June 4th, 2020
A message for all 2020 medical school graduates…
You may already know that the time between when you graduate from medical school and begin residency is a critical student loan window for action. But what actions exactly? We’re glad you asked…
- Consolidation enables you forgo your grace period and enter repayment before you begin training. You’ll need to wait until you’ve graduated and your loan status is in grace. If consolidating your loans will help you start progress towards loan forgiveness, it is best to do it as soon as possible, ideally before you begin training.
- Income-Driven Repayment (IDR) plans typically provide medical graduates with affordable payments, reduced interest, and loan forgiveness opportunities, and are preferable to using forbearance during training, which we refer to as the “F word” in student loan repayment today! Be sure to review which IDR plan is most appropriate for you.
- Public Service Loan Forgiveness (PSLF) is available to the majority of medical grads with student debt as 90+% of teaching hospitals are qualified employers. Remember that your grace period does not count towards PSLF, but consolidating and choosing an IDR plan before you start training DOES when you begin qualified employment.
- Filing a tax return for 2019 showing little to $0 income (less than $20k) will typically allow you to secure a $0 payment in your intern year. If you completed the non-filer IRS form to receive stimulus monies, this will also count as documentation for an IDR plan.
- Getting comprehensive help designing and executing your repayment plan will relieve you of the stress of managing everything on your own. DWOQ is offering a 20% discount on our consultations to all 2020 graduates through the end of June! Please use the Coupon Code 2020GRAD at registration. Learn more about our services and register at: https://slplive.wpengine.com/service/consultations/
Congratulations on finishing medical school, and all the best as you embark on the next steps in your career! As always, we are here to help ensure that you take advantage of all savings opportunities while you focus on your training.
Brandon Barfield is the President and Co-Founder of Student Loan Professor, and is nationally known as student loan expert for graduate health professions. Since 2011, Brandon has given hundreds of loan repayment presentations for schools, hospitals, and medical conferences across the country. With his diverse background in financial aid, financial planning and student loan advisory, Brandon has a broad understanding of the intricacies surrounding student loans, loan repayment strategies, and how they should be considered when graduates make other financial decisions.