Entering REPAYE for residency? COVID into consideration?

tombradyschin

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    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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    free99

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      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.
       
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      batman12345

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        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:
         

        free99

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          not mandatory:
          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.
           

          NerdyGirly

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