nebby wrote:
Mlk&Ckies wrote:
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

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.

Have you looked into Citizens Bank?

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.

PriyaRai
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Re: Student loan payments: Actual numbers

Postby PriyaRai » Tue Dec 06, 2016 3:42 pm

Nebby wrote:
PriyaRai 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

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 up


It is a gamble. Best 10 year fixed was 4.5%. Thoughts?

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Nebby
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Re: Student loan payments: Actual numbers

Postby Nebby » Tue Dec 06, 2016 3:48 pm

PriyaRai wrote:
Nebby wrote:
PriyaRai 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

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 up


It is a gamble. Best 10 year fixed was 4.5%. Thoughts?

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.

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beach_terror
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Re: Student loan payments: Actual numbers

Postby beach_terror » Tue Dec 06, 2016 3:57 pm

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.

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Tiago Splitter
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Re: Student loan payments: Actual numbers

Postby Tiago Splitter » Tue Dec 06, 2016 3:58 pm

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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bk1
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Re: Student loan payments: Actual numbers

Postby bk1 » Tue Dec 06, 2016 4:58 pm

Tiago 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%.

+1

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Mon Dec 12, 2016 7:26 pm

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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Tiago Splitter
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Re: Student loan payments: Actual numbers

Postby Tiago Splitter » Mon Dec 12, 2016 7:31 pm

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.

I don't see how anything other than PAYE is even an option. How much of those loans are federal?

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Mon Dec 12, 2016 7:44 pm

Tiago Splitter wrote:I don't see how anything other than PAYE is even an option. How much of those loans are federal?


Just checked with spouse. Total debt is ~$350k, ~$70k of which is private loans.

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Nebby
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Re: Student loan payments: Actual numbers

Postby Nebby » Mon Dec 12, 2016 7:58 pm

Anonymous User wrote:
Tiago Splitter wrote:I don't see how anything other than PAYE is even an option. How much of those loans are federal?


Just checked with spouse. Total debt is ~$350k, ~$70k of which is private loans.

I would refi the private debt

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Mon Dec 12, 2016 8:56 pm

Nebby wrote:
I would refi the private debt


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.

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Mlk&Ckies
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Re: Student loan payments: Actual numbers

Postby Mlk&Ckies » Mon Dec 12, 2016 11:45 pm

Anonymous User wrote:
Nebby wrote:
I would refi the private debt


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.

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.

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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Nebby
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Re: Student loan payments: Actual numbers

Postby Nebby » Tue Dec 13, 2016 12:15 am

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.

NycReturn
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Re: Student loan payments: Actual numbers

Postby NycReturn » Tue Dec 13, 2016 12:53 pm

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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bk1
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Re: Student loan payments: Actual numbers

Postby bk1 » Tue Dec 13, 2016 2:18 pm

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%

If you want it to be refinanced and the refinancing company agrees then yes.

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Dec 28, 2016 8:31 pm

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.

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skers
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Re: Student loan payments: Actual numbers

Postby skers » Wed Dec 28, 2016 10:52 pm

Nebby wrote:
PriyaRai 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

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 up


Wait, aren't you PI dude?

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Nebby
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Re: Student loan payments: Actual numbers

Postby Nebby » Wed Dec 28, 2016 11:49 pm

skers wrote:
Nebby wrote:
PriyaRai 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

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 up


Wait, aren't you PI dude?

I had some private debt from UG

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SemperLegal
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Re: Student loan payments: Actual numbers

Postby SemperLegal » Thu Dec 29, 2016 12:42 pm

LaLiLuLeLo wrote:
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


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?


I'm doing just enough to cover payments, banker seems to think that's OK.

seanPtheB
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Re: Student loan payments: Actual numbers

Postby seanPtheB » Thu Dec 29, 2016 2:19 pm

SemperLegal wrote:
LaLiLuLeLo wrote:
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


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?


I'm doing just enough to cover payments, banker seems to think that's OK.


You can just do the amount of your payment (what I've been doing for ~1 year now).




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