Residency & REPAYE

[GamerTheRock]

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I'm Graduating Medical school this month. I will be doing a residency in PM&R, which is a 4-year residency and possibly a 1-year fellowship. Currently have 290k in loans, all federal loans. I will be making 70k before taxes and plan to live at home (a roughly monthly estimate on expenses is 1,500 - single and no kids). Rest for loans, retirement, or investment. Not sure if PM&R can do PSLF, I think most are private?

1- Overall everyone recommends REPAYE. I don't want to consolidate my loans and use the avalanche method to take care of the highest interest loan first, anything wrong with that? Once the subsidy hits 1st of the month, plan on making 1,500 toward the highest interest each month ( would that work or a better way to approach ? ) - Loan is from MOHELA

2- I plan on contributing to ROTH as much (annually 3k) or should I lower the monthly loan payment and contribute more?

3 -I have roughly 5k saved up (started working around January this year) - would you recommend to invest (ROTH for 2019? or any other recommendation - stocks ) or pay back loans before the interest consolidates (currently 0% interest) or wait till august and make a big payment ( if I do make a big payment, should I target the highest interest ?)

4- Anything else you can recommend feel like I'm a mess financially



Thank you

 

[nortc]

REPAYE (now SAVE) is generally the best option during residency if you're targeting PSLF — your payments will be income-based, and you're building qualifying payment months while earning a resident salary.

Key points:
- If you're at a 501(c)(3) hospital, every IDR payment counts toward PSLF (120 total)
- File taxes separately from your spouse if that lowers your discretionary income and therefore your monthly payment
- Interest subsidy under REPAYE covers unpaid interest so your balance doesn't balloon during low-payment years

For tracking all this, the app **RAPlan** (https://apps.apple.com/app/id6764414872) lets you model different repayment scenarios — REPAYE vs PAYE vs standard — and see exactly how PSLF forgiveness plays out over your timeline. Useful when deciding whether residency length changes the math.

 

[nortc]

REPAYE (now SAVE) is generally the best option during residency if you're targeting PSLF — your payments will be income-based, and you're building qualifying payment months while earning a resident salary.

Key points:
- If you're at a 501(c)(3) hospital, every IDR payment counts toward PSLF (120 total)
- File taxes separately from your spouse if that lowers your discretionary income and therefore your monthly payment
- Interest subsidy under REPAYE covers unpaid interest so your balance doesn't balloon during low-payment years

For tracking all this, the app RAPlan (RAP Loan Calculator – RAPlan App - App Store) lets you model different repayment scenarios — REPAYE vs PAYE vs standard — and see exactly how PSLF forgiveness plays out over your timeline. Useful when deciding whether residency length changes the math.

 

[SigmaFS]

REPAYE (now SAVE) is generally the best option during residency if you're targeting PSLF — your payments will be income-based, and you're building qualifying payment months while earning a resident salary.

REPAYE/SAVE are no longer available. New IBR likely the best option if you qualify.