Integrated Problems in Practice Management (IPPM)

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1 Integrated Problems in Practice Management (IPPM) Exit Counseling and Debt Management Keneshia Estimé Class of 2018

2 Agenda Navigating the Financial Aid Repayment Process Repaying Federal Loans Repaying Private Loans Repaying BU Loans Consolidation Budgets and Planning for the Future Contingency Planning and Budgeting Credit Reports and Scores Helpful Resources Exit Material Requirements and Sign-out Process

3 Questions to ask yourself How much can I afford to pay per month? What are my other financial obligations? What are my short-term and longterm financial goals? Where do I see myself in 5, 10, 15 years?

4 Please Note: All examples are for illustrative purposes only- each student s situation is unique

5 Salary Breakdown Assumptions: $99,000 in the first year over 12 months of working Tax filing status: single Tax Rate: $18, plus 28% of excess over $91,900 Taxes for year: $20,702 After Federal Taxes: $78,298 Source:

6 Salary Breakdown Cont. $78,298 after federal taxes Don t forget about state taxes, social security payments, retirement contributions and health insurance Estimated net pay $5,558 per month (see: What can you afford as a monthly student loan payment?

7 Debt Assumptions for DMD IV Maximum Federal Loans Only for 4 years of Dental School Unsubsidized Loans: $180, % Grad PLUS Loans: $220, % Total: $400,000 We know these figures do not apply to many of you- this is just one example.

8 Debt Assumptions for AS II Maximum Federal Loans Only for 2 years of Dental School Unsubsidized Loans: $95, % Grad PLUS Loans: $126, % Total: $221,000

9 Ways to Repay Your Federal Loan Based on assumptions on DMD IV slide: *This and the following slides based on the calculator available on

10 Further Assumptions

11 Repayment Options

12 Standard Repayment Plan This is the default plan Typically the fastest way to repay your loan (10 Years) Monthly payments are a fixed amount Access Group, Inc.; Standard 10 Year; 2015; accessgroup.org; 2016

13 Graduated Repayment Plan Payments start low and increase every 2 years Monthly payments are made for up to 10 years Over the lifetime of the loan you pay more money Remember: with Federal Loans there is no prepayment penalty. Access Group, Inc.; Extended (Fixed) 25 Year; 2015; accessgroup.org; 201

14 Extended Fixed Monthly payments are a fixed amount of at least $50 Payments are lower than Standard Plan and Graduated Plan Made for up to 25 years

15 Standard Graduated Extended

16 Income Driven Repayment Plans A plan that sets your monthly payment at an affordable amount based on income and family size Four different income-driven plans Must reapply annually

17 IDR Pros and Cons Advantages -more manageable monthly payments -may lead to forgiveness Disadvantages -payments may not cover interest, if gap between debt and income is high -different plans can be confusing -plan forgiveness is subject to income tax

18 Pay As You Earn (PAYE) To initially qualify and to stay enrolled, you must have a partial financial hardship Payments calculated based on income Any outstanding balance will be forgiven after 20 years Good option if seeking PSLF

19 PAYE (Pay As You Earn) Cont. Must display financial hardship Always check for the most up to date information.

20 How to calculate Financial Hardship? PAYE Calculation: (Income 150% of poverty line) X 10% (discretionary) 12 Months = Your Monthly Payment ($99,000 $18,090*) X 10% 12 Months = $674 Source:

21 REPAYE Monthly payment are 10% of discretionary income and can be more than standard plan No financial hardship qualification Good option if seeking PSLF

22 Income Based Repayment Must display financial hardship Monthly payments will be 10% or 15% of discretionary income Must have a high debt relative to income Must be a new borrower after July 1, 2014 Good option if seeking PSLF

23 Income-Contingent Repayment Must display financial hardship Any outstanding balance will be forgiven after 25 years Payments are 20% of discretionary income Can be more than standard repayment plan Good option if seeking PSLF

24 Income-Based Repayment Step 1: Apply for the IDR on StudentLoans.gov Step 2: Find your Loan Servicer Contact info on NSLDS.ed.gov Step 3: Set up a user name and password on your servicer s website Step 4: Upload Income documentation to certify your income annually

25 Considerations If you do not certify your income and reapply on an annual basis: May no longer be in the plan Interest capitalization (PAYE/REPAYE) Payment may revert to standard 10 year amount (PAYE)

26 Federal Consolidation Loan Allows you to combine your Federal Loans into one loan that can be paid off over 30 years No fee to consolidate Be aware of losing borrower benefits associated with original loans Interest rate is a weighted average of underlying loans You cannot consolidate your loans with your spouse s student loans For more info visit:

27 Repayment Timeline for Federal Loans Repayment begins 6 months after you graduate, drop below half time or take a leave of absence Loans that were in repayment before entering Dental School go into repayment immediately Make sure you are prepared to make your first payment and that you are set up with your servicer(s) before that payment is due

28 Trouble Making Payments? Contact your loan servicer at least a month before you might miss a payment Your Loan Servicer wants to help you keep your loan in good standing Check to see if a different repayment plan would help Ask if you qualify for either a Deferment or a Forbearance

29 After Graduation Loan Forgiveness Public Service Loan Forgiveness National Health Service Corps Loans forgiven after 120 non-consecutive, qualifying payments. Eligible Loans: Direct Loans, Direct Graduate PLUS loans Eligible loans: All federal, state, or commercial educational loans. Full time and part time forgiveness programs Must be general or pediatric Dentist Eligible repayment plans: Income Driven Plans To apply, find a job at an approved site: Eligible Job: Any state, federal or local government or non-profit organization (501c3) Apply by stated deadlines: For more info visit:

30 After Graduation Delinquency and Default Delinquency Definition: late student loan payments Default Definition: 270 days past due No longer eligible for federal student aid Wages may be garnished; tax refunds withheld May not be able to get/renew professional licensing Denied malpractice insurance

31 After Graduation Cancellation Loan cancellation (discharge) available due to: Death Total and permanent disability Loan is not transferred to spouse or children Documentation must be provided to loan holder/servicer You must pay these loans off even if you do not become a dentist, obtain your chosen career, or declare bankruptcy

32 After Graduation Tax Benefits Student Loan Interest Deduction* - Ability to write-off up to $2,500 for interest paid on student loans - Receive a 1098-E from lenders - Eligible to write-off if income is less than: $80k if single OR $160k if married and filing jointly Please contact the IRS or a personal accountant for any filing questions * Amounts based on 2014 Tax Publication 970: Always check for the most up to date information.

33 Tips for paying off your loan faster If you can, pay some (or all) of the interest that has accrued on your loans before the end of your 6 month grace period when the interest capitalizes If you are able to, making additional payments can reduce the total interest paid, and the time it takes to repay your loan Always follow up with your loan servicer when making additional payments

34 Determining Loan Servicer(s) Go to Click on My Financial Aid History Select Financial Aid Review Log In Using your FSA ID (the same process as FAFSA) Click on each loan for more detail, including the loan servicer for that loan Check all loans, you may have more than one servicer

35 Credit Based Loans Repayment Timelines The terms and conditions vary- check with your lender Always follow up when making payments Ask about incentives for on-time payments and co-signer release Private loans do not show up on

36 BU Loans Spencer N. Frankl Loan (5% fixed interest rate) Henry M. Goldman Loan (5% fixed interest rate) Altshuler Loan (5% fixed interest rate) Loans for Disadvantaged Students, LDS (5% fixed interest rate) Health Professions Student Loan, HPSL (5% fixed interest rate)

37 BU Loans: Terms and Conditions 12 month grace period No interest accrues while you are in school 10 year repayment timeline No prepayment penalty

38 BU Loan Exit Counseling Form RETURN TO STUDENT FINANCIAL SERVICES

39 Paying Your BU Need-Based Loans Set up account on Contact Student Loan Accounting for any questions as you go through repaying your loan /contact-us

40 Consolidating with a Private Lender Considerations: Flexibility Deferment Options Prepayment Penalties Interest Rate Capitalization Debt forgiveness

41 Budgets and Planning for the Future

42 Future Planning Basics General Living Expenses (Housing, Food, Child Care, etc.) Taxes (Federal, State, etc.) Insurance (Life, Health, Liability, etc.) Long- and Short-Term Goals Emergency Fund Savings Retirement Future Planning Down Payment on a Mortgage Major Life Events

43 Building Your Own Budget Purpose of a Budget: To identify and plan short and long term goals for how you will: Spend your available resources Meet your needs and wants Avoid spending more than you have

44 Planning Your Budget Monthly Annual Compensation/Salary $ Monthly Net Income $ Rent/Mortgage $ Food and Utilities $ Consumer Debt Payment $ Malpractice Ins./Licensure Fees $ Monthly Disposable Income $ Estimated Monthly Loan Payment $

45 Credit Check and Credit Scores Checking Your Report All US residents may receive one free credit report from each bureau annually Review all information carefully Every detail is important from the SS# to the individual account numbers Review your reports every year You can request all three at once or at different points in the year

46 Helpful Hints PLEASE REMEMBER: is FREE is NOT FREE It is a subscription site from one of the credit bureaus that will try to sell you reports from the other two

47 Helpful Hints Make Payments on time Keep balances on your credit cards low Don t open cards you don t need You don t need a credit repair company!

48 Sample Credit Report Review of Experian Credit Report available at:

49 To Dispute Items Follow instructions from credit bureau Send written dispute letters Creditors have 30 days to provide proof Keep copies of everything!

50 FICO Score and VantageScore FICO Score is the traditional credit rating Scores range from VantageScore is a new credit rating Scores range from

51 FICO Score What s in your score: What s NOT in your score: Race/Ethnicity/Religion Age/Sex/Marital Status Salary, Occupation or Employment History Child Support or Alimony Responsibilities Location

52 Hits Against Your Credit Score Late payments Frequency of applications Frequency of inquiries

53 Joint Credit All credit cards, mortgages, auto loans, etc. that are jointly held will show on all credit reports If your spouse doesn t pay the bill, you are still responsible Divorce does not automatically release one party from the joint debt; that must be negotiated during proceedings

54 Quiz on Credit

55 Helpful Hints Debt Management Strategies Reduce debt with the highest Annual Percentage Rate (APR) Once that debt is eliminated, roll that budgeted monthly payment amount into the second highest APR This strategy is a good rule-of-thumb - not an absolute

56 Helpful Hints A Little Self Protection Sign up for Auto Debit with your loans Invest in overdraft protection through your bank. Can you cover one month of bills? Sign up for savings plans at your bank Be aware of all auto-pay accounts linked to your bank account, especially if you close it

57 Helpful Hints Why Auto Debit and Overdraft? Many lenders offer incentives for electronic repayment of your education loans Many offer additional incentives for on-time payments (after a certain number of months) Why? Electronic payments = lower costs AND fewer delinquencies BUT if you bounce a payment, you may lose the on-time incentive Be aware of what the monthly payment is- it changes year to year under IBR/PAYE

58 What Should You Do Now? Organize your financial aid documents: What do you have for undergrad borrowing? Have you borrowed residency loans? Organize all contact information Identify and organize all loans by highest interest rate and amount Plan a budget Sign up for a repayment plan for all of your loans Know when your first payment is due

59 How to Sign-Out of SFS Attend IPPM IV Presentation If you have BU Loans: complete and submit the BU Exit Counseling Form If you have Federal Loans: Complete Federal Exit Counseling on: online confirmation to

60 Questions and Answers

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