PAYING OFF STUDENT LOANS & DEBT
Paying for a medical education is challenging. In fact, the majority of medical school graduates complete their education with the assistance of student loan financing. According to 2018, for most medical students, though, debt continues to be a significant concern. According to a recent Analysis in Brief, 76% of students graduate with debt. And while that percentage has decreased in the last few years, those who do borrow for medical school face big loans: the median debt was $200,000 in 2018. At private schools, 21% of students have debt of $300,000 or more. The average four-year cost for public school students is $243,902. For private school students, the cost is $322,767. We have designed strategies to deal with student loans and devise payment options to fit your budget. Remember, student loans can be refinanced multiple times.
The student loan interest deduction allows you to take up to $2,500 off your taxable income. Whether you qualify will depend on if you paid interest on student loans in 2018 and your modified adjusted gross income (MAGI) level.
For the 2019 tax year, the Fed has increased income thresholds, meaning that more borrowers will qualify for the student loan interest deduction for taxes filed in 2020.
Tax Filing Status Phaseout Begins Phaseout Ends
Single $70,000 $85,000
Head of household $70,000 $85,000
Qualifying widow(er) $70,000 $85,000
Married filing jointly $140,000 170,000
We know that many married graduates are married filing separately to reduce income based repayments. Student loan interest and several other tax write-offs are not available for households that use this filing status. We have in house strategies to make loan interest deductible and expedite the payoff time period.
*2017 Association of American Medical Colleges.
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