Biden's New Loan Plan: Saving on a Valuable Education (SAVE) will essentially eliminate interest accumulation during Residency
Am I understanding this right?
Here is how the math works out:
You pay only if you make more than 2.25 times the Federal Poverty line, which is around $55K. This alone means that half of US residents won't pay.
Anything above that, and you only pay 10% of the gap
Any additional interest accumulation is forgiven
So those making under 55K in residency will have zero interest accumulation. But even if you make, say 75k, you would only pay $2,000 per year in residency.
Source: Student Doctor Network - Category: Universities & Medical Training Authors: HipiMochi Tags: Medical Students (MD) Source Type: forums