Greetings, doctors! We wanted to give you an update on Federal Student Loans and those of you pursuing Public Service Loan Forgiveness (PSLF). There have been some positive changes that will impact a lot of you!
Since our last student loan update, the CARES Act has pushed out suspended payments through the end of January 2022; these are currently scheduled to resume February 2022.
A temporary waiver has been made available that changes some of the requirements for PSLF. Federal Family Education Loans (FFEL) or Perkins loans previously did not count towards PSLF. Great news, these payments now count! The other item that is waved is the “type” of payments.
Previous standard/graduated/extended payments now count towards PSLF. This is huge for doctors that were making payments on these loans in residency. These now count towards the 120 payments needed.
What you need to do before October 31st 2022:
1. Consolidate loans into the Direct Loan program
2. Obtain a waiver or waivers from your loan servicer
3. Certify loans
4. Apply for PSLF
Link to apply for this waiver here.
Additional info on counting previously unqualified payments can be found here.
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Josh Lantz, CRPC®, CIO and Financial Advisor at MD Financial works diligently with all our teams to coordinate the services we provide for our clients. He wants to make sure all our clients have sound, fiscally responsible, financial plans and feel more comfortable about their future. He can be reached at Josh@mdfinancialadvisors.com.