PLEASE NOTE: This post has not yet been updated for the most recent changes to student loans during the Biden Administration. The Biden Administration has made key changes to student loan payments, servicers, and forgiveness opportunities. Doctors may need to take action to receive student loan forgiveness under the new rules, revisit consolidation or refinancing,…
On Friday, President Trump signed the $2 Trillion COVID-19 stimulus package named the Coronavirus Aid, Relief, and Economic Security (CARES Act). The CARES Act provides some definite benefits if you have Federally held student loans. We wrote this article to help doctors with student loans understand and take advantage of the CARES Act benefits.
What is IBR? Don’t confuse the Income-Based Repayment plan (IBR) with Income-Driven Repayment plans (IDR). Income-Driven Repayments (IDR) refers to ALL student loan repayment plans that are based on your income and family size. IDR plans include Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Based Repayment (IBR).
When you borrow money from the Federal Government to pay for your education, you must pay back all of the borrowed money plus interest as a cost of borrowing that money.
If you are a physician looking for a high-quality disability policy to supplement your employer policy or your total coverage, this article is for you.
The only time switching from SAVE to PAYE while still in residency will help is if your loan balance is low compared to your increasing income.