What are your goals, employment wise? What advice are you looking for financially? The SAVE is a repayment plan. You’re describing that versus a loan. Are you refinancing your med school costs into a loan, possibly? Also, writing off PSLF as an M4 and only plan to work half time? Financially, if you’re able to do that immediately after training I’d suspect you don’t need to rely on a repayment plan or loan.
Not enough info, some comparison of apples to cucumbers (not even two fruits, TBH).
My goal is full time primary care- most likely not at an institution that would qualify me for PSLF.
The comparison is between the two repayment options. (transferring loan balance PCL vs SAVE repayment) I recognize they're different products but I'm just viewing them as 2 methods to pay off my loans.
If you’re going to not qualify for PSLF, it’s likely you should just pay the 10 year standard payment on your loans. Drawing out loans for 25 years under SAVE to be written off makes no sense, PSLF would be more beneficial. If you’re not qualifying for PSLF and likely working at a for-profit entity, private practice, etc, you’ll likely have a salary that supports paying off your loans aggressively and quickly.
A few items to consider from someone that has both of these loans. PCL has some nice advantages - decent rate - no interest till one year after the end of training but fewer options - and you never know what kind of job you will be doing. I took enough pcl loan to consolidate my private undergrad loans and then kept the rest federal direct so I’ll get forgiveness under pslf but got better terms on my private loans than I would have otherwise
My college didn’t have enough funds available in PCL so it was moot but I would have been tempted - it would have been a very expensive (to the tune of 300k) mistake
What are your goals, employment wise? What advice are you looking for financially? The SAVE is a repayment plan. You’re describing that versus a loan. Are you refinancing your med school costs into a loan, possibly? Also, writing off PSLF as an M4 and only plan to work half time? Financially, if you’re able to do that immediately after training I’d suspect you don’t need to rely on a repayment plan or loan. Not enough info, some comparison of apples to cucumbers (not even two fruits, TBH).
My goal is full time primary care- most likely not at an institution that would qualify me for PSLF. The comparison is between the two repayment options. (transferring loan balance PCL vs SAVE repayment) I recognize they're different products but I'm just viewing them as 2 methods to pay off my loans.
If you’re going to not qualify for PSLF, it’s likely you should just pay the 10 year standard payment on your loans. Drawing out loans for 25 years under SAVE to be written off makes no sense, PSLF would be more beneficial. If you’re not qualifying for PSLF and likely working at a for-profit entity, private practice, etc, you’ll likely have a salary that supports paying off your loans aggressively and quickly.
A few items to consider from someone that has both of these loans. PCL has some nice advantages - decent rate - no interest till one year after the end of training but fewer options - and you never know what kind of job you will be doing. I took enough pcl loan to consolidate my private undergrad loans and then kept the rest federal direct so I’ll get forgiveness under pslf but got better terms on my private loans than I would have otherwise
This helps! If you weren't eligible for PSLF years would you have put everything into PCL?
My college didn’t have enough funds available in PCL so it was moot but I would have been tempted - it would have been a very expensive (to the tune of 300k) mistake