Student loan payments: get advice and actual numbers here Forum

[El Pollito]

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.

[Dessert Fox]

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.

[Tiago Splitter]

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.

[Dessert Fox]

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

then i told the guy all about the meme

[JenDarby]

^ 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)

[Danger Zone]

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

[bdubs]

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.

[Greenandgold]

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]

You an Aussie?!

[2014]

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]

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?

[Dessert Fox]

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]

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.

[2014]

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?

[Dessert Fox]

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]

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...

[2014]

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]

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?

[Dessert Fox]

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]

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]

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]

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]

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]

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]

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.