Andrew:
If you’re looking to refinance your federal student loans, then look to do that, coming up here in April, because once you get the preliminary quote, they give you 30 days to pull the trigger on that. Then you can also kind of keep in mind if the Fed ends up pushing back a federal student loan interest again. But I’d encourage you, make sure that’s kind of high priority as it’s a dual-edge sword because rates are starting to go up and you don’t want to be stuck paying a higher rate than you should.
When you look at the aggregate, that will be in the $100,100000 less of your budget which they find yourself paying into the its scholar loans, and that that’s a large shape
Dr. Jim Dahle:
Yeah. You can find those at whitecoatinvestor/student-loan-refinancing. If you go through those links, not only do you get the best rates you can possibly get, you get cash back and you get access to our online course, Fire Your Financial Advisor absolutely free, $800 value. That’s definitely the best place to shop around when you’re looking to refinance. But as you approach May 1st, that’s probably the time to be doing it.
Inside aggregate, that could be on $one hundred,one hundred thousand less overall which they wind up purchasing to the the college student fund, which that is a large figure
Dr. Jim Dahle:
A couple of good things about it. Number one, you’ll be ready to pull the trigger just as interest starts accumulating again. Number two, if they do extend it again, then you haven’t yet pulled the trigger and you can still back off. I think April’s going to be a big month for people running the numbers on their student loans, for sure.
Within the aggregate, that will be about $a hundred,100 less overall which they finish paying to your its beginner finance, and that which is a huge figure
Dr. Jim Dahle:
We’re recording this March 8th, but by the time it runs, by the time you’re hearing this, it’s already April. So, it’s time to go to whitecoatinvestor/student-loan-refinancing if you are looking to refinance loans and see what you are eligible for.
For the aggregate, that could be from the $a hundred,100000 less money that they end up expenses on their student fund, which which is a big profile
Dr. Jim Dahle:
All right, what else is going on in the student loan world here, Andrew? I understand you’ve been seeing a lot of questions about taxes and student loan repayment.
Andrew:
Yeah. And it just comes with the time of year. We are coming up on tax season. When this goes live, it’s going to be right before tax day. Just because the way that you file your taxes can have a massive impact on the repayment plan that you’re in. And there’s a lot of nuances to that. Whether you’re single, or you’re married. What state do you live in? And does your spouse have debt? Do they have income?
Andrew:
Those 
are all important factors that can play into the way you file your taxes and repayment plan. And a really common example I see is a dual physician couple, both earning good money. And they’re making, let’s say $30,000 a month. And for simplicity, they’re both making $15,000 a month after tax, all the contributions that they make. Monthly payments, like pay as you earn, would be about $3,000 a month. If they were just doing regular old, married filing jointly, because the pay as you earn plan takes about 10% of your monthly income.
Andrew:
But what if they were to do their taxes married filing separately? What that can do is it could cut their payment in half. Because then the payment is only based on the borrowers’ income, not their spouse’s income.
Andrew:
So, if they were both making $15,000 a month, instead of the payment being $3,000, it could be $1,500 a month, which over the course of a year, that’s about $20,000 less of student loan payments. And let’s just assume they had five more years until they reached loan forgiveness.