Welcome to the Doctor’s Eyes Only podcast where Vestia Partner and CEO Lauren Oschman delivers some very time sensitive important information regarding the IDR Waiver for Student Loan Forgiveness, the June 30, 2024 deadline, and why doctors should potentially act now if they believe they can qualify. Lauren takes a deep dive into what the Income Driven Repayment (IDR) waiver is and how it could potentially help doctors who previously were not able to take advantage of loan forgiveness programs like Public Service Loan Forgiveness (PSLF). 

“Doctors historically have had trouble qualifying for loan forgiveness because a lot of them don't have qualifying loans, and qualifying repayment plans often don't make sense for doctors. So what is the IDR waiver, and why are we talking about that today? The IDR waiver is a one -time adjustment that can be made to your loan account that is going to take all of your historical payments, whether or not they were qualifying payments at the time, and are going to count those as qualifying payments toward loan forgiveness… So this could be a game changer if all of a sudden all of these payments that did not qualify before now qualify for potential loan forgiveness.”

With other things to consider such as the potential benefits of consolidating loans, the process of submitting employment verification, and whether or not physicians should switch their current loans to an income-driven repayment plan are just a few of the topics covered in this podcast. Every individual is different so doctors are encouraged to not only act fast, but to get help from a qualified advisor for how to navigate their specific situation. 

“Your paperwork, everything has to be submitted online by June 30th with dates before June 30th if anything had to be signed and dated. You don't actually have to have any of these things granted before June 30th. In fact, you probably won't. There's quite a backlog in the student loan system and so I would expect you won't hear anything for months after you get everything submitted.”

A lot of information has been shared in this podcast and Vestia Personal Wealth Advisors are here to help should you have any questions about the IDR Waiver or whether you could potentially take advantage of Student Loan Forgiveness. Send us an email at myteam@vestia.com, and one of our trusted expert Financial Advisors will be in touch. Also make sure to share this information with colleagues who may be eligible for the IDR waiver, particularly those working at non-profit hospitals or academic institutions. 

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