Thanks in advance for any advice you all can provide. As in the title I have roughly 500k USD in student loans (~$180k is private undergrad, remainder federal undergrad/med school) and I'm considering refinancing with DRB in order to take advantage of their program that allows a residents/fellows to pay only $100/mo while in training. http://ift.tt/2oOMBwv
I did look into REPAYE, however I'm getting married this year to a resident who does not have student loan debt. And my understanding is that REPAYE will take both our incomes into account thus negating that whole interest forgiveness thing.
http://ift.tt/2oFPNh8
If it matters, I will be in training for 6 years after which time I will enter a specialty with roughly 480k USD gross income (varies by source) last year. This June I start my first year of training and will have a gross income of 55k USD, which will increase by a few thousand USD annually for the remainder of my 6 year training.
In all honesty the DRB program seems too good to be true, but I'm sure I'm missing something and hopefully you guys can point it out to me.
- $100/mo with no penalty for paying more
- Interest accrues but does not capitalize during the training period (6 years for me)
- Currently offers a 20 year fixed rate of 6ish-7.2% (about the same as all of my loans currently, but obviously higher than refinancing at another bank)
- No prepayment penalty after the training period ends
Edit: I guess I should add that until residency/fellowship is over we plan to rent rather than buy a home. Also I do not have any of the following:
- Savings
- Children or other dependents
- Investments or property
- Consumer debt
Submitted April 06, 2017 at 06:42PM by throwaway614808 http://ift.tt/2oOUXEo
