For those of us enrolled in SAVE and are either a resident or new grad, this post is for you!

Let’s start with recertifying your income driven repayment plan. This is done annually, and you can find when you need to do this by going to studentaid.com –> my aid –> loan details –> IDR anniversary date. 

When you do recertify your income driven repayment plan, it uses your most recent tax filings. As of right now, my SAVE plan is using my tax filings from when I was a resident. 

Currently, I am a recently graduated attending. When I file my taxes, it will be based on half a year as a resident and half a year as an attending (which is higher than my resident salary). 

If I were to file my taxes in March and then recertify my student loan repayment in August (which is when I am due to recertify), I would have a higher minimum payment compared to what I currently pay. 

From what I have read, a way around this is to file an extension on your taxes. Once I do this, it will allow me to recertify my student loan repayment in August and it will use my previous 2023 tax filings. Then I will file my taxes after that. 

I will then repeat the same thing next year. This allows me to take advantage of a lower minimum payment for six extra months this year, next year, and then come August 2026 it will depend on what the payment will be. 

Examples are always helpful:

2023-2024:

Current payment under SAVE plan: $356 a month (resident PGY3 income)

Interest per month based on my loan amount at 6% $1,275.

SAVE plan paying $920 a month of my interest 

Effective interest rate – 1.6% on my loans

2024-2025:

File an extension to make tax filing day in October 

August 2024 – recertify my loans based on taxes in 2023 (resident PGY4 income)

Payment likely ~$500 a month

Interest per month based on my loan amount at 6% $1,275

SAVE plan paying $775 of interest per month 

Effective interest rate – 2.3%

2025-2026

File an extension to make tax filing day in October

August 2025 – recertify my loans based on taxes in 2024 (half resident – half attending income)

Payment TBD

Note: if payment is higher than minimum payment, then will refinance here. Versus repeat the process and refinance in August 2026

If anyone has done this and it worked out, please chime in down below! But as of right now, this is my current plan. Let me know what your thoughts are!