I am a fourth year medical student about to start residency and while considering my loan repayment options have ran into some questions:
1. How solid is IBR and the PSFL program? Say I start paying into them and eight years down the road, can these programs be taken away, or are they guaranteed once you start paying into them? I'd just heard that many people who are doing the IBR don't really have a means of documenting that their payments are being put towards the PSLF program and that there is no real office to confirm that these payments are counting. It would be awful if I made all of these payments and then 10 years down the road no one is able to confirm that I am done with these payments!
2. Is it better to put some of your loans into forbearance and more aggressively pay into the loans with higher interest rates in lieu of PSLF/IBR (I have a lot of grad plus loans with interest rates pushing 8%, yikes!)
Any advice would be greatly appreciated. Thanks in advance.
1. How solid is IBR and the PSFL program? Say I start paying into them and eight years down the road, can these programs be taken away, or are they guaranteed once you start paying into them? I'd just heard that many people who are doing the IBR don't really have a means of documenting that their payments are being put towards the PSLF program and that there is no real office to confirm that these payments are counting. It would be awful if I made all of these payments and then 10 years down the road no one is able to confirm that I am done with these payments!
2. Is it better to put some of your loans into forbearance and more aggressively pay into the loans with higher interest rates in lieu of PSLF/IBR (I have a lot of grad plus loans with interest rates pushing 8%, yikes!)
Any advice would be greatly appreciated. Thanks in advance.