Hey everyone, First time posting here but I’ve received lots of different answers and completely confused at this point so needing some help… I’m 32, just finishing vet school and have a job lined up where I’ll make 90k guaranteed +/- “bonuses” around the end of the year depending on how the practice does. I have 352k of loan debt all from vet school. Working before vet school I have about 70k in a 401k, 8k in a Roth IRA, 1.5k in a personal stock market account, and about 10k in savings. Coming out of school there is the traditional loan payment, which for me would be around 3900 a month for 10 years to pay off the loan and the other government pay schedules(PAYE, REPAYE) are the other two I was looking at. PAYE would have monthly payments of around 500, and I would need to save another 750/mo for the tax bomb at the end of my 20 year repayment period for the taxes on the forgiven debt. The second option sounds easier and on paper actually ends up costing less money than if I paid it off with the standard plan for 10 years, while also allowing me to put 25% into savings/Roth/401k with 4% matching (at least that’s how I have figured it out to this point) I’m open to suggestions on the best route to take. I would also like eventually (2-3 years) to get married and start a family, so that throws another wrench in this problem. I’m open to all suggestions/opinions. Like I said, completely lost atm
Submitted July 21, 2021 at 12:26PM by 2500hd1988 https://ift.tt/2UyyQXo
