$mart Docs Session 1
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1 $mart Docs Session 1
2 Watch this quick video from SALT about how Julia paid off her student loans: What item was the most important to you? Do you view repaying student loans as a positive or a negative experience?
3 Knowing what the appropriate amount of my paycheck should go towards loans. The time it will take to repay all of my debt. Not being able to pay them back while living a comfortable lifestyle. Dealing with and knowing how to work with people/companies that want me to forget stuff.
4 1. Provide examples of repayment plans using sample median data 2. Demonstrate how you can do this exercise with your own loan data 3. Explain the repayment plan options 4. Review what repayment looks like using sample budgets 5. Give you resources and tips
5 National Student Loan Data System will list all of your federal loans Stafford, Perkins, PLUS Set up account with your Loan Servicer now. For private or institutional loans, view your credit report You can also use myzou for med school loans
6 Login to: with FSA ID
7 Go to: Click on this resource: Use your AAMC Login to sign in (same login you used for AMCAS)
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10 Import loan data into the MLOC or add loans manually
11 Unsubsidized $42, $41,253 $42,722 $42, % $5.4% 6.21% 5.84% Grad PLUS $0 $0 $2, % Unsubsidized Total: $169,149 Grad PLUS Total: $5,327 Total Loan Debt: $174,746 Interest Rate: ~6% $2, %
12 Fill in the values. Click submit to compare plans.
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15 Lowest possible monthly payment PAYE caps loan payments at 10% of the household income that exceeds 150% of the federal poverty guideline based on your family size Payment amount is adjusted annually based on changes to household income Borrowers can remain in PAYE for up to 20 years, then the debt is forgiven
16 Est. Annual Salary $51,360 Monthly Adjusted Gross Income $4,280 (minus) 150% of Poverty Line -$1,480 Discretionary Income =$2,800 (multiplied by) x 10% Monthly PAYE payment $280 Apply annually to remain in PAYE
17 Est. Annual Salary $51,360 Est. Monthly Gross Income $4,280 Est. Taxes and FICA -$1,181 (15% Fed, 7.65% FICA, 4% MO) Est. Monthly Net Income $3,099 This is a worst case scenario with no federal and state allowances, no pre-tax deductions, filing status is single.
18 $3,099 Monthly Income 10% 5% 36% Amount % Housing $1,115 36% Food $515 17% 18% Transportation $434 14% Personal $558 18% 14% 17% Student Loan $300 10% Savings $166 5% Adjusts annually with income and household size changes.
19 2013 Median first-year post-residency and fellowship compensation per MGMA Anesthesiology 276,000 Neurology 237,500 Cardiology Noninvasive 256,250 OB/GYN General 220,000 Dermatology 358,750 Ophthalmology 185,000 Emergency Medicine 230,629 Orthopedic Surgery General 419,439 Family Practice w/ OB 161,000 Otorhinolaryngology 262,500 Gastroenterology 293,748 Pediatrics General 160,000 Hematology/Oncology 220,176 Psychiatry General 178,950 Hospitalist Internal Medicine 200,000 Radiology Diagnostic 200,000 Internal Medicine General 180,000 Radiology Interventional 250,000 Nephrology 180,000 Surgery General 275,000 Neurological Surgery 520,000 Urology 300,000
20 Est. Annual Salary $120,000 Est. Monthly Gross Income $10,000 Est. Taxes and FICA - $3,459 (21.6% Fed, 7.65% FICA, 5.25% MO) Est. Monthly Net Income $6,541 This is a worst case scenario with no federal and state allowances, no pre-tax deductions, filing status is single.
21 $6,541 Monthly Income 15% 5% Amount % 36% Housing $2,355 36% Food $785 12% Transportation $916 14% 18% Personal $1,177 18% Student Loan $981 15% 14% 12% Savings $327 5% *Same % as during residency. Student Loan payment adjusts annually with income and household size changes.
22 Are you working for an employer that is considered public service? Public Service Loan Forgiveness and pay minimum Will your employer provide funds for student loan repayment? Negotiate as part of your salary taxable Are you in a primary care specialty? Consider National Health Service Corp
23 Taxable NOT Taxable
24 Public Service Loan Forgiveness National Health Service Corp
25 Internship/Residency Forbearance is an available option. Pay nothing during four years of residency. Interest continues to accrue but does not capitalize with continuous forbearance. Must apply every year. Interest capitalizes when you leave forbearance. Then enter Standard Repayment following residency.
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28 PAYE THEN STANDARD FORBEARANCE THEN STANDARD Monthly Payment During 4 yr Residency $ Repayment Term 10 Balance After Residency $231,395 Monthly Payments after Residency $2,568 Total Interest $76,880 Total Repayment $308,275 Monthly Payment During 4 yr Residency $0 Repayment Term 10 Balance After Residency $245,062 Monthly Payments after Residency $2,737 Total Interest $153,669 Total Repayment $328,415 Making payments during residency makes sense!
29 5% $6,541 Monthly Income 28% Amount % Housing $1,831 28% 40% Food $588 9% Transportation $525 8% 10% 8% 9% Personal $654 10% Student Loan $ % Savings $327 5% Still financially viable with a few sacrifices.
30 Average time in repayment is about 14 years. A career in the lowered paid specialties is financially viable if you have median levels of educational debt. If you have higher debt levels, you may need to consider additional strategies such as extended repayment, federal forgiveness programs, or not living in high-cost areas.
31 PAYE or IBR make repayment affordable during residency. To pay off loans quicker, switch to the Standard Repayment after residency. You can always pay more per month with no penalty under PAYE or IBR. Find a balance and stick to your budget.
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