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Forbear (typo in title)
I am a PGY-1 (going into radiology) getting ready to submit my IBR paperwork vs forbearing on my Direct loans. I have ~190K in subsidized/unsubsidized loans. No other loans such as grad plus.
I will be getting legally married in the next month or so. My spouse will be making ~80K (no debt). I would like to pay off all of my monthly interest and pay down a few hundred dollars of principle every month. This would be estimated to be a payment $1400 +/- 200 a month. In my residency training, I will have an option to moonlight starting PGY-3.
Am I better off doing IBR or just straight forbearing and doing my own repayment schedule? My income will be variable a few years down the road due to moonlighting, and my spouse has a bonus structure for payment causing her income to be significantly variable as well. I like the idea of forbearing because it gives me the greatest flexibility in month to month payments... and if money gets tight (children, spouse goes through period of unemployment) I don't have to pay.
Is it true that while in residency forbearance, interest only capitalizes at the end of the period of forbearance? So that would be every 12 months, because you have to inform loan servicer you are forbearing annually. So if I stick to paying off interest plus some principle monthly, I could legitimately make a dent on my loans?
I am a PGY-1 (going into radiology) getting ready to submit my IBR paperwork vs forbearing on my Direct loans. I have ~190K in subsidized/unsubsidized loans. No other loans such as grad plus.
I will be getting legally married in the next month or so. My spouse will be making ~80K (no debt). I would like to pay off all of my monthly interest and pay down a few hundred dollars of principle every month. This would be estimated to be a payment $1400 +/- 200 a month. In my residency training, I will have an option to moonlight starting PGY-3.
Am I better off doing IBR or just straight forbearing and doing my own repayment schedule? My income will be variable a few years down the road due to moonlighting, and my spouse has a bonus structure for payment causing her income to be significantly variable as well. I like the idea of forbearing because it gives me the greatest flexibility in month to month payments... and if money gets tight (children, spouse goes through period of unemployment) I don't have to pay.
Is it true that while in residency forbearance, interest only capitalizes at the end of the period of forbearance? So that would be every 12 months, because you have to inform loan servicer you are forbearing annually. So if I stick to paying off interest plus some principle monthly, I could legitimately make a dent on my loans?
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