Episode 99
Back to Basics: What You Need to Know About IDR Plans
Student Loan Planner · Travis Hornsby
October 20, 202037m 35s
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Show Notes
Justin Harvey, CFP®, and Rob Bertman, CFA, CFP®, explore income-driven repayment (IDR) plans, how each can affect your financial future, and strategies to help you maximize your student loan repayment and keep more money in your pocket.
In today's episode, you'll find out:
- What the IDR payment cap is and what plans have one
- Which IDR plans are best for physicians and other high-earning professionals
- How the Standard Repayment Plan can factor into your IDR plan
- Which plan is best if you expect a big jump in income
- The two main strategies you need to pay off student loans
- When it makes sense to refinance
- When it's okay for your student loan balance to grow over time
- When you should - and shouldn't - pay extra on your loans
- What percentage of income each IDR plan uses for their monthly payment
- How long taxable forgiveness takes
- The impact of spousal income on student loan payments
Full show notes at: http://studentloanplanner.com/99
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