Hello,
It’s Mark Johnson from StudentLoansRx.
We want to be a key resource for you as you approach graduation. Invite us to speak to your graduating class on “Smart Strategies for Student Loan Repayment.”
In this communication:
- Public Service Loan Forgiveness-Enroll in your IDR immediately upon graduation!
- The Shared Practices Podcast Interview.
- 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, and starting your new job or residency.
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.
Consider Tip #4, Enroll in your IDR immediately upon graduation!
StudentLoansRx-2021 Graduation
“What You Need to Know” Series,
Tip #4, PSLF–Enroll in your IDR immediately upon graduation!
I’ll keep this brief, because I want you to read it.
Many healthcare students and residents approaching graduation, with large sums of student loan debt, consider Public Service Loan Forgiveness–PSLF as an option for student loan repayment.
Those pursuing PSLF must enroll in an income-driven repayment plan-IDR and work for a qualified employer for ten years or 120 months. We want to encourage you to consider enrolling in an IDR 3-4 weeks before you start working in a PSLF qualifying employer.
Many schools graduate students in May and June and therefore many graduates start working in mid-June and early July. It takes about 3-4 weeks to get enrolled in an IDR. If you start the process a few weeks before you start working at your PSLF qualifying employer, the 120 month clock towards forgiveness starts much sooner, than if you wait for your six-month grace period to expire.
If you wait for the 6-month grace period to expire, before enrolling in an IDR, that is essentially six months unnecessarily added to the end of the PSLF ten-year period. There can also be considerable interest savings by not running out the 6-month grace period!
And make sure you keep your annual required PSLF paperwork current!
You will need to re-certify your income every 12 months while on your IDR. You will also need to complete an PSLF Employer Certification form each year and submit to your loan servicer while on PSLF.
We have helped many graduates pursuing PSLF navigate the complexity of student loan repayment planning.
To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.
Mark Johnson, founder of StudentLoansRx interviewed on The Shared Practices Podcast
I really enjoyed my recent appearance and discussion with Payton Keller on The Shared Practices Podcast.
You can access the podcast via Apple or Spotify.
If you are a dental student or resident on your way one day to practice ownership, I highly encourage you to sign-up for their podcasts.
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 resumes. On 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 StudentLoansRx@RBFAdvisors.net.
