As most people know, your credit score is used by potential lenders to determine the likelihood that you’ll pay back the loan. The higher your credit score the better as it will allow you to gain access to certain credit card reward programs and lower interest rates on debt such as a mortgage, auto loan or student loan.
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1. Submit the PSLF Employer Certification Form each year to ensure all your payments are being counted. You will receive a letter in the email detailing the number of qualified payments you have made. Once you get to the end of the ten years, the heavy lifting is done as all your payments will have been reviewed.
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If you’re like most people during open enrollment, you simply sign up for whatever you did the prior year without giving it much thought. The next go around, consider reviewing your benefit options to ensure you are maximizing your potential perks and minimizing taxes.
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After four years of undergraduate, four years of medical school and a minimum of three years of training, you’ve put a lot of time and likely money into your craft. It’s important to consider protecting the biggest asset you have that doesn’t show up on paper…yourself! Your future income is the largest asset on your balance sheet and one you probably haven’t accounted for.
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For those considering working in rural or underserved areas, there is another loan repayment option called the NHSC Loan Repayment Program. The program provides up to $50,000 of reimbursement tax free. Both private and federal loans are eligible.
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More and more hospitals are giving sign-on bonuses and even stipends during training as forgivable loans. It’s important to understand the distinction between a forgivable loan and traditional bonus or stipend as the tax consequences are different.
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A few weeks ago, one of my clients sent me his updated REPAYE monthly payment (He’s going for PSLF). After comparing it to my calculation, I believed he was going to be charge $55 more than he should have.
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Congress just passed a $2T stimulus bill which included certain provisions for Federal student loan borrowers. Here is a quick summary.
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Whether you are in training or an attending physician — here are two alternative options to consider: REPAYE and Medical Resident Refinance.
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If going for PSLF, your goal should be to pay in the least amount over 10 years to maximize the amount forgiven.
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