Student loan repayment planning for the next generation of dental and medical professionals Pt. 2


It’s Mark Johnson from StudentLoansRx.

We want to be a key resource for you as you approach graduation.

In this communication:

  1. File your 2020 Federal Tax Return ASAP.
  2. Dental Student Vibes Podcast Interview.
  3. Commonly asked student loan repayment questions from those close to graduation.

To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.

You have a lot going on between now and graduation with boards, finding a job, getting licensed, and probably relocating to a new city, etc.

And, on top of that, you really need to have a plan to address your student loan debt and a few other important financial planning items like, filing your 2020 Federal and possibly, state tax returns.

StudentLoansRx-2021 Graduation

“What You Need to Know” Series,

Tip #2- File your 2020 Federal Tax Return

I’ll keep this brief, because I want you to read it. Filing your 2020 Federal tax return is a super important first step towards putting yourself in the best position for student loan repayment planning.

File your 2020 taxes NOW!!!!!!!! Even if you had ZERO income.

If income-driven repayment-IDR is an option you want to explore for at least your initial repayment strategy (Revised Pay As You Earn or Pay As You Earn), you will need to supply your loan servicer with a source document to establish your income.

If you have not completed a Federal tax return in the past two years, 2019 or 2020, you will have to provide copies of your paystub or some other document to prove your income. This one idea could save you thousands!

Many 2021 graduates are coming out of dental school or residency with little to no income, obviously. This actually works very well to their advantage when establishing an IDR. The payment of an IDR is approximately 10% of your discretionary income. If you made ZERO your last year of dental school, your monthly IDR payment the first year out of school would be ZERO!

Also, you may be eligible for a significant interest subsidy, up to 50%, on the Revised Pay As You Earn IDR plan, if you had little or ZERO household income to report on your first IDR application.

Ex. $400,000 of federal student loan debt accruing interest (effective October 1 now) at 6%, equals $24,000 of interest in the first year out of school or residency or $2,000 a month. If you are eligible for the full interest subsidy under the Revised Pay As You Earnthat is a savings of $12,000 in just the first year!

So, get your 2020 Federal tax return filed ASAP and you will put yourself in the best financial position in case an income-driven repayment plan is the right plan for you immediately upon graduation.

To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.

Mark Johnson, founder of StudentLoansRx interviewed on Dental Student Vibes Podcast

I really enjoyed my recent appearance and discussion with Seth, Cole and Matt, from the Dental Student Vibes Podcast.

If you are a dental student or resident, I highly encourage you to sign-up for their podcasts.

The interview is in two parts. Check them out!

Dental Student Vibes Podcast #1

Dental Student Vibes Podcast #2

To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.

For 2021 graduates, you will have a few months after graduation to consider your options. But, on Oct. 1, 2021, interest resumesOn loan balance of $400,000 @ 6% that is $2,000/month of interest accrual!

If you are still trying to figure out the best repayment option, or want to make sure your current strategy is optimal, why not schedule a free, no-obligation, 30-minute Zoom consult with us?

Maybe we can help you avoid a massive and costly error in your student loan repayment planning.

Most frequently asked questions during our FREE 30-minute consults:

  • Which repayment method is best if I wish to start or purchase a practice?
  • Should I enroll in an income-driven plan?
  • If so, should I choose Pay As You Earn-PAYE or Revised Pay As You Earn-REPAYE?
  • When do I enroll in repayment if I will be on PSLF?
  • What is my work/life situation changes? Can I change repayment plans? What are the consequences of changing plans?
  • Should I refinance with a private lender? If so, which lender and when?
  • How aggressive should I be in repaying student loan debt when I have other financial priorities as well?

To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.

If you have any questions related to student loan repayment planning or any of the other financial or investment planning services we offer, please feel free to email us at

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