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- Aug 19, 2002
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Hello,
So I'm going to ask your opinions on a financial question that I have. I have 2 years left in residency and will be able to save around $1,000 a month. I can do one of several things with that money.
My loans are the following:
Privates:
$16,000 school loan in grace until graduation, 7% APR after.
$4,000 Perkins, in grace until graduation, then 5%+T-Bill APR after.
Staffords (consolidated and in economic hardship deferrment):
Subsidized Principal $25,500.00 @2.875%
Subsidized Principal $8,545.13 @4.750%
Unsubsidized Principal $90,254.41 @2.875%
Unsubsidized Principal $31,000.88 @4.750%
Accrued Interst on my Stafford Unsubbed: $6,400
Mortgage:
$115,000 on a 6.15% 5/1 ARM
So my options seem to be the fololwing
1) Invest in the market $1000/mo, I guess in a MMA, CD (or something else?), then when I graduate and my privates kick in at ~7% APR have a chunk of change to pay them off ($20k)?
2) Start paying the interest on my unsubbed loans ($6,400), before it gets compounded? Then move on to #1
3) Pay extra per month on my mortgage?
4) Screw it and buy a bunch of hookers and coke as investing as a resident is futile?
Any suggestions?
So I'm going to ask your opinions on a financial question that I have. I have 2 years left in residency and will be able to save around $1,000 a month. I can do one of several things with that money.
My loans are the following:
Privates:
$16,000 school loan in grace until graduation, 7% APR after.
$4,000 Perkins, in grace until graduation, then 5%+T-Bill APR after.
Staffords (consolidated and in economic hardship deferrment):
Subsidized Principal $25,500.00 @2.875%
Subsidized Principal $8,545.13 @4.750%
Unsubsidized Principal $90,254.41 @2.875%
Unsubsidized Principal $31,000.88 @4.750%
Accrued Interst on my Stafford Unsubbed: $6,400
Mortgage:
$115,000 on a 6.15% 5/1 ARM
So my options seem to be the fololwing
1) Invest in the market $1000/mo, I guess in a MMA, CD (or something else?), then when I graduate and my privates kick in at ~7% APR have a chunk of change to pay them off ($20k)?
2) Start paying the interest on my unsubbed loans ($6,400), before it gets compounded? Then move on to #1
3) Pay extra per month on my mortgage?
4) Screw it and buy a bunch of hookers and coke as investing as a resident is futile?
Any suggestions?