Refinance student loans

[whatisit350]

I was recently suggested by a friend that I should refinance my student loans due to the current low interest rates. I was just curious if anyone else had done this, and/or would know how I would go about doing this. Is this something that I go to a 3rd party for? Or should I go to my student loan service provider? haha, sorry, I've never really looked into refinancing anything so any advice would
help

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[schmoob]

I was recently suggested by a friend that I should refinance my student loans due to the current low interest rates. I was just curious if anyone else had done this, and/or would know how I would go about doing this. Is this something that I go to a 3rd party for? Or should I go to my student loan service provider? haha, sorry, I've never really looked into refinancing anything so any advice would
help

It depends on a lot of factors. You will lose the ability to have IBR, loan forgiveness, and forbearance (not 100% on this one). Yes it will lower your payments if you are on the standard repayment plan, but that comes with a price.

 

[whatisit350]

ok sweet, thank you for the heads up. but now, I have a few more questions lol.

so, Forbearance, if I googled this right (lol, sorry, I am still a noob at most of this) that is basically the 6 month grace period after graduation? I believe I have actually already used that up w/ my previous degrees. I went to nursing school before this, which is also the main student loans I was looking to refinance. Although, as I am a current rising D3 at a private institution, it would be nice if possible to refi on the first two years' loans as well.

Loan forgiveness - To be perfectly honest, I dont see this ever applying to me. With my future plans, I dont ever see myself aiming to go work in an area, for the necessary amount of time (10 years?) that would qualify me for this option. So, I'm not too concerned about this one.

IBR - I may need to be a little educated on this one. Income Based Repayment. From what I understand, I as a new grad dentist, seeking employment at a corporate office for the first year, will likely come out w/ an income of roughly $150,000. Now, that, in my opinion, is not a low amount. And I don't really see how, with an IBR, I could be looking for low loan payments that are based on a high income. But! Like I said, I may need to be educated on this one. I'm pretty sure there is something I am missing here.

Thank you again for the advice and tips. They are much appreciated!

 

[bracketbuster68]

ok sweet, thank you for the heads up. but now, I have a few more questions lol.

so, Forbearance, if I googled this right (lol, sorry, I am still a noob at most of this) that is basically the 6 month grace period after graduation? I believe I have actually already used that up w/ my previous degrees. I went to nursing school before this, which is also the main student loans I was looking to refinance. Although, as I am a current rising D3 at a private institution, it would be nice if possible to refi on the first two years' loans as well.

Loan forgiveness - To be perfectly honest, I dont see this ever applying to me. With my future plans, I dont ever see myself aiming to go work in an area, for the necessary amount of time (10 years?) that would qualify me for this option. So, I'm not too concerned about this one.

IBR - I may need to be a little educated on this one. Income Based Repayment. From what I understand, I as a new grad dentist, seeking employment at a corporate office for the first year, will likely come out w/ an income of roughly $150,000. Now, that, in my opinion, is not a low amount. And I don't really see how, with an IBR, I could be looking for low loan payments that are based on a high income. But! Like I said, I may need to be educated on this one. I'm pretty sure there is something I am missing here.

Thank you again for the advice and tips. They are much appreciated!

Are you interested in practicing right after graduation or pursuing residency?

 

[whatisit350]

Are you interested in practicing right after graduation or pursuing residency?

I'm not 100% sure on that one. But I am leaning towards practicing out of school. I'm a non-traditional student, and 33 years old. If I did a typical 3 year residency, I'd finish that at 39. I know people say that the life of a specialist has less of a work load than a general dentist (debatable, I know). But, even at that, the idea of not starting to make any income until I'm basically 40 is not very appealing to me. Also, I'm not that interested in an AEGD or GPR bc I would rather be working, and getting paid while getting experience at the same time. Also, by going straight to the work force, I can then see where the greatest demand is from my patient pool, and take lots of CE's in that area. A bit over simplified, I know, but that's the general idea.

My current plan is to graduate, work for a corporate office for a year, and then open my practice. Then I'll basically try to grow as much and as quickly as possible by taking as many CE's, working as many hours per week, and reinvesting in the practice as possible.

I'm completely open to any and all differing opinions, or other thoughts, than that of above.