Hi everyone, I know this isn't a personal finance forum but I'm just hoping to get some opinions here:
Recent PA school grad with $130,000 in federal loans (PA school + undergrad)
Will be making ~$115,000 once I start working in a few months
My s/o makes ~$40,000 and is still in school. Their total debt will be ~80,000 and will go into repayment next summer 2018.
Our living situation - currently we are fortunate to be living low rent (300/month) with family - but this won't last for long. We have about 1-1.5 years left here and then will need to move out. We're hoping to purchase a house or condo. Currently unmarried and unengaged (due to financial reasons with me being unemployed while in school...) (this is another expense I need to plan for)
My dilemma is whether or not to pursue PSLF or to stick with the standard plan. My payments would be ~$800/month under the REPAYE plan, $1,500/month under the standard plan. My job now will qualify for PSLF, but I'm cautious about the uncertainty of the program (being capped, cancelled, disqualifying hospital-based jobs, me eventually finding a better job that doesn't qualify, etc). However, i think it would be tight trying to manage a mortgage on our incomes while both paying loans under the 10 yr standard plan (leaving us with little wiggle room each month). Starter homes in my area go for $250-$315K. We both have good credit scores (750+)
I've heard many different opinions - go for PSLF, just stick to the standard 10 year, try to pay off the loans sooner while living in the low-rent situation (I could do this for about 1 year, but that would affect our savings for a down payment on a home). It's a bit overwhelming and just wondering what others would do.