Entering REPAYE for residency? COVID into consideration?

[tombradyschin]

About to start a 2 year salary based residency, with considerable debt (350k), and have realized that REPAYE is probably the way to go for this. When should I enter REPAYE considering that we have 0% interest accumulating through September due to COVID? What steps do I need to make prior and what do I need to tell my loan servicers? Thanks in advance.

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[allsmilesdds]

In the same situation and would appreciate advice/feedback on this. Thanks!

 

[ESPN907]

I think you just gotta apply for it within a month of your grace period ending...otherwise whenever you feel like it, the later the better considering the interest rates...

 

[free99]

The 6-month grace period is mandatory and cannot be waived, meaning you are ineligible to begin REPAYE until this grace period ends. You can apply for REPAYE now, and you should, so that when that 6-month grace period is over, the loans automatically are placed into that program. This shouldn't affect your ability to take advantage of the 0% deferment until September. When in doubt call your servicer and ask them these questions -- Great Lakes has been pretty good to me and easy to get ahold of.

 

[batman12345]

The 6-month grace period is mandatory and cannot be waived, meaning you are ineligible to begin REPAYE until this grace period ends. You can apply for REPAYE now, and you should, so that when that 6-month grace period is over, the loans automatically are placed into that program. This shouldn't affect your ability to take advantage of the 0% deferment until September. When in doubt call your servicer and ask them these questions -- Great Lakes has been pretty good to me and easy to get ahold of.

not mandatory:

How To Sign Up For REPAYE | White Coat Investor

You don't HAVE to use the 6 month grace period, and you certainly don't want to if your goal is PSLF, or even if you just want to minimize your student loan interest via REPAYE.

www.whitecoatinvestor.com

 

[free99]

not mandatory:

How To Sign Up For REPAYE | White Coat Investor

You don't HAVE to use the 6 month grace period, and you certainly don't want to if your goal is PSLF, or even if you just want to minimize your student loan interest via REPAYE.

www.whitecoatinvestor.com

Good call I forgot you can waive it by loan consolidation, but that eliminates the avalanche method of paying the loan with the highest interest rate first and instead gives you a lump sum with a weighted interest rate.

 

[batman12345]

Good call I forgot you can waive it by loan consolidation, but that eliminates the avalanche method of paying the loan with the highest interest rate first and instead gives you a lump sum with a weighted interest rate.

True. If he’s going for PSLF though he won’t need avalanche.

 

[mangler]

In the same boat. I’m guessing the best time to start repaying would be as soon as the 0% interest period ends? And then switch to a different repayment plan once residency is over?

 

[allDAT]

Don't consolidate your loans if you owe less than 500k and have any intention of paying off your debts. You're better off waiting for the grace period to end and keeping the loans separate.

 

[mangler]

I already consolidated my loans. They were all around the same interest rate so I don’t think it was a big deal.

 

[NerdyGirly]

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