Jared Fenlason

@olsonplanner @oddly_ivy @LaurelRoad Yes. In past experience these loans are hard to consolidate. You have to find a lender willing. Plus personal loans have higher rates then student loans. It’s best to find a lender that can do it as a student loan.

@JaredFenlason @oddly_ivy @LaurelRoad Thank you, Jared! You’re saying it can’t even be packaged into a personal loan that’s used to pay off whatever the person wants to? The lender will track down the type of debt the person carries and deny them a personal loan? Or are we talking about two different things?

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@olsonplanner @oddly_ivy @LaurelRoad It sounds like they went to a non-Title Title 4 school, in which case, the usual lenders will not allow them to refinance their loans. Unfortunately, they need to look into the lenders that work with the school to refinance, or try Citizens Bank. They might be able to help.

@oddly_ivy Give @LaurelRoad a try! They’re a great option!

@StudentLoanAdv @olsonplanner The other side of this are new interns that signed up for SAVE just to be put in process forbearance that is running out. Now they have to sit on hold for hours just to ask to go back into forbearance.

@olsonplanner @JaredFenlason Yep. I’ve been thinking about this too

@StudentLoanAdv @olsonplanner Are you seeing clients who actually have a recertification date right now? most of what I am seeing has been moved to 2026.

@olsonplanner I’ve also heard from my doctor clients who spoke with their loan servicer they won’t even accept the paper applications right now. Very frustrating for folks right now who are simply trying to do their annual income verification.

@olsonplanner To sign up for IBR, you have to be in financial hardship. If you have filed a tax return with your in-practice income, it may be hard to qualify. This might be a good reason to delay filing taxes for recent grads.

As far as I can see, I don't see a downside to PSLF folks switching to IBR. But this has been a mess and it's about to get messier. I make no promises.

@olsonplanner @StudentLoanAdv @s_brownie I don’t think we can be confident or either way. The only sure thing is there will be changes. Our job as planners are to have level heads and not be rash. Just like in investing speculation can lead to bad outcomes.

I will reframe, as I don’t want to give that impression. But I do think it’s more than just “what is legal.” Im worries about inefficiencies of the process making it harder to trust. I guess my question is; can we be confident by default that the doe will do their job without the need for legal action? Is asking that question itself leaning into fear mongering?

@StudentLoanAdv @s_brownie @olsonplanner The hope is they bring back PAYE and REPAYE and we can just go back to the old plans.

@JaredFenlason @s_brownie @olsonplanner Yep. Many don’t realize this. They think he can just get rid of it with the flick of a pen. Not the case.

@StudentLoanAdv @s_brownie @olsonplanner This post n Tyler’s are borderline fear mongering. Yes it looks bad for SAVE. But for PSLF to change you would have to have Congress pass a change because it is written in the law. The president can propose changes to PSLF. While Trump didn’t not do during his last term.

@s_brownie @olsonplanner Most think those already enrolled in PSLF would be eligible for it. Those who have yet to borrow student loans could be without PSLF. SAVE is likely gonzo. You need to look at an alternative like IBR.

@StudentLoanTrav We added the loans. We just can’t pick the repayment option. The IDR plans don’t come up and when you click the standard, extended or graduated option it doesn’t give you choices. I assume it’s a bug because of the LDS loans. Hoping you had a work around beside paper app.

@JaredFenlason Try the add loans button

@StudentLoanTrav Do you know why LDS loans can not be consolidated on the DoE website? Is using the paper app the only way to do this consolidation?

@olsonplanner @gregorythomp Yes! Even tho I do see benefits for some who might not be pursuing PSFL now because of the subsidy with SAVE and higher affective interest rates in HYS account. Keeping payments low in training while saving cash for other priorities.

@JaredFenlason @gregorythomp Yeah that’s a good point. Assuming PSLF, right?

It’s real easy. If you’re definitely going into private practice after training (no PSLF), pick the SAVE income-driven repayment plan. If you are going for PSLF and your post-training income will be less than $100,000 more than your federal student loan balance, go with SAVE. If you are going for PSLF and your post-training income will be greater than $100,000 more than your federal student loan balance, go with PAYE.

@olsonplanner @gregorythomp I would add MFS for someone in this situation who lives in a community property state makes the most sense… cuts income in half and not a huge tax burden. Lowering the payments and getting more forgiven.

@gregorythomp Yep you are correct about that. Filing jointly in your situation will consistently make sense.

@olsonplanner @bbheinz Some loans cannot be consolidated until your school flips your status from in school to graduated. I would confirm with financial aid if they know when this date will be.

@bbheinz What kind of a loan is it? Direct? Direct plus?

I got onto the SAVE plan early January. My final med school loan just showed up on my account after my final tuition disbursement. Anyone know how to add this new loan to my existing plan? Been reading up on 20 mins and I think I found the right form

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@JeffSteinerDO @olsonplanner @DavidG_CSLP This has happened with many of my clients! Having them escalate to a supervisor is the only way we have resolved it. With a reminder from the regs about the pause that say no one is required to rectify their income during the pause.

@olsonplanner @DavidG_CSLP That’s the thing … he was with FedLoans with the PAYE before the pause - was switched to Mohela - and was told that he needed to choose a new IDR … they want him to fill out a new form to choose a “new plan”. I thought they were looking at 2019 AGI for the restart

I have an attending who was told by MOHELA to submit a new IDR form (b/c his plan was “inactive” after moving from FedLoans) and to choose a plan (he was previously in PAYE). He was told they would be using his 2022 AGI. This doesn’t seem accurate. @olsonplanner @DavidG_CSLP

@DreamBiggerLLC @olsonplanner I often find it hard for some to purchase DI with CC debt. Even tho it may make financial sense. It is still hard for some to divert the income monthly when they are in the debt repayment mindset.

@JaredFenlason @olsonplanner I feel DI should be the 1st financial priority for 🥼I strongly believe it’s the most important insurance. Can’t bring in income, can’t pay off debt. I can be convinced to flip cc debt & match, but like idea of creating the habit of saving 1st 100% return on match > 20% cc IR🤷‍♂️

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@DreamBiggerLLC @olsonplanner I am curious to hear your reasoning of putting 403b match and DI ahead of CC debt.

@olsonplanner Why I love planning w young physician There’s so many little tricks that can free up cash flow Ex. Filing $0 tax return M4 (frees up $2-300/mo) My Top Priorities 1. Cover daily needs (+plan for loans) 2a. 403b (save to match) 2b. DI 3. CC debt The rest all falls into place!

@AllDramaLlama @olsonplanner I agree there is a lot of unknowns 5-7 year out of training. Most physicians won’t have and AGI over $300k. Only some specialists and dual doc couples. I still think math works for most to be on REPAYE/SAVE especially in training. Then switch to New IBR if needing the CAP

@JaredFenlason @olsonplanner I think the hardest part about this is how much your income grows from 1-2 years out to like 7-8 years out. Once you've committed to IBR with 25, you almost want to stay on the lowest $ plan just to get rid of it. Once you're making 500k+/year, perhaps it matters less.

PAYE is still best for maximum (PSLF) forgiveness. SAVE is awesome for trainees who will go on to pay off their loans.

With the announcement of the new IDR plan SAVE. Refinancing right after training might not be the best option. You may want to wait a year or two until the 100% interest subsidy is no longer beneficial.