b'#3: Educate yourself on the SAVE plan.If you currently are on an income-driven repayment (IDR) plan or On July 31, 2023, the Department of Education unveiledwere on one in the past, or if you were in a Public Service Loan the Saving on a Valuable Education, or SAVE, plan,Forgiveness (PSLF) program, or have Direct or Federal Family an income-driven repayment plan that may cut manyEducation Loan (FFEL) Program loans held by the U.S. Department borrowers previous monthly payments by 50% and willof Education (ED), you would be eligible for this one-time leave some people with no monthly payment at all. Thisadjustment. Essentially the adjustments account for the number of program, while still in beta version, is available to applicantspayments you have made thus far toward loan forgiveness.with the option to enroll in what is being called the mostSo thats it! Now you know. Remember if you have questions or are affordable repayment program yet. 2 stuck, find a qualified professional to help. Its best to work with If you are already on the REPAYE income-driven plan, yousomeone who both specializes in the student loan landscape and is will be automatically enrolled in the new plan and do notknowledgeable in the financial trajectory of those training to work need to use beta website. There are additional featuresin dentistry. of the SAVE program that will not fully go into effect until 2024, so stay tuned for more on that. As always, we are here to answer any further questions you may have.#4 Income-driven repayment isnt the best option for everyone About Treloar & HeiselIf your payment horizon is long, and it looks like long-termTreloar & Heisel, an EPIC Company, is a premier financial services your income will continue to rise significantly, it may notprovider to dental and medical professionals across the country. necessarily make sense to be in an income-driven plan.We assist thousands of clients from residency to practice and With an income-driven plan, while your current paymentsthrough retirement with a comprehensive suite of financial services, may be low today, in the future as your income increases,custom-tailored advice, and a strong national network focused on so will your loan payments. What you should know isdelivering the highest level of service.that under the income-driven programs your payment is1 https://studentaid.gov/announcements-events/covid-19kept artificially low based upon an income formula, but2 SAVE Repayment Plan Offers Lower Monthly Loan Payments | its not enough to pay off the loan. So, at the end of theFederal Student Aid payment term there is a balance remaining. That balance is subsequently forgiven. The amount forgiven is taxable3 https://www.nerdwallet.com/article/loans/student-loans/to you as income in the year that your loan forgiveness isfederal-student-loan-interest-rates-now-highest-in-a-approved. Its important that you consult with a financialdecade#:~:text=Direct%20subsidized%20and%20advisor or loan servicer who can show you the numbers asunsubsidized%20loans,the%202022%2D23%20academic%2-they play out in your specific scenario.0year. And https://www.forbes.com/advisor/student-loans/student-loan-refinance-rates-08-14-23/#:~:text=The%20average%20#5 Think carefully if you are considering refinancing fixed%20rate%20on,throughout%20a%20borrowers%20loan%20At the time of this writing (August 2023), refinancing ratesterm.are the same, if not higher than federal loan rates 3 . So, if4 https://studentaid.gov/announcements-events/idr-account-youve been thinking about refinancing, you may want toadjustmentconsider staying on your federal loans. Also, federal loansTreloar & Heisel, Treloar & Heisel Wealth Management, and Treloar offer several protections that you lose when you refinance& Heisel Risk Management are all divisions of Treloar & Heisel, Inc.to a private loan. Who knows what will happen to interest rates? Really, no one knows. However, when they comeInvestment Advice offered through WCG Wealth Advisors, LLC, a back down, you then have the option to refinance.Registered Investment Advisor doing business as Treloar & Heisel Wealth Management. Treloar & Heisel Wealth Management is a #6 Take advantage of the one-time adjustment separate entity from The Wealth Consulting Group and WCG Wealth to see if you qualify for loan forgiveness Advisors, LLC. As of July 2023, more than 3.6 million William D. FordInsurance products offered separately through Treloar & Heisel and Federal Direct Loan (Direct Loan) Program borrowersTreloar & Heisel Risk Management. will receive at least three years of credit toward loanTreloar & Heisel, Inc., Treloar & Heisel Wealth Management, and forgiveness, and many will see their loans forgivenWCG Wealth Advisors, LLC do not offer tax or legal advice. automatically 4 .AAP Periospectives| 29'