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New to Repayment Plan

Started by wendyd, November 16, 2021, 02:09:03 pm

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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?


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.


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?


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.


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


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.