Almost all residents will want to go into Re PAYE with their federal loans.
If you are eligible for PSLF (meaning you are employed by a non-profit throughout and after your training) you’ll want to take advantage of that with as much of your debt as possible.
I’m still getting lots and lots of questions about what to do with your student loans.
Although there are sometimes exceptions, it is helpful for borrowers, particularly medical school borrowers, to see the rules of thumb all mapped out in a helpful way.
If you’re now an attending (or soon will be) you can start at the bottom left, with residency graduation.
Step 1 is to consolidate as much of your debt as possible into a federal loan program eligible for Re PAYE and PSLF.
- Introduction The current student loan issue is a complex crisis with multiple culprits as well as victims.
For one, academic institutions in and of itself cannot deny their responsibility for instigating the crisis.
Once all of your other accounts are paid in full, there is only one payment to make every month – the one to the new lender.The task force consisted of some members of Congress, the Labor Department, Health and Human Services, Business Community, Interest Groups, College Students and the Office of Management and Budget.The goal of the task force for education was to expand education, and create more training opportunities.Since the interest rate on a personal loan is often considerably lower than on a credit card, and the repayment term potentially much longer, the consolidated payment may be much lower, as you indicated.If you are struggling to keep up with your monthly payments, consolidating your debt in this way can certainly help alleviate financial stress.It can also make it less likely that you will fall behind on your payments and risk harming your credit.