Income Driven Repayment Plans for Student Loans

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There are several government repayment plans out there that allow you to put monthly income towards your loans, and from there, automatically forgive any balance after 20 or 25 years.

Requirements usually vary, but looking into the lineup of viable options can be a good plan for those with a lot of student debt. You can find a repayment plan request here, but speaking with a tax professional first might be a good place to start.

Income-driven repayment plans are usually a great choice for physicians, as they allow you to match your payments with your income level, especially since medical school loans usually take a long time to pay off.

Current tax laws may have you paying more than you are used to if you decide to pursue these repayment plans. In addition to the federal programs, there are a variety of state-based loan repayment plans — just be sure you research all repayment options thoroughly before jumping into any long term agreements.

For more information about student loan repayment options, check out the list of articles below:

Student Loan Forgiveness Program: Guide for Healthcare Professionals

Public Service Loan Forgiveness for Healthcare Providers

Are You a Healthcare Professional and Interested in Public Service Loan Forgiveness?

The Public Service Loan Forgiveness Application Process

Public Service Loan Forgiveness: Frequently Asked Questions

The Future of Public Service Loan Forgiveness

 

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