How Does Income Based Repayment Plan Work Straight Out of School?

[zariman]

I understand that the IBRP is based on your income. Right out of DPT school you are given 6 months to start repaying your loans I believe? Is it possible to sign up for the IBRP within the 6 months of school when I don't have an income? I am reading that the rate for IBR is based on the income you made the previous year. Does that mean I can't be in this plan until I've had a job for one year?

Thank you

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[NewDPT31]

Nope. You do not have to wait. In fact, it's smarter to consolidate those federal loans ASAP when school ends so that you can take advantage of this. It will make your first year of 10(assuming doing non profit public work) practically nothing. Most people wait 6 months to consolidate or even consider it. Don't. Consolidate federal asap. If you have private, too...that's up to you.