DDStigersParticipantStatus: DentistPosts: 20Joined: 05/11/2019
I’m graduating dental school later this May and will begin paying off 200K in student loans. I am currently married and my spouse made 45K last year. I have heard about applying for REPAYE as soon as I graduate and my payments for the first year will be based off of her income. Has anyone had any experience with this?May 10, 2019 at 6:50 pm MST #213745MonesthesiologistModeratorStatus: ResidentPosts: 87Joined: 05/11/2018
You apply for a repayment plan once your loans enter repayment. This typically takes a couple months after you graduate. When you apply for a repayment plan, you enter your Adjusted Gross Income (AGI) from last years personal taxes and your household size. Based off of that, if calculates your monthly payment. If you google REPAYE calculator you should be able to get a general idea of what it would be based on those two variables, your interest rate, and your loan amount and type. Best of luck!May 10, 2019 at 7:48 pm MST #213781ChadCFPParticipantStatus: Financial Advisor, Website Sponsor, Small Business OwnerPosts: 76Joined: 10/04/2017
I wouldn’t assume REPAYE is your best option though. You should also see if you are eligible for PAYE which would only be based on your income which I assume was low, if not $0, while in dental school. Your first payments will be based on the past year’s income.
If you plan to go for PSLF (not as common in the dental world) but if so, this can all make sense. However, if you are planning to go for a more aggressive payoff, income driven repayment (IDR) plans may not be in your best interest due to accruing interest.
It may be a good idea to get at least a one-time student loan analysis completed, here are a few resources for student loan advice from the White Coat Investor.
Chad Chubb, CFP ® | WealthKeel LLC
https://wealthkeel.com/wci | Gen X & Gen Y Physicians