You may have seen all of the recent news on student loan changes.
It can be really complicated, so here are a few “tips and tricks” when it comes to student loans.
Each of these could save you a 4, 5, or 6-figure amount of money:
It can be really complicated, so here are a few “tips and tricks” when it comes to student loans.
Each of these could save you a 4, 5, or 6-figure amount of money:
1) If you have federal debt and NOT enrolled in an income driven repayment program (I’m talking to you, residents)..
… you’ll get a 4-figure bill in the mail soon because you’ll automatically be enrolled in the standard repayment plan when payments start back.
4-figure mistake
… you’ll get a 4-figure bill in the mail soon because you’ll automatically be enrolled in the standard repayment plan when payments start back.
4-figure mistake
2) payments on any federal loans (inc. Undergrad) ⬆️ your PSLF count toward ALL of your loans if you consolidate in 2023
I’ve had clients speed up PSLF on med school debt by as much as 4-5 YEARS
Consolidating is NOT always right, but can save you 6-figures when it is
I’ve had clients speed up PSLF on med school debt by as much as 4-5 YEARS
Consolidating is NOT always right, but can save you 6-figures when it is
3) new rules state that if you are in REPAYE/SAVE, you cannot enter IBR/PAYE after 60 payments.
So if you need the “cap” due to a really high income, you must make this decision before then
(though you have time right now given how recent the changes are)
5-figure mistake
So if you need the “cap” due to a really high income, you must make this decision before then
(though you have time right now given how recent the changes are)
5-figure mistake
4) The new SAVE plan allows married couples to file taxes separately.
Whether you should file separately or not requires running numbers, but for some filing separately can drastically reduce your payments.
4-5 figure mistake (varies widely)
Whether you should file separately or not requires running numbers, but for some filing separately can drastically reduce your payments.
4-5 figure mistake (varies widely)
5) Income driven repayments are based on INCOME. If income is zero, your payment is zero
In REPAYE/SAVE this means zero dollar payments and NO interest will accrue
This can be taken advantage of in many ways. I’ve seen student loan plans save people $500,000 because of this.
In REPAYE/SAVE this means zero dollar payments and NO interest will accrue
This can be taken advantage of in many ways. I’ve seen student loan plans save people $500,000 because of this.
6) Interns who filed taxes for zero dollars as 4th year med student your payment in SAVE = zero
Consolidating loans and enrolling in an IDR to skip the “grace” period helps you get 6 zero dollar payments toward PSLF
Paying 6 payments on back end as attending=5-figure mistake
Consolidating loans and enrolling in an IDR to skip the “grace” period helps you get 6 zero dollar payments toward PSLF
Paying 6 payments on back end as attending=5-figure mistake
If you have student loans, learning the tricks of the trade could save you hundreds of thousands.
Making a mistake could cost you the same amount.
Make sure you make a student loan plan!
There are some really good options, even when it feels like you have none.
#Medtwitter
Making a mistake could cost you the same amount.
Make sure you make a student loan plan!
There are some really good options, even when it feels like you have none.
#Medtwitter
If you need a student loan consult to sort all of this out, download the Attend for Doctors app on the Apple App Store and you can get a student loan consult 👍🏼
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