Student Loan Forbearance Extended – Now What?
Many Americans were excited to see the COVID forbearance period and 0% interest for Federal Student Loans extended once again into 2023 while the Department of Education works to implement their debt relief program.
This may feel like a few extra months to avoid worrying about your loans, but it’s a great time to make sure you’re on track for loan repayment/forgiveness and speak to a professional about the right repayment plan for you.
Are you transitioning into practice in 2023 or have you transitioned into practice during the 0% forbearance?
We encourage you to speak with a financial professional who can navigate your income verification with your new, practicing income. We can help determine what your new payment will be so you don’t feel blindsided or need to wait to develop a savings plan beyond this payment.
Did you start residency in Summer 2022?
We encourage you to speak with a financial professional who can navigate your income verification with your new, residency income. We can help determine what your new payment will be so you don’t feel blindsided or need to wait to develop a savings plan beyond this payment.
Did you start training in 2020/2021?
This could be a great time to look back on your split intern year and take advantage of the 6 months in medical school counting toward your verified income.
Did you have moonlighting opportunities over the last two years or do you anticipate moonlighting in 2023?
There are multiple ways to verify your income, including a tax return along with a current paystub. Knowing when to utilize which verification option and how to do is important.
Had you previously transitioned into practice and now returned for further fellowship training?
See the three points above!
Where to Start?
Regardless of what stage you are in your career, we are here to help! To schedule a no-obligation introductory conversation with our Financial Advisor specializing in Student Loan Guidance, Kyle Flynn, CSLP, use his calendar link here.