Career and Life Planning Guidebook for Medical Residents

Recommended Tool Medical School Loan Calculator-Can I Pay Back My School Loans Use this calculator to determine your estimated tax liability along with your average and marginal tax rates. "High-income" workers may experience an increase in federal taxes due to changes in tax laws such as personal exemption phaseouts, limits to itemized deductions, Medicare tax on investment income, and tax brackets. http://md.careers/C-06 HOW THE TEN-YEAR PROGRAM WORKS While you are employed full time for a public service organization (including residency/fellowship), you must make 120 full, on-time, monthly payments. Note that ifyouhaveFFEELand/orPerkins loans, you need to consolidate them into a (direct consolidation loan) to take advantage of the program. Qualifying employment is any employment with a federal, state, or local government agencyOR a non- profit that has a 501(c)(3) status. This also includes certain non-profits that aren’t 501(c)(3) s. LET ME EMPHASIZE THIS STRONGLY- if you are employed by a hospital that has a non-profit 501(c) (3) status- you are probably eligible for this program! Make sure you verify that the division of the organization that employs you is actually a non- profit entity. Some non-profit hospitals also operate for-profit subsidiaries. The bottom line is to make sure you enroll AS SOON AS POSSIBLE while you are in residency or fellowship! Here’s how the ten-year program works: If you have FFEEL and/or Perkins loans, you need to consolidate them into a direct consolidation loan to take advantage of the program. This is a process will take one to three months to complete depending upon your situation. SECTION III: T MINUS ONE YEAR CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 370