Student Loans

Student Loans And Marriage – Student Loans and Repayment for Married Physicians

student-loans-and-marriage-student-loans-and-repayment-for-married-physicians

Student Loans And Marriage – How to Choose

This video will take an in-depth look at the economics of loan repayment for married borrowers.

Time-Stamped Agenda

0:30 – Takeaway/Handout – the Education Debt Manager (www.aamc.org/first/graduating-edm)
1:26 – FAQ: Which repayment plan is best for us?
2:13 – Medloans® Organizer and Calculator (www.aamc.org/medloans)
3:18 – FAQ: Should we file our taxes jointly or separate?
3:33 – The Impact of a Spouse’s Income and Debt on Income-Driven Repayment Plans
5:12 – FAQ: What if Public Service Loan Forgiveness is a goal?
5:25 – PSLF ebook (www.aamc.org/pslfebook)
6:43 – Resources to answer other FAQ’s (consolidation, refinancing, financial planning and home purchases)
7:58 – Additional resources/contact information for FIRST (first@aamc.org)
8:18 – Agenda for the Scenarios (Case Studies) that will be compared
10:12 – (SCENARIO) The numbers for a Single Physician (median debt/income)
11:50 – A Resident’s Salary Amount and Budget (www.aamc.org/ressalary)
13:55 – (SCENARIO) The numbers for Two Married Physicians (median debt/income) – with no children
17:26 – (SCENARIO) The numbers for Two Married Physicians (median debt/income) – with one child
18:04 – (SCENARIO) The numbers for Two Married Physicians (median debt/income) – with two children
18:55 – (SCENARIO) Impact of Children on PAYE/REPAYE Payments for Married Residents (during PGY-1)
20:23 – Each Child Will Reduce the Payment by How Much? (General Rule of Thumb)
21:11 – (SCENARIO) Impact of Children on PAYE/REPAYE Payment When Household is Living on a single PGY-1 salary
21:49 – (SCENARIOS) Payments During All of Residency for 2 Married Physicians (no kids, 1 kid, 2 kids)
22:40 – (SCENARIOS) Payments During the First Year Post-Residency for 2 Married Physicians (no kids, 1 kid, 2 kids)
26:04 – (SCENARIO) Total Repayment Costs for 2 Married Physicians (both primary care) with 2 children
29:08 – How to Evaluate the Results to Choose the Best Repayment Strategy
31:23 – Term Forgiveness in PAYE or REPAYE Explained
32:51 – Public Service Loan Forgiveness – Revisited in Comparison to the Term Forgiveness
34:15 – (SCENARIO) Total Repayment Costs for 2 Married Physicians (both primary care) with 1 child
35:22 – (SCENARIO) Total Repayment Costs for 2 Married Physicians (both primary care) w/ no children
36:01 – (SCENARIO) Median Debt MD + Higher Debt MD (1 primary care, 1 ER) with 2 children
40:42 – FAQ: Can I do PAYE or REPAYE during residency and then switch into a Standard Plan after residency is over?
46:38 – (SCENARIO) Payments during residency for an MD (primary care/median debt) married to a BA/BS spouse (w/ student loans) with 2 children. BA/BS spouse uses Standard and then both spouses PAYE/REPAYE.
50:06 – (SCENARIO) Payments during residency for a MD (primary care/median debt) married to a BA/BS spouse (w/ student loans) with 2 children. BA/BS repays Standard throughout.
51:54 – (SCENARIO) – Total Repayment Cost for MD + BA/BS (and 2 children) when the BA/BS uses the 10-Year Standard throughout.
52:17 – (SCENARIO) – Total Repayment Cost for MD + BA/BS (and 2 children) when the BA/BS starts in the Standard plan and then both spouses use PAYE/REPAYE.
54:01 – Takeaway: It’s not as simple as just doubling everything
54:49 – Takeaway: Married MDs are more equipped (financially) to repay education debt
57:00 – Takeaway: Forbearance during residency + aggressive payments after, could = lowest total repayment costs (w/ less stress)
59:25 – Takeaway: More children will reduce the monthly IDR payment, thereby increasing take home pay, but the cost of a child(ren) was not factored into this analysis
1:00:10 – Takeaway: To Make the Best Decision for your Situation…Run the Numbers
1:00:44 – How to Login to your MedLoans® Organizer and Calculator Account (www.aamc.org/medloans)

Questions can be emailed to first@aamc.org.

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