The Supreme Court recently struck down the Biden administration’s plan to cancel up to $20,000 of student loan debt for certain borrowers.* While this ruling is important, it’s just a drop in the bucket for most newly minted dentists, who are graduating today with student loan debt averaging over $300,000. Worse yet, many graduates from specialty residency programs have student loan debt totaling $400,000-$600,000 or more.
Interest And Payments Resuming Shortly
Of much greater importance is recent legislation ending the pause on interest accruals and student loan payments, which began on March 13, 2020. The new law ends the moratorium, effective August 31, 2023, and applies to 42 million borrowers who owe about $1.4 trillion in federal student loans. The moratorium saved borrowers about $5 billion a month, or approximately $400 a month per borrower on average. Fortunately, the forgiveness clock has continued to run during the moratorium on the total time needed for Public Service Loan Forgiveness (PSLF) and for the Income-Driven Repayment plans (IDR) forgiveness as discussed below, which is exceptionally good news for many young doctors burdened with large student loan balances.
Fortunately, you’ve got some time to prepare for the coming shock to your wallet! While the student loan pause expires August 31, 2023, it will take
Log in to view this resource
Not Yet a Member?
Join The McGill Advisory with a money-back guarantee
Learn More
Join
Start Your Free 45-Day Trial Membership
Begin increasing your wealth—by saving on taxes, boosting practice profit, conserving what you earn, and ensuring a successful retirement.
Your 45-day free trial entitles you to an 8-page monthly newsletter, plus unlimited online 24/7 access to hundreds of tax reduction, practice management, wealth protection, and retirement planning solutions. No obligation, no credit card.
Free 45-Day Trial Membership
The McGill Advisory content Is provided For informational purposes only And does Not constitute legal, accounting, Or other professional advice.
Copyright © 2025 John K. McGill & Company, Inc.
Personal Finances | Debt Management
Federal Court Halts $500 Billion Student Loan Forgiveness Plan (SAVE)
Read Article
Personal Finances | Debt Management
4 Steps You Must Take With New Student Loan Changes
Read Article
Personal Finances | Debt Management
4 Powerful Strategies To Pay Off Student Loans Faster And Secure Financial Freedom
Read Article
Personal Finances | Debt Management
Courts Block Student Loan Forgiveness Program
Read Article
Personal Finances | Debt Management
What’s The Fastest Way To Pay Off Student Loan Debt?
Read Article
Personal Finances | Debt Management
Biden Accelerates Student Loan Debt Forgiveness
Read Article
Once you have created your account, click below to refresh this page and access this content.