Repaye + paying more than the minimum = the move?

[apr27]

I pretty much will have the average med school debt when I graduate in May *knocks on wood*. Not married and okay with not having the most glamorous lifestyle. Hoping to match into gas. Pretty sure I don't qualify for PAYE and I'm not counting on PSLF.

Is REPAYE the best option for me if I qualify? Seems like IBR but with the interest subsidy, right? I don't see the purpose of the standard payment option. Doesn't seem feasible and I can technically contribute that amount while on REPAYE and without penalty, right? I don't plan on paying minimums for 20-25 years. So, if I do REPAYE and live like a resident for like 3-5 years while putting a lot towards my debt, shouldn't I be good? Just trying to get a head start on this and not sure if I'm over simplifying this.

Would appreciate your thoughts or further input.

Thanks

all loans are gov't sub and unsub.

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[The Physician Philosopher]

I pretty much will have the average med school debt when I graduate in May *knocks on wood*. Not married and okay with not having the most glamorous lifestyle. Hoping to match into gas. Pretty sure I don't qualify for PAYE and I'm not counting on PSLF.

Is REPAYE the best option for me if I qualify? Seems like IBR but with the interest subsidy, right? I don't see the purpose of the standard payment option. Doesn't seem feasible and I can technically contribute that amount while on REPAYE and without penalty, right? I don't plan on paying minimums for 20-25 years. So, if I do REPAYE and live like a resident for like 3-5 years while putting a lot towards my debt, shouldn't I be good? Just trying to get a head start on this and not sure if I'm over simplifying this.

Would appreciate your thoughts or further input.

Thanks

all loans are gov't sub and unsub.

The short answer is no. If you are not going to partake in the PSLF program (make sure you aren't going to do that first), you should refinance with a private company so that you can get the lowest rate and save on interest. You can still plan to take hammer away at your loans over 3-5 years. In fact, there are programs where you can refinance while a resident (and even cheaper if in your last year with a "contract in hand"). I wish that the resident refinancing programs had existed when I was in training.

I write about this on my Student Loan Refinance Page. Check it out.

P.S. I am an anesthesiologist! Good luck matching into the field!