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.

Inside the aggregate, that would be about $100,000 less cash that they become expenses toward their beginner fund, and this which is an enormous 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.

In the aggregate, that will be about $one hundred,000 less overall that they end up purchasing into the their scholar finance, and therefore which is a large contour

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 payday loans 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.

From inside the aggregate, that could be on $a hundred,000 less cash that they find yourself paying into their beginner money, hence which is a large 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.

Inside aggregate, that could be regarding $one hundred,000 less overall which they become expenses towards the the beginner funds, and that that is a massive 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.