I'm looking for some assistance in the best way to pay off my student loans, any advice would be so appreciated!
So...med school and getting an MBA has put me into about 200,000 dollars of debt, and with fairly high interest rates on each loan, about 6 private loans for med school and federal loans for the MBA. I went to a Caribbean medical school on top of it, one that does not work with most refinancing companies (the big one SoFi does not work with my school).
I just finished residency (and of course just paid interest on loans, which actually only increased my total amount), and I've started working as an attending, which is great, as my salary is now about 235,000. I've only gotten paid a few times, but it looks like that comes to 6000 dollars per paycheck. I'm also living at home with parents for convenience sake, but I plan on giving them 1000 bucks a month to help out.
Here's where it gets more messy: there's a high chance I'm heading back into fellowship at the end of this year (July 2019), which means another 3 years of low salary and likely only paying interest off while just surviving. I know, I know, why am I doing this to myself when I'm so much in debt already? For lifestyle purposes, and a likely higher salary down the road is the answer. In the meantime, however I have a about a year's worth of good salary to hopefully reduce my debts somewhat.
So the question I have is whats the best way to do it? It seems like I can't consolidate my loans at this time, does anyone know another way to do it? Should I pay off each loan as much as I can separately, or attack one or two loans and get rid of them completely before going into fellowship? What's the best way to get rid off as much as possible before July without watching it all accumulate back in 3 years time?
For clarity's sake, I have 6 private loans, each varying between 23,000-30,000 dollars, with variable interest rates, but all around the 11 percent mark. I would have to pay interest on four of these loans regardless of if I go back to fellowship, but I could make minimum payments of about 125 each per loan during that time. The federal loans have a rate of 7%, and there are a total of 4 of them I believe, with a total of 50,000 attached to that. I also have a car loan of about 4,000 dollars left, plus I pay for my car insurance and phone bills. Otherwise, my income can go straight into loans, as I live with my parents and don't really need to pay for anything else.
Submitted October 09, 2018 at 12:25PM by certaincharm https://ift.tt/2Nwuian
