Any reason not to consolidate for PSLF?

[mcneely011]

I agree, that’s how I interpreted the PSLF waiver as well.

this is their replay to me “if you have already made payments on your Direct...

[mcneely011]

I messaged studentaid.gov and they got back to me and said if I consolidated, I would in fact lose credit of the payments I made. So, I guess that settles...

[mcneely011]

Yeah that's a good point. I would not at all be surprised if I lost a month(or two) of payments while the loan consolidated. Perhaps I'll wait until payments...

[mcneely011]

They are all direct loans. According to the studentaid.gov website, it says "Receive credit for periods of repayment made on Direct, FFEL, or Perkins...

[mcneely011]

It is my understanding, that with the new PSLF waiver, consolidating does not wipe your payment history. I haven't talked to anyone who has done this...

[mcneely011]

I am about 75/120 payments through PSLF. I have 11 separate loans with the same payment counts(yes, I now know I should have just consolidated back then)....

[mcneely011]

Perhaps you may have not read the entire post, but we don't make that currently, however are in the process of reviewing contracts that would start July...

[mcneely011]

Gotcha. As a first time buyer, I didn't realize that was a thing (ability to get a cheaper rate for established customers)....

[mcneely011]

Yes, definitely still the risk of not liking job when starting, but we're both planning to join practices we have familiarity with so hopefully that lessens...

[mcneely011]

Thanks. I had looked into that but I'm not sure a margin loan seems like the best idea. At Schwab, the base rate is 6.5%. Seems like you'll be paying...

[mcneely011]

In deed. We've been putting off buying a home for a while given my extended length of residency/fellowship/super fellowship and feel pretty comfortable...

[mcneely011]

Thanks for reply. Not a new area for us (staying in same area as training and have family in the area). We're on the older side and maxing out all retirement...

[mcneely011]

Hey all,

Wife and I graduating next June, both from well compensated sub-specialties and looking to buy a house at that time. First-time...

[mcneely011]

It would seem to make sense that the loan servicers would want to use the most up to date income information prior to payments restarting (rather than...

[mcneely011]

Information is posted on studentaid.gov. (https://studentaid.gov/announcements-events/coronavirus). They say you'll be notified when it's time to recertify,...

[mcneely011]

You're just going to have to run the numbers on turbotax/whatever tax software you want to use with MFS vs MFJ. Doesn't take much time. This year, filing...

[mcneely011]

You can't finance all of a real estate project through a bank. Most banks require at least 10-20% equity in order to approve the deal for financing, which...

[mcneely011]

Here is another link about the proposed changes. https://www.studentloanplanner.com/c...oan-servicing/

I suspect these changes will depend...

[mcneely011]

Yeah, fair enough that makes more sense now. I probably should have clarified that my qualifying payments update was in fact based on my ECF form I sent...

[mcneely011]

My original point was that it isn't being updated and the current plan by the Department of Ed is to terminate FedLoans participation in the PSLF program....

[mcneely011]

Yeah. I think that's good advice overall for dealing with any of the loan servicers unfortunately. Thanks for actually posting that picture of the CARES...

[mcneely011]

Hello,

I've noticed any of the "$0" payments made since the start of the CARES act aren't being reflected yet on my qualifying...

[mcneely011]

I could be wrong, but I think you can enroll in REPAYE at any point in time(as long as you have eligible loans), however, qualifying payments don't start...

[mcneely011]

Agreed. This shouldn't be an issue in residency unless you're generating quite a bit of extra money moonlighting, etc. Max out a Roth/401K first/HSA if...

[mcneely011]

Fixed 3% not bad but you could maybe get a lower variable. If you can get a lower rate, why not refinance. It literally takes minutes. Get quotes from...

[mcneely011]

Yes, I understand the foreign tax credit is a tax credit, not a "loophole," or whatever you want to call it. Regardless of what you want to...

[mcneely011]

I put my international in taxable for the purposes of the foreign income tax deduction. Can become hundreds of dollars a year with a large enough por...

[mcneely011]

I'd recommend reading the asset allocation posts on the WCI blog. Bottom line, there's no right answer (you'd have to have a crystal ball to know that)....

[mcneely011]

So I think it depends on how much you trust that you will stick PSLF out and how much you're willing to bet it will be around for you. From a pure amount...

[mcneely011]

Yeah I did flub up the math. I used an online calculator and made some incorrect assumptions. It does not in fact seem like there will be more than 1K...

[mcneely011]

Hey all, I'm a cardiology fellow and my soon to be wife is also in residency. We are getting married this NYE. I had initially planned to file separa...

[mcneely011]

Hey all, I'm a cardiology fellow and moonlight at a local VA hospital. Through my fellowship employer, I max out my 401K and do a backdoor Roth. As a ...

[mcneely011]

Thanks!

[mcneely011]

I have contributed monthly to my Roth during residency/fellowship. I have been moonlighting quite a bit this year and have realized I will make more than...

[mcneely011]

I see. I've received a couple pieces of conflicting data here. I met with one of the student loan consulting groups suggested here on WCI. Their opinion...

[mcneely011]

I'm a cardiology fellow and my fiance is a dermatology resident. We'll be done with training in the summer 2022. I am enrolled in PSLF with PAYE. I reach...