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Repayment as a resident
- Thread starter Sangria
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You don't. you can either make payments using the nifty new Income Base Repayment plan (which comes out to be able 300-400/month) or put loans into forbearance. Used to be able to defer for all of residency but that's gone away as of today.
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How long of a term did you choose and what was your assumed loan balance? At balances over $60,000, you can choose an extended term up to 30 years. There are also a lot of different repayment options. A standard repayment plan has a minimum payment of $50 a month.
Anyway, it's a very bad idea to go into forbearance unless absolutely necessary. It is the only time in your life you will be able to take advantage of the $2500 in interest payment deductions so you should definitely pay at least that much a year. Also, the interest will be accruing so quickly that it is a good idea to start paying at least the interest.
Anyway, it's a very bad idea to go into forbearance unless absolutely necessary. It is the only time in your life you will be able to take advantage of the $2500 in interest payment deductions so you should definitely pay at least that much a year. Also, the interest will be accruing so quickly that it is a good idea to start paying at least the interest.
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well, the initial question was regarding a resident's salary on which $2500 is in most cases nearly 10% of take home pay. That makes a lot of difference in the way you live.
There's nothing that says you can't make payments while in forbearance if you want to keep the interest accumulation more manageable. Then once you're out of residency and making a decent salary, then make bigger payments.
Also, do you realize how much in interest someone would be paying if they stretched their all their student loans to 30 years?
There's nothing that says you can't make payments while in forbearance if you want to keep the interest accumulation more manageable. Then once you're out of residency and making a decent salary, then make bigger payments.
Also, do you realize how much in interest someone would be paying if they stretched their all their student loans to 30 years?
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I wasn't recommending a 30 year plan I was just saying it is a possibility. (Therefore the payments can be lower for residency and higher after).
As for the $2300 number, it's assuming you make the same payment amount every month despite your low income in residency. That isn't necessarily the case.
As for the $2300 number, it's assuming you make the same payment amount every month despite your low income in residency. That isn't necessarily the case.
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