The rising cost of medical education guarantees that student loans will become an increasing concern for early-career physicians. As salaries stagnate in some specialties, physicians will increasingly look to employers and/or the government to provide relief. Education is key when it comes to loan repayment programs. It is imperative that you understand the basics of loan repayment Read More
After spending close to a decade in training and accumulating nearly $180,000 of med school debt in the process, now comes the critical time when you officially enter your chosen field. Many line items in your contract may determine not only how you operate in your professional life, but in your personal life as well. Read More
After conducting a review of Sofi's new refinancing offering for medical graduates in training, we've determined it would be more suitable for many of today's Housestaff than the current competing options. Refinancing with a private lender is an irreversible decision, so we've put together a list of considerations that all residents should examine before proceeding.
In increasing numbers each year, medical graduates have been using either the IBR or PAYE programs throughout training. Early next year, borrowers will have a new IDR to choose from called Revised Pay As You Earn (REPAYE). Unlike IBR and PAYE where eligibility is based on when you took out your loans and your federal loan debt-to-income ratio, REPAYE has no eligibility criteria. Read More
In the simplest terms, a physician home loan has more liberal underwriting guidelines, whereas conventional and FHA loans are underwritten to more rigid and inflexible underwriting guidelines. One more intangible benefit of the physician home loan is that the loan originator, processor and underwriter are in the business of administering physician home loans.
After a graduation season that saw us counsel over 1000 graduates and answer all types of inquiries regarding strategy and the marketplace, I wanted to share a few random bits of information and advice with you in regards to Public Service Loan Forgiveness, interest capitalization and refinancing. Read More
After months of a tight-lipped policy related to student loan program changes, the Trump administration recently confirmed concerns about the availability of federal loan forgiveness when it released its 2018 budget proposal. Regarding these proposed changes, current students and graduates should be reassured by a few things. Read More
As you may have seen in the media recently, the Consumer Finance Protection Bureau (CFPB) issued a report spotlighting borrower complaints about loan services mishandling requirements related to the Public Service Loan Forgiveness (PSLF) program. Sadly, this wouldn’t be the first time student loan servicers have failed to comply with federal consumer law. Read More
Student debt can feel like a heavy burden, causing additional anxiety for what is already a stressful profession. However, those who handle their student loans proficiently find it easier to live a reasonable lifestyle and fund a savings plan to meet their future lifestyle needs. Taking the time to implement a loan consolidation or structured repayment could help make your future goals more attainable. Read More
The recent narrative circulating the media seems to be causing unnecessary alarm among medical graduates who are pursuing PSLF. Non-profit hospital systems are typically set up as 501(c)3 entities, and these types of non-profits are expressly listed by the Department as qualified organizations for PSLF. Read More
Please stay tuned for this blog posting for future commentary specific to the experience for PSLF candidates in Public Health (that's you, physicians employed by a 501c3 or government); we'll update this regularly once we've seen what the process and timeline look like.
Generally speaking, the lower a person can keep their monthly payment amount, the greater forgiveness they can achieve. So what happens when someone gets married and files a joint tax return? Well, they’ll have a higher AGI if their spouse works, resulting in a higher payment, which in turn can result in reduced forgiveness and subsidy savings. Read More
Many physicians rely on financing to purchase new equipment and expand their practice. The quality of your credit score can have major implications on several decisions regarding your business and personal financial plan. Read More
Greetings students and graduates! Welcome to DWOQ’s inaugural blog posting. I assume you’re here to learn more about the student loan marketplace, how it’s changing, and what you can do to ensure that your repayment strategy is both current and relevant in the context of your financial goals. Read More