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So I will be a PGY-1 this July with over $250,000 in student loans. I am in the process of consolidating my student loans now and will be repaying through the IBR payment plan.
I've given Direct Loans a copy of my pay stubs (from my research work) for the last couple of months. Based on that, my monthly payments will be $0.
In July, when I begin residency, do I have an obligation to report a change in income and send them paystubs or can I just continue paying $0 for PGY-1, and wait for them to calculate the new monthly payment during PGY2?
If I continue to pay $0 for first year, I would save about $4800, but when I try to claim forgiveness under PSLF and if there is an audit, and its determined that the period when I paid $0 for 12 months didn't qualify, that would be harsh!
Not sure how to approach this. Help would be appreciated.
Thanks!
I've given Direct Loans a copy of my pay stubs (from my research work) for the last couple of months. Based on that, my monthly payments will be $0.
In July, when I begin residency, do I have an obligation to report a change in income and send them paystubs or can I just continue paying $0 for PGY-1, and wait for them to calculate the new monthly payment during PGY2?
If I continue to pay $0 for first year, I would save about $4800, but when I try to claim forgiveness under PSLF and if there is an audit, and its determined that the period when I paid $0 for 12 months didn't qualify, that would be harsh!
Not sure how to approach this. Help would be appreciated.
Thanks!
