I’m trying to figure out if now is a good time to refinance my med school loans.
I graduated recently and have about 250k in federal loans with interest rates mostly between 6 to 7 percent. I’m currently in residency making around 65k and planning to go into a higher paying specialty later. I’m not fully set on PSLF so I’m starting to look at private refinance options to lower my rate.
I’ve checked a few lenders online but the rates seem all over the place and kind of confusing.
What lenders or refinance strategies are people using right now to get the lowest rates?
What’s the best medical school debt refinancing option right now?
byu/BouwmaJceria-54 inStudentLoans
Posted by BouwmaJceria-54
2 Comments
damn 250k is brutal, i feel for you man. i’m not in medical field but had to deal with refinancing some loans few years back
rates are definitely all over place right now with everything that’s been happening. when i was looking at options, the key thing was shopping around because different lenders gave me wildly different offers even with same credit score
one thing though – if you’re thinking about any income-driven repayment stuff later or loan forgiveness programs, going private means you lose all that federal protection. might be worth keeping some federal loans just in case your specialty plans change or something happens
also residency income is pretty low compared to what you’ll make later, so some lenders might not give you their best rates right now. might be worth waiting until you’re making attending money to get better offers
Why in the world would you refinance out of the federal program? No palf..no lower payment options…and you can’t afford the payments on a private loan with your income