226 results in 0.1238 seconds.
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Thanks for sharing your experience. It usually is a couple of months process but can have huge benefits! -
During training
REPAYE - if you're not sure about PSLF
PAYE - if you're sure about PSLFLeave a comment:
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I wouldn't make any payments on your federal loans while it is 0%. Then, if you're positive you're going to pay them down, I would recommend refinancing...Leave a comment:
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Its as simple as this
Non-Profit Paychecks = eligible
For-Profit Paychecks = non-eligible
There really isn't any wiggle...Leave a comment:
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Yep, reiterating what was said above. Fedloan should count up all the qualifying payments to the date the employer signed the form. Many doing the PSLF...Leave a comment:
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They take a weighted average of the interest rate of your loans and round it up 1/8%.
Yes, for most it definitely does make sense to consolidate...Leave a comment:
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Oh. I thought she might have worked at different places since then. You are correct then. You would only need to submit one form which lists when she...Leave a comment:
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This is common. Have you submitted her PSLF forms back to August of 2012 when she first entered repayment? If so, then you are in a waiting game. You...Leave a comment:
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10k has been the other number he's mentioned numerous times. Including when he was on the campaign trail. I think it will be 10k. Not significant for...Leave a comment:
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Yes. With an income of $0 last year your payments in any IDR plan will be $0 your intern year. Make sure to consolidate right when you graduate and opt...Leave a comment:
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Yep. Do REPAYE when you're not sure. If you decide you'd like to pursue public service after training switch to PAYE. It has a payment cap and the ability...Leave a comment:
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Hi Jose, here's two posts for your review.
https://www.whitecoatinvestor.com/ps...fel-borrowers/
https://...Leave a comment:
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Correct. PAYE only subsidizes the interest on your subsidized loans which is usually a very insignificant.
You could make overpayments but...Leave a comment:
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Yes. Consolidate right after you graduate and enroll into an IDR plan. Those months in grace period historically haven't counted towards PSLF. Might as...Leave a comment:
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I don't see private loans being forgiven at this point. Those big changes were for federal loans.Leave a comment:
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Exactly. Best of luck to you and let us know how the process goes for you.Leave a comment:
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With you being so early on in training I would keep PSLF as an option. You should start with REPAYE for now at least until your spouse finishes training...Leave a comment:
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Yes, you shouldn't have trouble getting them to refinance those parent plus loans and offer you the $100 monthly payments.Leave a comment:
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East coast is right. You need to be working full-time at a qualifying employer to receive credit for those months.Leave a comment:
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Yes. I've had multiple clients who have received PSLF recently due to the PSLF waiver.
Consolidation took 2 months and PSLF certification...Leave a comment:
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New Announcements from the Dept of Education on loan forgiveness
The department of education has announced recent changes which impacts borrowers in the PSLF and IDR forgiveness programs.
A big part of... -
The reason a resident will go into PAYE when they are married is because it offers a lower monthly payment than REPAYE will if they file taxes MFS. Yes,...Leave a comment:
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You could certainly try to reconsolidate your loans if there is a different payment count on your loans. They should then take the highest payment count...Leave a comment:
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Thanks for the question. Wish I could update the dates I shared on the pod since whenever I record it seems they push loans payment and recertification...Leave a comment:
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Why not start on track to PSLF for now? If you take a PSLF eligible job out of training, you'd save more than refinancing.
Really depends...Leave a comment:
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Great point except for those who are planning to refinance their loans over the long run 15-20yrs. Might be better to lock in a low rate now then wait...Leave a comment:
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I'm very curious as well. They probably could have just pushed this back once. Political reasons? Rolling out something new on September 1st? Combination...Leave a comment:
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Why not consider IBR or PAYE for you? You would run into the payment cap in both of those.
IBR and PAYE have a payment cap based on the standard...Leave a comment:
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I feel like there will be another delay until January 2023. Have to keep borrowers and servicers on their toes.Leave a comment:
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It is finally official. No payments until Sept 1.
Do you think payments will ever actually resume at this point?Leave a comment:
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Keep your federal loans in REPAYE for now. With those PLUS loans, you have to pay those ones off. It makes sense to get the interest rate down and refinance...Leave a comment:
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What's your debt to income? Can you pay these off? Aka, live like a resident for a couple of years?
If you have a very high debt to income,...Leave a comment:
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The interest subsidy won't start until you begin repayment which is likely around July or August after the consolidation application goes through. You...Leave a comment:
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Any of those loans US federal? You could do IDR. As a greencard holder it's going to be tougher to find a US student loan lender that is willing to offer...Leave a comment:
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^^^^ Spot on bovie
Keep your loans federal while you're in training. When you get your attending job then decide if you are going to refi...Leave a comment:
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1.) Read this post
2.) You can receive credit for those and even increase the payment count from what you've already made post medical school. This...Leave a comment:
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Correct. The application must be completed by October 31, 2022 to qualify for the limited waiver.Leave a comment:
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Yes. No problem at all switching repayment plans. Just know each time you switch repayment plans your interest will capitalize....Leave a comment:
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Yeah, it's a good point. There's quite a high likelihood this is moved back. I'd probably hold off on paying these off until we hear further about the...Leave a comment:
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You can refinance 1 loan, 2 loans or all of them. There is no trouble in doing this.
If you have them recalculate your payment and your on...Leave a comment:
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You are eligible to apply now. Look to those who work with residents. They'll offer you 100 monthly payments while your wife is in training.Leave a comment:
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Pay what ever you can to your 401k and roth. If you have extra put this towards the loans. You'll be done with your debt in no time when you graduate...Leave a comment:
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Student loan ombudsman. Also there is a new reconsideration process coming out in April which will force an additional review.
I've had a...Leave a comment:
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Likewise, I would ride these out. It's basically free money for your student loans. Put the money elsewhere...White Coat has a number of flowcharts on...Leave a comment:
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The standard payment would be calculated from your loan balance when you entered repayment intern year. Which if we just took this off of the 232k of...Leave a comment:
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This is a very common thing we run through in our consultations. Your payments might be capped just based on your high income, but I suspect it would...Leave a comment:
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Great point. Don't worry about that scary rejection letter. Everyone is receiving it who consolidates their loans now....Leave a comment:
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No I don't think so. As long as your monthly payment in REPAYE doesn't cover the entire monthly interest accrual....Leave a comment:
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Wow. After going through it all do you feel like it was worth it?Leave a comment:
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Just had a client who submitted her ECF form end of October and just received PSLF this week. They are definitely taking their sweet time.
...Leave a comment:
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What's your student loan plan? Refinancing or taxable IDR forgiveness(20-25 yr)?Leave a comment:
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Rates have definitely gone up a little since the end of the year. I'm seeing about .25% to .5% higher than the end of last year. If that is troublesome...Leave a comment:
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One other point to add, don't refinance your private student loans with your federal student loans unless you can get a lower interest rate.
...Leave a comment:
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If you file an extension, you have until October 15th to file taxes.
Here's a couple of assumptions I made, household of 1 in PAYE
...Leave a comment:
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I'd keep an eye on your student loan plan. I've run into situations like this for dentists who had factored in their associate salary far too long and...Leave a comment:
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Correct. It is a time-limited waiver and needs to be completed by October 2022.
The sentiment has been similar across the board thus far...Last edited by Andrew StudentLoanAdvice; 02-03-2022, 10:36 AM.Leave a comment:
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That's fine. Just make sure to switch before your income jumps and you no longer qualify for a partial financial hardship required to enroll into PAYE...Leave a comment:
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It really depends on who is paying you.
If you are receiving your paycheck (and w-2) from an eligible PSLF employer you should be eligible...Last edited by Andrew StudentLoanAdvice; 01-31-2022, 09:58 PM.Leave a comment:
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Can't comment on your first question, but on your second, it is so hard to predict what will happen to rates. It does look like they are going to continue...Leave a comment:
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The only reason to do PAYE and file MFS is if you plan on doing PSLF. Are you planning on doing it?
If not, then it would probably be in...Leave a comment:
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Does it show up on your credit report? This is very unfortunate.Leave a comment:
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The PSLF form needs to be signed by an "authorized person". This is usually your residency director, a manager, HR or CFO.
The...Leave a comment:
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Would keep the 0% interest for now and then compare refinance rates to the effective REPAYE interest rate which would be about 3% (stated above as well)....Leave a comment:
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I'm more in the middle of the boat than most. I'd make sure you are contributing 15-20% to retirement and then paying on your student loans. What term...Leave a comment:
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3) You'll need to read what it is eligible to pay for. In my experience loan repayment assistance from an employer has generally been offered for federal...Leave a comment:
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Interesting.
I haven't seen any Texas or California clients have trouble with this if they are paid (W-2) by a non-profit or 501c3 and are...Leave a comment:
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Many of my clients are in the same situation as you. It's frustrating that some had their applications processed very quickly and others are being told...Leave a comment:
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There's definitely a chance new borrowers who will be high earners could get phased out. I doubt they will retroactively change PSLF law for existing...Leave a comment:
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Well, if you don't want to wait you could refinance now. Rates are low and it wouldn't hurt you much in the long run. You would be throwing away a couple...Leave a comment:
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It really depends how OP feels about debt. I'm in more of the debt averse category and we paid of our loans super quickly. I'd probably do the 10 year...Leave a comment:
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You have a great plan. Start making monthly payments on your student loan now while they are 0% interest and refi when the interest resumes.Leave a comment:
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^^^
This is great advice. I think its extremely important you pay yourself (retirement accounts) and pay down your loans as quick as you...Leave a comment:
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Congrats on the loan forgiveness! It's great to hear your success story.
Definitely a bummer on the review. But onward and upward.Leave a comment:
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With this being an election year and president biden running on a campaign which talked lots about student loans, I wouldn't be surprised if the student...Leave a comment:
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Oh good point. Well, you've done an excellent job and have a great plan moving forward. Best of luck to you!Leave a comment:
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Nice work on this calculation.
Poking holes in a couple of things
-Your poverty guideline deduction is wrong. It should be $17,420...Leave a comment:
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You are right. They literally don't even know how to interpret their own rules. It's quite frustrating.
Just a couple more years and then...Leave a comment:
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Weird, that's incorrect with the new PSLF waiver. Consolidation shouldn't erase your payments now.
https://studentaid.gov/announcements-...Leave a comment:
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mcneely011 Yes, there's probably a few months in there that won't show up due to the consolidation and if you took time off after you graduated resid...Leave a comment:
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For sure. Get quotes in April and refinance if it actually resumes in May.
Don't wait too long though as the federal reserve is planning...Leave a comment:
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Pay yourself first (put money into your retirement account) and then pay down those student loans as soon as you can.Leave a comment:
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^^^^ spot on
REPAYE in training. If you take a PSLF eligible job out of training switch from REPAYE to PAYE. If you plan on going into private...Leave a comment:
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I just wrote a post for someone whose PSLF worked out almost perfectly.
The payment pause has benefitted many white coat investors on PS...Leave a comment:
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So unfortunate. Did you just go to their site directly or did you use WCIs link?Leave a comment:
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Most physicians should pursue private refinance or public service loan forgiveness.
A rule of thumb is to consider your student loan debt...Leave a comment:
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You have a very low loan balance compared to your physician peers. Most will benefit from PSLF if they have a debt to income ratio of 1:1, 2:1 or 3:1....Leave a comment:
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Now that you've completed the consolidation, your payments although are in mandatory forbearance will be counting towards PSLF. You won't be required...Leave a comment:
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You could consolidate them into a direct federal student loans and become eligible for the payment pause. Though, this will bring up her interest rate...Leave a comment:
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If you're married filing jointly it will take your household income and household federal debt into consideration for your payment.
Example...Leave a comment:
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You could leave it there, but it's very unlikely it's going to happen and even if it does most in the forum would probably be phased out of the benefit...Leave a comment:
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- If you've already made 10 years of qualifying payments, you can ask for your servicer to put you into forbearance after you complete the direct federal
Leave a comment:
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I only see this becoming problematic for PSLF if your employer is paying your loan servicer directly.
The loan servicer wants to see the...Leave a comment:
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Definitely. When you consolidate federal loans now, they'll take the highest number. Then you'd only need 10 more payments for your new consolidated loan....Leave a comment:
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There's a huge backlog at fedloan with the recent changes to PSLF and the fact 9million borrowers there are beginning repayment.
Give this...Leave a comment:
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Definitely a good interest rate.
Biden came out today with news the federal hold is over.
Would probably receive quotes now...Leave a comment:
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If you're planning to work in academics out of training PSLF is probably the best option for you.
Might need to look to file taxes married...Leave a comment:
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Guess if this was going to be too high of a hurdle stay in your currently repayment plan (assuming IDR) and private refinance once you can afford the...Leave a comment:
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No difference. Be done with these. Congrats.Leave a comment:
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