Student loan payments: get advice and actual numbers here Forum
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- Pokemon
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Re: Student loan payments: get advice and actual numbers here
Counting my 401k, nav is above negative 150. 3rd year.
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- SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here
yo what's nav mean.bk1 wrote:same
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Re: Student loan payments: get advice and actual numbers here
net asset valueSmokeytheBear wrote:yo what's nav mean.bk1 wrote:same
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Re: Student loan payments: get advice and actual numbers here
oh yeah same for sure.
edit: accidental anon
edit: accidental anon
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Re: Student loan payments: get advice and actual numbers here
What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
- SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here
Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
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Re: Student loan payments: get advice and actual numbers here
I would add that the real "cost" to refinancing is foregoing the ability to use federal repayment plans and federal debt forgiveness (which are a lot more flexible than refinanced options). At 100k, the risk isn't that great, but it's something to consider.SmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
I'd also note that paying off a 100k FR refi in 1 year is not the best EV (since you would generally get a better return from the market), but it's not entirely unreasonable if you just want to be debt free.
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Re: Student loan payments: get advice and actual numbers here
Agreedbk1 wrote:SmokeytheBear wrote:Anonymous User wrote:
I'd also note that paying off a 100k FR refi in 1 year is not the best EV (since you would generally get a better return from the market).
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Re: Student loan payments: get advice and actual numbers here
if you happen to live in FL then you will have to pay the stamp tax on the amount you refinance, which is $350 on 100k. though, if you get the loan documents signed and notarized outside of FL you can avoid itSmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
Last edited by JenDarby on Mon Jan 29, 2018 11:55 pm, edited 1 time in total.
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Re: Student loan payments: get advice and actual numbers here
STAMP TAX? Ummm I pretty sure we defeated the British in this little thing called the Revolutionary War.JenDarby wrote:if you happen to live in FL then you will have to pay the stamp tax on the amount you refinance, which is $350 on 100k. though, if you get the loan documents signed and notarized outside of FL you can avoid itSmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
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Re: Student loan payments: get advice and actual numbers here
SmokeytheBear wrote:STAMP TAX? Ummm I pretty sure we defeated the British in this little thing called the Revolutionary War.JenDarby wrote:if you happen to live in FL then you will have to pay the stamp tax on the amount you refinance, which is $350 on 100k. though, if you get the loan documents signed and notarized outside of FL you can avoid itSmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
Last edited by JenDarby on Mon Jan 29, 2018 11:55 pm, edited 1 time in total.
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Re: Student loan payments: get advice and actual numbers here
a year into the job (big law):
- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments
is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.
- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments
is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.
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- SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here
Two thumbs up.Anonymous User wrote:a year into the job (big law):
- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments
is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.
Depending on the interest rates of your loans, some would say that you should dump your bonus into savings to increase your rainy day fund.
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Re: Student loan payments: get advice and actual numbers here
Far better than the vast majority of biglawyers. As smokey said, I would probably up your e-fund (assuming your bank account is your e-fund) to closer to 15-20k and would also recommend maxing out your backdoor roth IRA (5.5k/year).Anonymous User wrote:a year into the job (big law):
- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments
is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.
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Re: Student loan payments: get advice and actual numbers here
I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.SmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
Definitely considering. Probably will do it once Spring semester starts and I'll have received my final disbursement
Last edited by Anonymous User on Tue Sep 12, 2017 3:42 pm, edited 1 time in total.
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Re: Student loan payments: get advice and actual numbers here
dumb question:
if i have a decent amount of CC debt, i should prioritize paying it off over putting anything in a 401k right? just hit the 60 day mark and am now eligible for 401k contributions
if i have a decent amount of CC debt, i should prioritize paying it off over putting anything in a 401k right? just hit the 60 day mark and am now eligible for 401k contributions
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Re: Student loan payments: get advice and actual numbers here
Soooo much better than me.Anonymous User wrote:a year into the job (big law):
- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments
is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.
- SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here
It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.Anonymous User wrote:I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.SmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
Definitely considering
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Re: Student loan payments: get advice and actual numbers here
Probably true. My salary isn't even market, but I ran the numbers, and, after tax, I should net about 125. 100 to the loan, and try to get by on 25k for rent/food/etc. Plausible.SmokeytheBear wrote:It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.Anonymous User wrote:I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.SmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
Definitely considering
- SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here
$2000 a month to live on is plausible, but difficult in any city that pays close to market.Anonymous User wrote:Probably true. My salary isn't even market, but I ran the numbers, and, after tax, I should net about 125. 100 to the loan, and try to get by on 25k for rent/food/etc. Plausible.SmokeytheBear wrote:It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.Anonymous User wrote:I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.SmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
Definitely considering
Doing some mental math now--where the heck are you living that you're not making market but netting $125k post-tax?
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Re: Student loan payments: get advice and actual numbers here
Just curious: are you in NYC? What do your monthly expenses, including rent, look like?Anonymous User wrote:a year into the job (big law):
- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments
is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.
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Re: Student loan payments: get advice and actual numbers here
PM'dSmokeytheBear wrote:$2000 a month to live on is plausible, but difficult in any city that pays close to market.Anonymous User wrote:Probably true. My salary isn't even market, but I ran the numbers, and, after tax, I should net about 125. 100 to the loan, and try to get by on 25k for rent/food/etc. Plausible.SmokeytheBear wrote:It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.Anonymous User wrote:I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.SmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
Definitely considering
Doing some mental math now--where the heck are you living that you're not making market but netting $125k post-tax?
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Re: Student loan payments: get advice and actual numbers here
Just be mindful of how much your total loans are, in terms of refinancing. If you want to do FR, you need to have at least $60k in loans left. They also typically like two years of work experience before refinancing, but will be more comfortable in forgoing that if you have a good salary (such as biglaw) and a good amount in savings. So, I would start putting less towards loans, more towards savings, and focus on refinancing as soon as possible. I don't see any reason to delay it.Anonymous User wrote:a year into the job (big law):
- put $70k into loans
- put $18k into 401(k)
- have $10k in bank account
- no CC debt or other debt payments
is this admirable or foolish? i haven't refinanced yet but plan to by early 2018.
Also, others have mentioned, if you want to refinance with first republic, I can refer you and we both get $200. PM me if you'd like.
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Re: Student loan payments: get advice and actual numbers here
Easy to do this living anywhere in TX.SmokeytheBear wrote:It's an admirable goal, but I don't know how you'd do it on a first year salary even with top of the market bonus. I don't feel like putting this into a spreadsheet, but I feel like you have more than a year before you'd amass 2k in interest.Anonymous User wrote:I see online that the deal is FR will refund up to 2% of the total loan if paid back within 48. So, on 100k, that's 2k. I'd have to pay it back very quick if I wanted to essentially pay no interest, since, presumably, the rate would be like 3.5%.SmokeytheBear wrote:Nothing beyond the other basic requirements for keeping the account in good standing--maintaining a $3500 average daily balance in your checking account, having your paychecks direct deposited, living in one of their service areas. No actual costs aside from servicing the interest. I think thats it. It's a fucking bargain.Anonymous User wrote:What are the costs associated with refi with FR? I'm looking to pay my 100k debt back ASAP, potentially within first year of work.
If you're going to open an account, let me refer you to my banker. you get a $200 cash bonus and I get $300. win win.
Definitely considering
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