Module Number 7 Repayment Calculators

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Presentation transcript:

Module Number 7 Repayment Calculators Paul S. Garrard Founder and President, PGPresents, LLC Independent Student Loan Consulting Spring 2019 2019 PGPresents, LLC - All Rights Reserved

Calculators of note www.FINAID.org www.StudentLoans.gov Simple “quick and dirty” calculator www.StudentLoans.gov Repayment Estimator, great for “what if” scenarios www.AAMC.org/MLOC * Medloans Organizer and Calculator Preferred calculator for medical students, residents, and fellows * www.AAMC.org/FIRST also takes you to MLOC

Assumptions For time plans, loans held to term For income plans, no change in marital or tax filing status, or family size No aggressive payments and no interruption of payments For income plans, a set annual income increase* * Percentage should be referenced in HELP section

Reminders Loan servicer determines amounts* IDR calculations are a set federal formula, used by all calculators You must add prospective borrowing after NSLDS upload for accuracy * Look for disclosure statement from loan servicer and keep this

www.FINAID.org Quick and dirty estimates for time driven repayment plans Doesn’t accommodate different rates and accrued interest Simple to use for quick estimates of time driven plans (10 year and 25 year plans) Go to Calculators, then Loan Calculator Enter balance, interest rate, and term, leave everything else alone

www.StudentLoans.gov Repayment Estimator The “what if …” calculator What if I get married, and what if I file jointly versus separately? What is my spouse has federal student loans? What if my income jumps up, how high can my payments go? What if I have children, what happens to my payments?

Repayment Estimator Does not take into account residency and fellowship training Do not use for total repayment and forgiveness estimates with IDRs* Do not use for PSLF estimates Look only at the first payment in the payment range for income plans * Income Driven Repayment plans like PAYE and REPAYE

AAMC MLOC* Medloans Organizer and Calculator Two sections Organizer * Small fee for non-allopathic users

AAMC MLOC* Medloans Organizer Keep your borrowing history here Upload federal borrowing from NSLDS at NSLDS.ed.gov Manually input prospective borrowing unless all loans disbursed Manually input consolidation loan if you are planning to consolidate * Small fee for non-allopathic users

AAMC MLOC* Medloans Calculator Customize repayment based on GME and career plans Input different scenarios based on residency length and project salary See estimated repayment and potential forgiveness amounts under all income plans * Small fee for non-allopathic users

Takeaways Calculators help prepare you for what is coming after you graduate Always note assumptions used in calculations Repayment amounts come from your loan servicer Small fee for AAMC MLOC

PGPresents, LLC Independent Student Loan Consulting www.PGPresents.com END OF MODULE 7 PGPresents, LLC Independent Student Loan Consulting www.PGPresents.com 2019 PGPresents, LLC - All Rights Reserved