Residency finances

[scrub-jay]

[MENTION=5078]gcuthbe1[/MENTION] Are you familiar with White Coat Investor? I follow his blog bc I generally find the med-specific info valuable.

[gcuthbe1]

[MENTION=5078]gcuthbe1[/MENTION] Are you familiar with White Coat Investor? I follow his blog bc I generally find the med-specific info valuable.

Oooo I will now, thank you!

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[spotty_dog]

Biggest thing - if you have loans with higher interest than 7%, make moves immediately. For any private loans definitely consider refinancing via home equity.

Doesn't that switch you from an unsecured loan to one with the roof over your head as collateral? I don't know much about school loans, we didn't have to hold any loans for long.

FWIW, we still do our own taxes, but we do have questions coming up that a qualified advisor might be able to help with.

[MrsK]

For any private loans definitely consider refinancing via home equity.

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Noooooo. Those loans are unsecured debt. If you refinance them with home equity, they become secured obligations and your home, YOUR HOME WHERE YOU LIVE, can be taken from you if you cannot pay. Don't encumber your title if you don't have to. Don't collateralize a debt if you don't have to.

Regarding consolidation, DO NOT consolidate your student loans with his student loans. You consolidate yours; he consolidates his. Separately. If you consolidate them together, you remain responsible for each other's student loans in the even that one of you passes away.

[MrsK]

[MENTION=985]spotty_dog[/MENTION] and I cross-posted. Again, we are on the same page with financial advise.

[MAPPLEBUM]

Noooooo. DO NOT consolidate your student loans with his student loans. You consolidate yours; he consolidates his. Separately. If you consolidate them together, you remain responsible for each other's student loans in the even that one of you passes away.

wow, I had no idea. Why is this not something people talk about? I've recently been lamenting that we can't do just that. Phew

[Thirteen]

Additionally, if it has not been said, do not consolidate federal with private through a third party. (Not even sure if people can still do that, but don't).

Consolidate federal with federal, private with private, and only for the individual.


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[MrsSz]

Additionally, if it has not been said, do not consolidate federal with private through a third party. (Not even sure if people can still do that, but don't).

Consolidate federal with federal, private with private, and only for the individual.


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Why wouldn't you consolidate everything through a third party?


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[scrub-jay]

Why wouldn't you consolidate everything through a third party?


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Federal loans have the death forgiveness that you'd lose if you consolidate with a third party company. Another line of thought is to consolidate with a third party with lower interest rates, then purchase a life insurance policy that would be able to pay off the loans in the event of death.

[Thirteen]

Federal loans have the death forgiveness that you'd lose if you consolidate with a third party company. Another line of thought is to consolidate with a third party with lower interest rates, then purchase a life insurance policy that would be able to pay off the loans in the event of death.

Yes.


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[MrsSz]

Federal loans have the death forgiveness that you'd lose if you consolidate with a third party company. Another line of thought is to consolidate with a third party with lower interest rates, then purchase a life insurance policy that would be able to pay off the loans in the event of death.

From what I understand, the company we are looking at refi through has the death forgiveness and permanent disability forgiveness - definitely something to keep in mind though


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[MsSassyBaskets]

From what I understand, the company we are looking at refi through has the death forgiveness and permanent disability forgiveness - definitely something to keep in mind though


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I would be interested in hearing more about that - pm me if you don't mind sharing? We have not seriously looked at refinancing because of the forgiveness issue. And because I haven't had time yet to get our financial house in order. But the federal interest rate is terrible, so if there's another option I'd love to know.

[MrsSz]

DRB- I found them on WCI. Definitely don't do it if he plans on doing some type of loan forgiveness federal service, but from what I've read this is a good alternative if he doesn't want to try from the 10 year public service plan.


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[MsSassyBaskets]

Ah, good point, he is still looking into the 10 year public device thing, that's another reason not to.

[WolfpackWife]

Hasn't the PSLF program either already been or is quite possibly going to change from entire debt forgiveness to a max of $50k?