Gonna take a stab at this

[Epo83]

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So I think you guys have talked me into dealing with my student loans as opposed to going through GLadvisors in a few months. I was wondering if there were any other steps I needed to take other than these.

1) Consolidate all loans
I'm guessing this is the website I should use

https://loanconsolidation.ed.gov/Ap...rvlet?StData=iRcOaLjWtw90+5Fk1rGzgXwHVxqHXqEt

Once consolidated does this mean I only have one lender to deal with now? If not, can I consolidate under one lender?

2) Sign up for IBR plan
Am I correct that I would need to set this up with each individual lender?

3) Apply for PSLF at end of each year ( I should be eligible)


Anything else I'm missing that GLadvisors might do for me? Are there any other alternative companies that take care of this that you would recommend?

 

[dpmd]

If you are intelligent enough to graduate medical school you are intelligent enough to handle this. Consolidating your loans means they will then all be with the same lender (that is the only benefit left to consolidating, besides being eligible for PSLF if you consolidate with direct loans). Then you apply for IBR (having consolidated you only have to deal with one lender), and keep a record of your payments for PSLF (there is a form you can submit, but it isn't required). Resubmit your income each year to stay on IBR, and do your taxes (probably would be able to use free online tax software unless you want to take special deduction or own a house or something). Keep a copy of everything you every send to anyone regarding the loans until you see that whatever action you wanted to happen is taken, and keep a special file on your payments and employment info in case PSLF is still around when it is time to get the remainder of your loan forgiven. There, I just saved you a couple of hundred dollars. Feel free to send me my cut.

 

[Igor4sugry]

Yes, apply for IBR with each lender.

Once consolidated you will have a single lender, but you can't choose who that will be; the government will do that for you.

Send in the PSLF app each year and keep the letter you get back for your records.
That way you will track how many of your payments the government is approving towards PSLF. Its also a way to make sure things are actually tracked by them. Imagine you are in PSLF and send in the application only at year 10 to discover they weren't tracking or approving any of the payments.

 

[Epo83]

At what time do you normally send in the PSLF app? Near the end of the year? Or should I get it filled out and send it in right when I start? Looking at the form it seems to me that I'd do it at the end of each year.

 

[Akail]

As an MS4, I have 0 income but plan on using IBR for loan repayment once in residency. Do I have to file a 1040 this year even without any income?

 

[DrBowtie]

As an MS4, I have 0 income but plan on using IBR for loan repayment once in residency. Do I have to file a 1040 this year even without any income?

Filing is advantageous. If you file, you can send in your tax forms to document your 0 income. Otherwise you need to fill out alternate documentation which will force you to use your resident income immediately.

 

[Akail]

What's our time scale for all this? Since we get 6 months of grace period, should we wait a couple months into residency then consolidate and then do the IBR paperwork? Or should we do the IBR work first..?

 

[Igor4sugry]

Submit PSLF at the end of each resident year.

 

[Igor4sugry]

What's our time scale for all this? Since we get 6 months of grace period, should we wait a couple months into residency then consolidate and then do the IBR paperwork? Or should we do the IBR work first..?

Loans won't consolidate if they are in grace period; they need to be out of grace to consolidate and to apply for IBR. Once loans are consolidated though they enter 10yr repayment schedule and need to be put into IBR by you.

 

[Igor4sugry]

Filing is advantageous. If you file, you can send in your tax forms to document your 0 income. Otherwise you need to fill out alternate documentation which will force you to use your resident income immediately.

Agree. Always file your 1040.