Hello,
It’s Mark Johnson from StudentLoansRx.
We specialize in helping emerging dental and other healthcare professionals create smart, cost-effective plans to tackle their student loan debt in light of their career and other financial goals.
In 49 days, on October 1, interest and payments resume on federal student loans. As you can imagine, we are getting hammered with questions and requests for Free Consultations.
What about you? Do you have it all figured out? If not, we would like to help.
To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.
In this communication:
President Biden’s Proposed 2022 Budget Provides NO Student Loan Forgiveness.
Don’t Waste Your Six-Month Grace Period.
The Shared Practices Podcast Interview.
Commonly Asked Loan Repayment Questions.
President Biden recently released his proposed $6 Trillion 2022 fiscal year budget. And despite his campaign promises for some broad student loan forgiveness, there is not one mention of student loan forgiveness in his budget request!
So, whatever your situation, student loan interest will start accruing again on October 1st.
Choosing the wrong plan can end up costing thousands in unnecessary interest expense.
There are a number of options for you to consider. Each option has their pros and cons.
YOU NEED A PLAN AND WE CAN HELP!
To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.
For those wishing to pursue an income-driven repayment plan, it takes between 3-4 weeks for an income-driven repayment application to be processed. If you wish to be enrolled by October 1st, you will need to submit your application on or about September 1st.
What’s the downside to scheduling a free, no-obligation 30-minute Zoom consult with us to discuss your career goals and what might be the best repayment strategy? Obviously, the only downside is the opportunity cost of 30-minutes.
To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.
StudentLoansRx-2021 Graduation
“What You Need to Know” Series,
Tip #3- Don’t Procrastinate and Waste Your 6-Month Grace Period!
It’s my fear that thousands, maybe tens of thousands of 2021 graduates, will not begin working on their student loan repayment strategy until their 6-month grace period nears its end.
This procrastination may end up costing them, in many cases, thousands of dollars in unnecessary interest accrual.
Under normal years, interest is accruing during school and during the 6-month grace period. This year, interest on most Federal student loans begins accruing again on October 1st.
Consider a June 2021 dental graduate with $400,000 in student loan debt accruing interest at 6% and who does not enroll in a repayment plan until their 6-month grace period expires in December 2021. Interest will begin accruing in October at $2,000 a month. That’s $6,000 of additional interest for the last three months of the grace period. There are repayment options to significantly reduce the interest accrual during the 6-month grace period.
A word for those going onto residency. Do everything possible NOT to defer your loans while in residency. During a free, 30-minute Zoom consult, I will share with you how you can probably avoid making any payments or very, very low payments while in residency and that you may also qualify for up to a 50% reduction in your interest accrual during residency. For the dental resident with $300,000 in student loans in a one year residency, that could be savings of at least $9,000!
It is a ridiculous idea to schedule a free 30-minute consult to learn more about this strategy?
To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.
A word for those going into Public Health and towards Public Service Loan Forgiveness-PSLF. As you may know, you must enroll in an income-driven repayment plan and work for a qualified employer for ten years or 120 months. If you wait for the 6-month grace period to expire before enrolling in an income-driven repayment plan, that is six unnecessary months added to the end of the PSLF ten-year period. Those seeking PSLF should enroll in an income-driven repayment plan, immediately upon graduation to start the 120 month clock. There can also be considerable interest savings by not running out the 6-month grace period.
To schedule your FREE consult with one of our licensed and experienced advisors, please click FREE CONSULT.
I really enjoyed my 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.
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.
Securities offered through Triad Advisors LLC, Member FINRA/SIPC.
Advisory Services offered through RBF Wealth Advisors.
Triad & RBF Wealth Advisors are not affiliated.
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