The Student Loan Debt Forum | The College Investor

Student Loans => Ask a Question => : wendyd 16, 2021, 02:09:03

: New to Repayment Plan
: wendyd 16, 2021, 02:09:03
I am new to this site (thankful to have found it) and new to repayment of student loans, I have recently graduated and I am a pharmacist i have student loan debt of approx $114,000 and a medical loan of $35,000.  I am not sure which repayment plan to select and begin payments, it appears i am undecided between Standard Repayment or Income driven repayment??? I plan to pay approx $1,000/mth.  I have some savings still and plan to put it all on the federal loan debt or on the medical loan debt.  The medical loan is locked at 5% for a period of 10 years payment of $370/mth.  Can you help with my decision to take my savings of approx $10,000 and pay towards student loans or pay towards medical loan?
: Re: New to Repayment Plan
: TheCollegeInvestor 17, 2021, 09:08:21
Assuming the medical loan is private, you're making the right choice - pay it off first.

I would personally go income-driven repayment on your Federal loan, and then put everything extra towards the private loan. Then I would work on the Federal loan.

I don't know what your employment looks like, but you can also look at loan forgiveness programs for the Federal loan depending on where you work (such as a non-profit hospital).

See this guide to repayment plans (
: Re: New to Repayment Plan
: wendyd 17, 2021, 11:03:45
Should I take the $10,000 and apply it to the Medical Loan with locked rate of 5%?

So I been reading and I am also about to be married (next year) and after reading if I choose the income repayment plan my spouses income will also count and then my monthly payment will go up significantly????
The standard plan is over a period of 10 years?  the income driven is over 25 years?
: Re: New to Repayment Plan
: wendyd 17, 2021, 11:33:09
Also, sorry I didn't answer about my employment, at this time I am working for a retail pharmacy and not at a hospital or government agency.

I don't forsee my employment to change anytime soon, as I am recently full time and salary.
: Re: New to Repayment Plan
: wendyd 17, 2021, 02:12:49
I also have another question, if I were to go with the PAYE income repayment plan, Is it possible to pay extra each month to help pay down faster?  Thanks
: Re: New to Repayment Plan
: TheCollegeInvestor 19, 2021, 11:08:28
Yes, you can always pay more if you want. And yes, if you're married and you file your taxes jointly, your combined AGI is used to calculate your monthly payment.