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PAYE vs. refinancing loans?

Started by Kagren, July 23, 2019, 04:33:20 pm

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Hello! Overwhelmed and clueless ex student here. I've been making payments of ~200 a month on a total of 160k balance, through the Pay as you earn program. Since I've graduated 4 years ago my debt has only increased significantly (14k), due to my high interest rates (ranging from 4-6%).

Right now my fiancé is in medical school and will be a doctor in 3 years. How much will his income affect my candidacy for one the repayment plan/my loans being forgiven in the next 20 years, once we are married and he is making good money. Should I keep doing what I'm doing with the PAYE? Or be prepared to be screwed in the future and gaining all this interest for nothing?

Second, is refinancing my loans while I'm already in the PAYE plan an option? What are the pros and cons of refinancing and is it worth it?

Last, if I am not able to figure this out what's the best way to get help? Financial advisor? Student loan lawyer?

Thanks y'all!


You should read this and consider this approach: https://thecollegeinvestor.com/17807/the-math-behind-married-filing-separately-for-ibr-or-paye/

I don't recommend refinancing as you aren't making progress to pay off the loan in 7 years or less (which is the ideal to refinance).

Finally, you would likely want to get help from a financial planner that understands student loan debt.