Okay let’s do this over again 😆 A redo with nuances addressed! 🚨 SAVE borrowers 🚨 PAYE and ICR are coming back! You need to watcb this and see which of the 4 groups you fit into!

SAVE borrowers: No PSLF? Stay put on SAVE. Attending with too high an income? ICR Qualify for IBR/PAYE due to income/debt ratio but have loans from before July 1, 2014? PAYE Qualify for IBR/PAYE due to income/debt ratio and have loans only since July 1, 2014? IBR

Now we need to figure out how to cancel our IBR applications and switch to PAYE. Patience was key here. Lesson learned - don’t react before having all the info 😵‍💫

I’m sure even this update won’t be the last within the next 12 months.

This is super helpful! One additional wrinkle… Not everyone with loans taken out before July 1, 2014, is eligible for PAYE. There are a few additional eligibility requirements (ignore the 3rd bullet point). This primarily impacts older borrowers.

Thanks that’s a good point. So older borrowers who haven’t borrowed since 2011 would have to pick PAYE (or ICR if too high an income). Like a pediatrician who makes $200k and owes $250k and they graduated med school in 2010, went into private practice for awhile and paid but then didn’t work for awhile so their payment was nil and now they’re working for a non-profit.

It’d be worth it for your followers to break down the republican plan. It is very generous for doctors even outside of pslf. Travis covered it. Might help people sleep at night

Thanks Tyler. For those in group 3, but loans from before 2014 have been consolidated as of 2021 - does the same 15% apply for IBR? Or does that change since the date on my loans is now 2021 thanks to consolidating?

The point that matters is the date of origin. Consolidation after 2014 doesn’t change the rate from 15 to 10% unfortunately.

Do you know if applying for PAYE would trigger income recertification?

Yes it will.