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Taking Advantage of Hardship

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  • Taking Advantage of Hardship

    Hi all,
    I signed for a job but can’t start until August 11. I graduate residency 06/27. Am I able to lower my paye income because I’m jobless? Take advantage of that for then a year?

    all the best,
    eddie

  • #2
    You're not going to be jobless for a year, so why would you do that?

    The only thing you should be doing is saving money so you can cover you expenses for that time

    Comment


    • #3
      Also, what is your long term plan to pay off the loans? Pslf, refinance?

      Comment


      • #4
        Originally posted by Ekanive23 View Post
        Hi all,
        I signed for a job but can’t start until August 11. I graduate residency 06/27. Am I able to lower my paye income because I’m jobless? Take advantage of that for then a year?

        all the best,
        eddie
        im sorry, you cant float your expenses for 6 weeks?
        you are not jobless.

        Comment


        • #5
          Originally posted by Ekanive23 View Post
          Hi all,
          I signed for a job but can’t start until August 11. I graduate residency 06/27.
          How come you can't start until 8/11?

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          • #6
            I don't understand what the question is. I'm assuming you are asking about going into deferment or forbearance for that period, but how does that help you? You don't get the added advantage of zero interest (everyone gets it at the moment). You don't get credit for PSLF. I'm missing what the 'advantage' is that you would be taking??

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            • #7
              Sorry guys. I should have explained more. I am going for plsf. I already pay only 27 dollars a month on paye but that will change come February because my 2019 income will be used at that time which is about 110 k as a final resident, moonlighting and sign on bonus. If I were to claim hardship in July, I could re up my years worth of payments at a low amount and kick the payments down the road. This would effectively lower 6-8 payments on plsf by extending my period of not paying based on my attending salary.

              i can’t start until 08/11 because I’m a hospitalist and you start on certain days. Secondly there is two credentialing meetings you must go through at my hospital and you must have totally graduated to start that process. I miss the first meeting as my graduation is 06/27. Thus, that first meeting is 07/2020 and the second is 08/2020.

              i can float my expenses and have enough put aside to cover. I am probably going to moonlight, but if I can do this, I’d prefer the time off and keep my loan payments lower for an extra 6 months.

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              • #8
                The fed loans website says you can notify them whenever your income decreases.... doesn’t mandate you anymore to say when it increases. This is a decrease and I may be able to tAke advantage of it?

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                • #9
                  Originally posted by Ekanive23 View Post
                  The fed loans website says you can notify them whenever your income decreases.... doesn’t mandate you anymore to say when it increases. This is a decrease and I may be able to tAke advantage of it?
                  you are going from residency to attending....how is this a decrease?

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                  • #10
                    If your claim to hardship is ‘lost my job’ then you go in to forbearance- not “here you go take the zero/low payments!” Go ahead and try it if u r really curious, but if I had to predict the outcome, it wouldn’t be in ur favor.

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                    • #11
                      Originally posted by Ekanive23 View Post
                      i can’t start until 08/11 because I’m a hospitalist and you start on certain days. Secondly there is two credentialing meetings you must go through at my hospital and you must have totally graduated to start that process. I miss the first meeting as my graduation is 06/27. Thus, that first meeting is 07/2020 and the second is 08/2020.
                      That makes zero sense from the hospital's standpoint.

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