Trick or Treat? Separating Good Advice from Scary Sales Pitches

Maxing out your workplace retirement plan might give you a false sense of being on track.

On January 15, 2025, the Department of Education (DoED) released some important updates about the SAVE plan and Income-Driven Repayment (IDR) plans With all the changes happening, it can be a lot to keep track of, so we’ve broken down the key updates for you: 1. Extended Forbearance Period One of the biggest changes is the extended forbearance period. If you’re on the SAVE plan or another affected IDR plan, you’ll stay in an interest-free forbearance until servicers can roll out accurate billing systems, which won't be until September 2025 at the earliest. This means: Your first payments won’t be due until December 2025. You don’t need to make any payments during this time, and interest won’t accrue. However, keep in mind that this period won’t count toward Public Service Loan Forgiveness (PSLF) or IDR forgiveness. 2. Recertification Dates Pushed Back For SAVE borrowers, the recertification deadlines have been pushed back too. Your anniversary recertification date will now be no earlier than February 1, 2026, and then there will be rolling deadlines after that. To make sure you don’t miss any recertification deadlines you may want to sign up for auto-recertification so you stay enrolled in your plan without having to worry about missing a deadline.

If you are just starting your career as a physician, your ability earn an income is your most valuable asset It is the foundation upon which your financial security and future plans are built. While you may believe that the chances of a catastrophic event occurring are low, the reality is that life is unpredictable. By insuring your income through long-term disability and life insurance policies, you can safeguard yourself and your loved ones against worst-case scenarios.