Medical Student Loan Repayment Strategy. presented to University of Mississippi Medical School

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1 Medical Student Loan Repayment Strategy presented to University of Mississippi Medical School

2 Know Who and How Much You Owe National Student Loan Data System (NSLDS) Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 2

3 NSLDS Cumulative total of Stafford, Grad PLUS, Consolidation, Perkins Loans Direct Loans will be indicated Information on lenders and servicers Updated regularly, but not real time Interest rates and account numbers not on NSLDS * National Student Loan Data System at

4 Loans Coming Due Soon Stafford or other loans where Grace period previous used Federal Consolidation loans Private loans from premed or post-baccalaureate programs Check your mail carefully for notices

5 Common Sense Approach Loan knowledge Repayment objectives Repayment options Learn from your colleagues

6 Your Objectives Protect income, maximize cash flow Limit interest accrual and capitalization Service to community, military, public service, Health Professions Shortage Area (HPSA) Convenience of one loan provider

7 Develop a Budget During Residency 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 7

8 Monthly Income Gross $4,000 Net Income after taxes $2,800 Student loan payment $ 400 Credit card payment $ 200 Discretionary Income $2, Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 8

9 Monthly Expenses Housing $800 Transportation $400 Food $300 Entertainment $150 Clothes $150 Health & Insurance $150 Savings $100 Personal and Family Care $ 50 Other $??? Total Expenses $2, Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 9

10 Are you under or over budget? Discretionary Income $2,200 - Total Expenses $2,100 = Under or over budget? 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 10

11 Utilize Your Student Loan Repayment Options 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 11

12 Looking Ahead What happens after graduation? Does loan have a GRACE period? YES (e.g., Stafford, Perkins) NO (e.g., Grad PLUS*, Consolidation) Repayment begins after grace period: 6 months Stafford 9 months Perkins Repayment resumes after graduation Start making payments Postpone payments Start making payments Postpone payments *For Grad PLUS loans taken out after July 1, 2008, an in-school deferment is automatically placed on these loans for the first 6 months after graduation. For Grad PLUS loans taken out prior to July 1, 2008, the borrower must request a discretionary forbearance to set repayment to begin 6 months after graduation Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 12

13 What are your options during residency? Start making payments What is your goal? What can you afford to pay each month? Postpone repayment Mandatory forbearance likely the only option Which plan is best for you? Income-Based Repayment (IBR) or Income-Contingent/Pay as You Earn (PAYE) plans most affordable 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 13

14 Deferment and Forbearance Options to Postpone Payments May be able to get temporary relief if you re unable to make minimum monthly payment(s) Likely options include: Deferment Temporary postponement of your monthly student loan payments Forbearance Temporary postponement or reduction of your monthly student loan payments Contact loan holder for more information 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 14

15 Deferment During Residency Stafford, Grad PLUS, Consolidation Loans When did you first borrow a Stafford Loan? First-time borrower prior to July 1, 1993 Eligible for two years of Residency Deferment First-time borrower on or after July 1, 1993 Likely not eligible for any deferment on Federal Stafford, Grad PLUS or Consolidation Loans, but will qualify for Mandatory Forbearance 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 15

16 Forbearance Temporary postponement or reduction of monthly payments, or extension of time for making payments You re responsible for all accrued interest Discretionary forbearances may be available Must request forbearance from current loan holder Must provide documentation, as requested Mandatory forbearance may be available in certain cases including: during medical/dental internship or residency 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 16

17 Forbearance Credit is protected Voluntary payments during Forbearance Forbearance options 1. Internship Residency Forbearance 2. Administrative (Verbal) 3. Alignment (for loans coming due now) 4. Discretionary

18 Mandatory Forbearance During Medical/Dental Residency Temporary suspension of loan payments Interest accrues can be capitalized at end of approved forbearance period Available during entire residency May qualify during GME fellowship Must be requested from loan holder Must be renewed on annual basis 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 18

19 How much have they borrowed Medical School National Median Class of 2012 End of Grace 12/1/2012 PUBLIC End of 3-Year Residency 7/1/2015 End of Grace 12/1/2012 PRIVATE Total student loan borrowing $168,000 $205,000 End of 3-Year Residency 7/1/2015 Est. capitalized interest 20, , , , Est. total debt at repayment 188, , , , Est. monthly loan payment - 10 yrs 2, , , , Est. monthly loan payment - 25 yrs 1, , , , Assumptions: - Sub. Stafford Loan borrowed = $25,500 - Unsub. Stafford Loan borrowed = $136,500 (public); - Unsub. Stafford Loan borrowed = $145,000 AND GradPlus = $19,500 (private) - Fixed monthly 6.8% Stafford interest rate - Fixed monthly 7.9% GradPlus interest rate Source: AAMC Medical Student Education: Debt, Costs, and Loan Repayment Fact Card (Oct 2012) 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 19

20 Cost of Forbearance* Standard without Forbearance $2,119 per month for 10 years $92,267 total interest over 10 years Standard with Forbearance $2,479 and $135,492 (3 year) $2,623 and $152,782 (4 year) $2,767 and $170,072 (5 year) Assumptions: $162K ($34K Sub Stafford, $128K Unsubsidized Stafford), 6.8% fixed rate, 6 month Grace period

21 Impact of Unpaid Interest $205,000 federal student loan 6.8%; 7.9% interest rate Six month forbearance/unsubsidized deferment Approximately $26, accrued interest New balance: $231,232.00* *Estimate for 3 year residency example purposes. Actual amount may vary. Assumes no payment during Residency Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 21

22 Repayment Plan Options Standard Graduated Extended Income- Sensitive Income- Contingent Income- Contingent/Pay As You Earn Income-Based Repayment 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 22

23 Standard (Level) 10 years, same payment each month May be assigned by loan holder should IBR, ICR or PAYE applications not be complete Monthly payments higher than with other plans, but total repayment costs are lower 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 23

24 Graduated Payments start lower and increase by designated amounts at designated times 10 year repayment term, some loan holders offer interest-only payments for two or three years Initial lower payments may result in higher overall repayment costs when compared with Standard 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 24

25 Extended Up to 25 years, same payment each month Graduated version of Extended plan may be available Lower payments over extended time may result in much higher overall repayment costs when compared with Standard Loan balance must exceed $30,000, but cannot combine FFEL and DL loans to reach $30,000 Must be a new borrower as of October 7, Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 25

26 Income related Repayment Plans Characteristics: Monthly payments are tied, at least in part, to income Borrower must apply and provide required documentation each year Initial and/or subsequent lower payments may result in higher overall repayment costs when compared with Standard 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 26

27 Income-Sensitive Plan Federal Family Education Loans (FFEL) only Monthly payments based on income and federal student loan debt Payments adjusted annually once recertification is confirmed At a minimum, payment must cover monthly accrued interest 120-month repayment term 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 27

28 Income-Contingent Repayment Federal Direct Loans (DL) only Monthly payments based on annual income, family size, and total federal student loan debt Requires borrower to authorize Internal Revenue Service (IRS) to inform Department of Education (ED) of annual income 300-month repayment terms Remaining balance forgiven and taxable 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 28

29 Income Based Repayment Designed for borrowers who meet a partial financial hardship Often meaning high indebtedness and low to moderate incomes Only applicable to Stafford, Grad PLUS, and Federal Consolidation Does not apply to Perkins or other campus-based loans Caps payments at 15% of disposable income Loan Forgiveness after 25 years Currently considered taxable income 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 29

30 Pay as You Earn (PAYE) Federal Direct Loans (DL) only Additional Income-contingent plan Eligibility requirements New borrower on or after October 1, 2007 who also had a federal student loan disbursement made on or after October 1, 2011 Monthly payments based on federal Direct loan amount, annual income and family size Monthly payments based on 10% of discretionary income (AGI minus 150% of poverty guidelines for family size) 240-month repayment terms Forgiveness after 240 months of qualifying payments 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 30

31 Who might use Income related Repayment? Possibly part of repayment strategy for: Borrower with unreliable income Borrower with high debt and relatively low income, at least for designated period of time Borrower with steady, but low to moderate income when compared with their educational loan debt Eligible borrower driven by loan forgiveness objective 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 31

32 Income-Based Plan (IBR) Helps those with high student loan debt relative to income $0 payment possible Reapply annually; payment adjusted accordingly Once in IBR plan, advisable to stay in plan Forgiveness after 25 years of qualifying payments Pay off more quickly if desired Amount forgiven is counted as taxable income Studentloans.gov for information* * an independent source of information not affiliated with NSLP 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 32

33 Income-Contingent/PAYE Helps those with high student loan debt relative to income $0 payment possible Reapply annually; payment adjusted accordingly Once in PAYE plan, advisable to stay in plan Forgiveness after 20 years of qualifying payments Pay off more quickly if desired Amount forgiven is counted as taxable income Studentloans.gov for information* * an independent source of information not affiliated with NSLP 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 33

34 Income Based Repayment & Income-Contingent/PAYE Designed for highly indebted borrowers with low to moderate incomes Stafford, Grad PLUS, Consolidation Annual application Threshold called Partial Financial Hardship (PFH) required 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 34

35 Income Based Repayment & Income-Contingent/PAYE Eligibility based on: Educational debt Income (AGI) Family size Payment based on income (AGI) and family size AGI and/or Alternative Documentation of Income (ADOI) Estimate eligibility at Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 35

36 IBR and Income-Contingent/PAYE Advantages More manageable payments May help build credit history as opposed to simply protect credit history Considered eligible payment for both Public Service Loan Forgiveness (PSLF) and 25 year forgiveness programs Disadvantages Payments may be so low as to not make a dent in balance for years, resulting in higher total repayment. This depends on a number of factors, so it is not true for all borrowers. Must reapply each year Once in, future loan payments protected as long as borrower remains in plan 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 36

37 IBR/PAYE and Married Couples Spousal income counted, if joint return filed Spousal educational debt counted in determination of IBR eligibility Use IBR/PAYE calculators to determine impact of filing jointly on eligibility and subsequent payment * Stafford, Grad PLUS, Consolidation

38 IBR Plan: Est. PFH Monthly Payment in 2012 AGI Monthly Payment HH Size = 1 Monthly Payment HH Size = 2 $0 $0 $0 $10,000 $0 $0 $20,000 $41 $0 $30,000 $166 $91 $40,000 $291 $216 $50,000 $416 $341 $60,000 $541 $466 $70,000 $666 $591 $80,000 $791 $716 $90,000 $916 $841 $100,000 $1,041 $966 Assumes borrower resides in one of the 48 contiguous states 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 38

39 IBR Approx. Maximum AGI Needed to Qualify for IBR at Specified Debt (2012 Poverty Guidelines) Debt AGI $5,000 $21,358 $10,000 $25,961 $15,000 $30,565 $20,000 $35,168 $25,000 $39,771 $30,000 $44,374 $35,000 $48,977 $40,000 $53,581 $45,000 $58,184 $50,000 $62,787 $55,000 $67,390 $60,000 $71,993 Debt AGI $65,000 $76,597 $70,000 $81,200 $75,000 $85,803 $80,000 $90,406 $85,000 $95,009 $90,000 $99,613 $95,000 $104,216 $100,000 $108,819 $105,000 $113,422 $110,000 $118,025 $115,000 $122,629 $120,000 $127,232 $125,000 $131,835 Assumptions: Interest rate = 6.8% Household size of 1, residing the 48 contiguous states 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 39

40 IBR Approx. Maximum AGI Needed to Qualify for IBR at Specified Debt (2012 Poverty Guidelines) Debt AGI $130,000 $136,438 $135,000 $141,041 $140,000 $145,645 $145,000 $150,248 $150,000 $154,851 $155,000 $159,455 $160,000 $164,058 $165,000 $168,661 $170,000 $173,265 $175,000 $177,868 Debt AGI $180,000 $182,471 $185,000 $187,074 $190,000 $191,677 $195,000 $196,281 $200,000 $200,884 $205,000 $205,487 $210,000 $210,090 $215,000 $214,693 $220,000 $219,297 $225,000 $223,900 Assumptions: Interest rate = 6.8% Household size of 1, residing the 48 contiguous states 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 40

41 Options Post PFH Payments automatically revert to Standard (10 year) repayment* Never required to pay more than that amount Options Pay until balance paid in full Opt out of IBR and into another plan Pay until eligible for PSLF 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 41

42 Comparing Payment Plans Loan Debt = $206,000 (Direct) Household AGI = $50,000a; $100,000b; $200,000c Medical Case Standard Graduated Extended ICR IBR Monthly Payment $2,371 $1,628 (yrs 1-2) $1,979 (yrs 3-4) $2,406 (yrs 5-6) $2,925 (yrs 7-8) $3,556 (yrs 9-10) $1,430 (fixed) OR $1,167 (yrs 1-2) (increases every 2 yrs) $2,042 (yr 25) $653 a (yr 1) $1,486 b (yr 1) $3,153 c (yr 1) $422 a (yr 1) $1,047 b (yr 1) $2,297 c (yr 1) Maximum Payment Period 10 yrs 10 yrs 25 yrs 25 yrs 25 yrs Total Paid $284,478 $299,844 $428,937 or $464,613 n/a n/a Assumptions: TOTAL DEBT (includes accrued interest thru Grace Period): Sub = $34,000; Unsub = $172,000 Interest rate: Sub/Unsub = 6.8% No payment incentives For ICR: Household (HH) AGI = $50,000a, 100,000b and 200,000c in year 1; HH size = 1 For IBR: Household (HH) AGI = $50,000a, 100,000b and 200,000c in year 1 (2010 Poverty Guideline for HH size of 1 = $10,830) 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 42

43 Public Service Loan Forgiveness Overview Loan forgiveness program for public service employment Direct Loan Program only not available in FFELP IBR or PAYE can lower monthly payment amount Eligibility based on employer and employment status Full time employment at a 501(c)(3) organization that is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986, or Government (federal, state, local, tribal) agency Forgiveness after 120 qualifying payments 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 43

44 Public Service Loan Forgiveness Overview Continued Steps to participate Refinance any FFELP loans in the Federal Direct Loan Program at: loanconsolidation.ed.gov Select either IBR or PAYE payment plan Start making payments Keep good records regarding public service employment history 120 months do NOT have to be consecutive Any amount forgiven is not treated as taxable income 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 44

45 Public Service Loan Forgiveness Designed to help borrowers by forgiving a portion of their balance in exchange for public service All borrowers eligible borrowers nothing to do with specialty Borrower requirements 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 45

46 More on PSLF Decisions about PSLF during residency Decisions about PSLF may be made towards end of residency or fellowship Currently an entitlement program Learn from your colleagues What other residents are saying about PSLF 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 46

47 Public Service Loan Forgiveness Sample Scenario Direct Loan Debt = $205,000 PGY1AGI = $48,000; Post PGY3 = $200,000 Eligible DIRECT Loan debt $205,000 Estimated monthly payment-standard Plan $??? Principal balance after 10 years $0 Total amount paid after 10 years $??? Comparison with PAYE Plan Assumed starting AGI in year 1 $48,000 Assumed Annual Growth Rate in AGI 3% Assumed Annual Increase in Poverty Line 3% Assumed Annual CPI 3% IBR monthly payment in 1 st month $ IBR monthly payment in 120 th month (max) $ Assumed AGI in year 4 $200,000 Total amount paid in IBR over 10 years $ Total principal paid using IBR over 10 years $0 Total unpaid interest forgiven after 10 years $ Total principal forgiven after 10 years $ Total amount forgiven after 10 years $ Calculations made using IBR/PAYE calculator at: FinAid.Org/calculators

48 Federal Loan Consolidation Combines all federal student loans into one new loan New fixed interest rate Can consolidate FFELP loans into DL program Can re-consolidate only when you take out additional student loans (Unless you have a FFELP consolidation loan & are delinquent or in default, in which case you may be able to re-consolidate to resolve this delinquency or default.) Considerations: Larger balance = longer repayment term More interest paid when extending repayment term Be sure to do your research! 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 48

49 Reasons to Consolidate To reduce monthly loan payment To have single statement billing To have a fixed interest rate To qualify for Public Service Loan Forgiveness 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 49

50 Now what? Determine how much you owe and where to send your payments Studentloans.gov for monthly payment calculator 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 50

51 Department of Education Loan Holder Contact Information DL SERVICING CENTER DEPT OF ED/GREAT LAKES DEPT OF ED/ACS DEPT OF ED/NELNET DEPT OF ED/FEDLOAN SERVICING (PHEAA) DEPT OF ED/SALLIE MAE Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 51

52 A FEW FINAL COMMENTS Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 52

53 When Choosing a Plan Borrowers should consider the following To pay the least amount of interest over the life of repayment, choose: Standard Repayment plan To pay lower or the lowest possible federal student loan monthly payments, choose: Extended Repayment Income-Based Repayment (IBR) 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 53

54 Loan Prepayment Borrowers have the right to make prepayments on federal student loan(s) without penalty Reduces total interest paid on loan Does not jeopardize eligibility for: Grace period Repayment plans Deferments Forbearance 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 54

55 Payment Incentives Loan holder may offer incentives: On-time payments Payment using auto-debit process Direct Loan Interest Rebate Borrower must make first 12 required monthly payment to retain rebate Failure to do so causes amount of rebate to be added to principal 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 55

56 Questions 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 56

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