When To Refinance Student Loans

<p>If you are going for Public Service Loan Forgiveness (PSLF), it is not the optimal time to refinance your student loans. If you&rsquo;re not sure, don&rsquo;t refinance because you may qualify for PSLF. Never say never!&nbsp;</p> <p>In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP&reg;), about when is the optimal time to refinance your student loans.&nbsp;&nbsp;</p> <h3><strong>Topics Discussed:</strong></h3> <ul> <li>Refinance: Means getting new lender to pay off old loan to start new private loan</li> <li>Reasons not to refinance out of a federal student loan: <ul> <li>COVID forbearance</li> <li>20- or 25-year forgiveness programs</li> <li>Revised Pay As You Earn (REPAYE) interest subsidy</li> </ul> </li> <li>Reasons to Refinance: <ul> <li>To get a better interest rate and make progress on loans</li> <li>Pay the least amount out-of-pocket over time</li> </ul> </li> <li>Locked-in Loans: What if you lose your PSLF-qualified or income-driven job?</li> <li>What if you start with private loans? With record-low interest rates, refinance now</li> <li>Personal Preference: Move on with life, refinance, pay it off ASAP if PSLF is out</li> </ul> <h3><strong>Links:</strong></h3> <p><a href="https://wrennefinancial.com/pslf/">A Guide to Public Service Loan Forgiveness (PSLF)</a></p> <p><a href="https://financeforphysicians.co/2020/09/15/9-biggest-student-loan-misconceptions/">9 Biggest Student Loan Misconceptions</a></p> <p><a href="https://financeforphysicians.co/2020/09/23/should-i-drop-out-of-pslf-2/">Should I Drop Out Of PSLF</a></p> <p><a href="https://financeforphysicians.co/2021/02/04/avoid-leaving-money-on-the-table-with-federal-student-loans/">Avoid Leaving Money On The Table With PSLF</a></p> <p><a href="https://financeforphysicians.co/2020/10/15/why-federal-student-loans-are-a-great-bet-for-many-physicians-with-travis-hornsby/">Why Student Loans Are A Great Bet For Many Physicians</a>&nbsp;<