Demystifying Student Loans

Healthcare professionals already face immense stress – let's make sure student loans aren't a contributing factor.

Key Changes for 2024
Federal student loan repayment is back, but it’s not all bad. There have been several positive changes for healthcare professionals:

1. Lower Monthly Payments with SAVE
   The Saving on a Valuable Education (SAVE) plan just got better. Instead of 10%, healthcare professionals can now expect to pay as little as 5% of their discretionary income. That means more money in your pocket each month, allowing you to manage other financial priorities.

2. Expanded PSLF Access
   If you work for a non-profit or public healthcare organization, the Public Service Loan Forgiveness (PSLF) program has become more accessible. The rules have expanded, allowing more healthcare workers to qualify for forgiveness after 120 qualifying payments. If you were previously left out because your employer didn’t fit certain criteria, it’s time to take another look.

Income-Driven Repayment (IDR) Plans: Let's Make It Simple:
IDR plans, like the new-and-improved SAVE plan, are a lifeline for healthcare workers managing large debts on moderate incomes. Enroll early to keep payments low, reduce stress, and avoid falling behind. And don’t forget—enrolling in a qualifying repayment plan is key to taking advantage of PSLF.

Consolidation and Refinancing: Proceed with Caution
Consolidating federal loans can simplify your life, but remember it may also limit certain borrower benefits. Refinancing might sound attractive if you can get a lower interest rate, but it comes at a cost—you’ll lose access to federal programs like PSLF and IDR. At Plannery, we help you weigh the pros and cons, so you make the best decision for your future.

Pitfalls to Avoid

• Missing Out on PSLF Updates: Recent changes have broadened who can qualify for PSLF. If you’re unsure, it’s worth rechecking your eligibility.

• Delaying Enrollment: Get into an IDR plan like SAVE as soon as you can to lock in those lower monthly payments and make life a little easier.

• Navigating Alone: You don’t have to go it alone. Plannery’s here to guide you through the student loan maze with tools that make financial planning straightforward and actionable.

Your Success is Our Success
Plannery exists to reduce financial stress for healthcare professionals – when you succeed, so do we. We help healthcare professionals make sense of recent changes, evaluate repayment and forgiveness opportunities, and develop the strategy that works for you. Our tools make it easy for you to stay on track and take charge of your financial wellness.

Start Saving Today
New changes are designed to support repayment – maximize your savings today at: https://www.planneryapp.com/student-loans