Currently under SAVE plan as attending

[apr27]

So, I recently spoke to a financial advisor who advised that I should have switched to the PAYE during my fellowship year due to the cap.

1) Have most of you guys switched to PAYE?
2) Anyone on SAVE still? How do you feel about it

I personally don't see the difference. My expected payments per the various loan calculators under SAVE are like 3k.

Loans:200k
Salary:390k

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[RangerBob]

PAYE caps at your 10-year standard monthly payment if I recall.

SAVE is a new repayment plan, but like REPAYE, there’s no cap on your monthly payment. So many docs will have higher monthly payments, which isn’t great if you’re going for forgiveness.

I was never eligible for PAYE—I was on REPAYE as a resident/fellow.

If you are/were eligible for PAYE then your advisor is probably right it would have had the lower monthly payment, but it’s all moot if that was in the past.

I’m also not sure if folks can switch back into PAYE as I thought they were trying to phase that out with the advent of SAVE. I could be wrong as I only peripheraly followed what was going to happen to PAYE since I was never eligible for it.

 

[abolt18]

PAYE caps at your 10-year standard monthly payment if I recall.

SAVE is a new repayment plan, but like REPAYE, there’s no cap on your monthly payment. So many docs will have higher monthly payments, which isn’t great if you’re going for forgiveness.

I was never eligible for PAYE—I was on REPAYE as a resident/fellow.

If you are/were eligible for PAYE then your advisor is probably right it would have had the lower monthly payment, but it’s all moot if that was in the past.

I’m also not sure if folks can switch back into PAYE as I thought they were trying to phase that out with the advent of SAVE. I could be wrong as I only peripheraly followed what was going to happen to PAYE since I was never eligible for it.

PAYE is still a thing and has the benefit of capping payments at the 10yr standard repayment amount. RePAYE has been converted into the SAVE program. I BELIEVE you should be able to switch from one plan to another.

 

[RangerBob]

PAYE is still a thing and has the benefit of capping payments at the 10yr standard repayment amount. RePAYE has been converted into the SAVE program. I BELIEVE you should be able to switch from one plan to another.

Yes, but aren't they trying to phase out PAYE? I didn't think folks could enroll in it for much longer.

I think part of the idea with SAVE was to simplify repayment and keep the number of payment plans to a minimum.

I do believe anyone in PAYE can stay in PAYE, maybe for eternity (?), as along as they continue to re-certify/remain in PAYE.

 

[apr27]

PAYE is still a thing and has the benefit of capping payments at the 10yr standard repayment amount. RePAYE has been converted into the SAVE program. I BELIEVE you should be able to switch from one plan to another.

I guess I was confused bc my expected payments on SAVE weren't higher than my 10 yr standard? Unless I'm doing something wrong with the calculator? I think to convert to PAYE now, you need to be in a "hardship," which I don' think I qualify for as an attending.

 

[apr27]

Yes, but aren't they trying to phase out PAYE? I didn't think folks could enroll in it for much longer.

I think part of the idea with SAVE was to simplify repayment and keep the number of payment plans to a minimum.

I do believe anyone in PAYE can stay in PAYE, maybe for eternity (?), as along as they continue to re-certify/remain in PAYE.

Yeah, i think PAYE is going out this year.

 

[abolt18]

Yes, but aren't they trying to phase out PAYE? I didn't think folks could enroll in it for much longer.

I think part of the idea with SAVE was to simplify repayment and keep the number of payment plans to a minimum.

I do believe anyone in PAYE can stay in PAYE, maybe for eternity (?), as along as they continue to re-certify/remain in PAYE.

You are correct. I hadn't heard about this phaseout. Looks like if you want to be in PAYE, you need to be in it before July 2024. I may get myself switched over just for that payment cap.

 

[apr27]

You are correct. I hadn't heard about this phaseout. Looks like if you want to be in PAYE, you need to be in it before July 2024. I may get myself switched over just for that payment cap.

If you're an attending, it may be a problem as I think you need to be a "hardship" state (i.e. residency or fellowship)

 

[abolt18]

If you're an attending, it may be a problem as I think you need to be a "hardship" state (i.e. residency or fellowship)

Any references for that? I haven't been able to find anything like that.