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Loan Repayment Advice

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  • Loan Repayment Advice

    Hello, new to the forum here but I wanted to see if anyone had advice for me. I am a rising pediatric resident who going to pursue a fellowship in the future (PICU, PEM, Cards, NICU) with 197k in debt in federal loans. I am married and my wife is planning on going back to school while in residency. What repayment plan would be best for us? I am thinking that REPAY is the way to go and applying for PSLF (I'm at a 501(c)(3) location). Any thoughts? This is all very overwhelming to me, not very financially savvy here, just good with kids. Thanks

  • #2
    Well you've made the right first step by coming to these forums and asking for advice.  You'll be fine if you follow all the great info on this site.  I'll let someone else answer the student loan questions because I am not up to speed on those programs.  But, I would recommend you start reading through the beginner articles that WCI has here: https://www.whitecoatinvestor.com/new-to-the-blog-start-here/  Come back and ask questions as you go along.

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    • #3
      With 200k in loans, and a single resident income for a houshold of 2+ people REPAYE is almost certainly the better plan for you, it will let you take advantage of the interest subsidy, and rack up PSLF qualifying payments.

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      • #4
        RePAYE is the best one for you.  It always includes spousal income, but that won't be an issue since she'll be back in school, presumably earning zero (or very little).  It can cut your interest rate in half if your payment is zero (and can come close to half on your measly resident salary) with the 50% unpaid interest subsidy.

        Ideally, the accrued interest won't matter because it will get PSLF-forgiven, but it still puts you in the best position either way if you choose not to be a full-time W-2 employee of a nonprofit and actually have to pay it back.

        You will need to PSLF-certify your employer with your loan servicer so that they can count your payments toward PSLF.  This is done with the ECF.  You'll need to do this annually, usually when you send in your income recertification.

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