April 2019 PULSE

APRIL 2019

IN THIS ISSUE Clinician’s Corner by Kasey Adinolfi The Benefits of Pilates in Rehabilitation

THE GRAHAM SESSIONS

The twelfth annual Graham Sessions were held in Austin Texas on March 1st and 2nd. As I have mentioned in the PULSE previously, the Graham Sessions are considered a “think tank” regarding issues facing the profession of physical therapy. I have had the privilege of attending nine so far, and at each one I gain new insights and leave with ideas and questions to bring back to PTSMC. As conferences go, it is a small gathering of approximately 150 attendees from across the country. The small size is intentional, as is the format. This year there were five panel discussions along with “What I Believe” speeches.

The panel discussions covered a range of topics including payer issues, APTA governance, the value of a PT education, APTA membership, and power dynamics between patients and providers. PTSMC’s own Stephanie Weyrauch, PT at our Orange location, did a great job as a panelist strongly in favor of APTA membership!

Each panel discussion is followed by an “open mic,” where members of the audience can pose questions, challenge the panelists, or offer conflicting opinions.

Great learning opportunities for sure!

The speeches are essentially TED Talk style addresses of about 15 minutes, with each topic being chosen by the speaker. As you might imagine, some of speakers choose to address professional issues while others take a deeply personal approach to the prompt, “What I Believe.” The seven who presented did so with poise and purpose.

While these formal presentations are valuable, one of the most powerful elements of the Graham Sessions for me is not actually on the agenda. The networking and depth of conversation with other leaders in the field are outstanding. I think there are several contributing factors to this.

PTSMC Wellness Program Join us for the May meet-up 401k Updates Legal Wellness #GetMoving Challenge HR Buzz

The Graham Sessions draw a wide spectrum of participants. This year I was fortunate to spend some time with individuals ranging from a friend who has a single practice in Maryland to the president of the APTA and the CEO of USPT (all PTs).

The common thread of these conversations, and virtually every other one I had in Austin, was gratitude. There was an inherent appreciation of the role we play in improving the quality of people’s lives.

April 11th 5 - 7 pm Join us at PTSMC Orange for food, drinks, and fun!

StriveHub Fab 5

“Anthony (Ciaburri) and his team are extremely Whenever I attend this event, I am always inspired and knowledgeable and go above and beyond to care for energized by the dedicated people working to push the their patients. I have been to several other physical PT industry forward. Perhaps more so, I am always proud therapists and can honestly say that this is the best to tell them about PTSMC, our excellent people and our commitment to the communities we serve. While I take care a patient can receive.” - Orange

a lot from this annual event, I believe others learn just as “The team environment is energetic, and they are all much from us and how we approach PT. Thanks for doing it right!

PTSMC’s Organization Inservice is going On The Road! As our geography spreads it becomes challenging to have a full staff Organization meeting. Our alternative for 2019 is to have four HOST locations that will house regional clinics for a midday lunch meeting; (leave the clinics at 11 and return by 1:45). Alan, Mike and Sands will come to those host locations and present the same meeting. Those employees receiving years of service milestones will be recognized at their meeting. Below are the HOST clinics and the regional clinics.

May 7 May 9 May 14 May 23

Attending clinics

Money Beat by Jim Hungerford The Basics of Student Loan Refinancing and Income-Driven Repayment Plans

The small size of the conference supports a more Common April HR Questions thoughtful dialogue. The topics are challenging and not “solved” at the conference, leaving it so that ideas are National Athletic Training Month Spotlight spurred and more exploration is required. Lastly, the inspiration and emotion provided by the “What I Believe” presentations create a level of openness and personal Orange Grand Reopning! reflection that is not common at similar professional gatherings.

2019 Organization Inservice goes on the road!

Host

Do you have student loans? This is a must read!

Avon

Wallingford

Southbury

Westbrook

Newington Plainville Southington West Hartford Windsor

East Hampton Guilford Middletown New Haven Orange

Naugatuck New Milford Waterbury Watertown

Branford Essex Groton New London

very knowledgeable. Being in an atmosphere like this makes recovering from injury or surgery less stressful.” - Wallingford

“Erik (Schmitt) is a very knowledgeable PT who takes his time to educate and ensure proper form.

Working with Erik has been a pleasure, and his advice has already helped my conditions to improve.”

- Westbrook “The care I received was exceptional. The whole staff was so upbeat that I enjoyed coming. The facility was very clean and bright. I will highly recommend to anyone who needs PT.” - Southington “Everyone seems to know what they are doing and are very friendly. Bryan (O’Neill) is the nicest guy.

He works on your injury in a very professional way, and he still listens to you. Love this place.” - New Milford

CLINICIAN’S CORNER The Benefits of Pilates in Rehabilitation

In 1945, Joseph Pilates wrote Return to Life and described what he termed “Contrology”, the art of body control. I am not a Pilates instructor, but as a physical therapist, this is what we strive to teach our patients everyday—how to control and improve movement in order to heal and prevent injury. I have been privileged to learn Pilates through personal instruction over the years and most recently, through a MedBridge continuing education course taught by Sherri Betz PT, GCS, CEEAA, PMA-CPT. Pilates incorporates so much of what we work to achieve in physical therapy for a variety of impairments and diagnoses. It is not only beneficial for the spine but for the body as a whole, as practice begins with stability and then progresses to supported mobility, emphasizing thoracic extension. With its focus on hip extension, thoracic extension, leg strength, and balance, Pilates can be described as a “fountain of youth” approach to exercise and rehabilitation, helping to prevent the declines that can occur with aging (Betz).

Like most exercise practices, Pilates movements range from beginner to advanced levels, and it is important to remember that “70% of the movements are contraindicated for osteoporosis, disc pathologies, and sciatica” (Betz). However, exercises can be modified, especially for older adults. Betz teaches Pilates for bone building, aimed at patients with osteoporosis.

“Older adults need low cost, long term group exercise programs targeted to their level of fitness and function,” Betz explains, and Pilates is a great way to bridge the gap from physical therapy to independent ongoing exercise. Betz states that the priorities for these patients are to protect from fracture, teach neutral spine alignment, teach hip hinge movement, avoid spinal flexion and end range side bending and rotation, practice single leg balance, and learn to breathe with good rib movement and deep abdominal contraction.

Once these areas are mastered by the patient or client, then he or she can begin bone building, as these foundational movements protect the spine from injury.

One of the most significant lessons taught in Pilates is how to attain your neutral or optimal spine alignment, which is a position that is slightly different for everyone. Facilitating core control is essential, and Betz describes one of the best cues to teach patients to recruit their deep abdominal musculature. The instruction is to lift your ribs up and off of the pelvis. In doing so, the patient can then find their neutral or optimal spine alignment, the position in which “all spinal segments, disc spaces, facet joints, foraminal openings, sacroiliac joints, and pubic symphysis bear an equal distribution of forces.” In this way, “the neutral spine position lifts pressure up and off of the nerve roots” (Betz). So although many of the more traditional Pilates movements are contraindicated for disc pathology, modified mat exercises can be very beneficial for this patient population.

KASEY ADINOLFI PT, DPT ASSISTANT DIRECTOR SOUTHINGTON And in the long term, these patients can benefit from developing spinal awareness skills with more advanced exercises, including squats (using dowel on head, mid back, and sacrum initially to train neutral spine maintenance throughout the range of motion), lunge progressions, hip hinges or chair pose, quadruped activities, and floor transfers.

In this age of constant cell phone use, “text neck” and thoracic kyphosis have become growing problems, even in our younger population. As an aid in neck pathology, Pilates emphasizes proper breathing with good rib movement and deep lower abdominal contraction as well as thoracic extension activities, targeting the upper thoracic spine. Betz also describes helpful cueing for teaching patients to activate the deep neck flexors with instruction to pull the throat up and back, as opposed to just tuck the chin back.

I certainly have more to learn, but I have utilized Pilates in developing effective therapeutic exercise programs for my patients, especially those with spinal impairments. There are exercises that are very gentle for the acute patient and then also, quite advanced exercises for the work hardening patient trying to get back to work. Because of its emphasis on spinal awareness and proximal stability, Pilates helps individuals to become more conscious of every movement they do. And as we physical therapists know, when you move better, you feel better!

Southington PT Aide and Certified Pilates Instructor Sara Miller teaches a Pilates class at PTSMC Southington every Tuesday morning. For more information on the class, please visit ptsmc.com/pilates-class.

MedBridge Education: Andrew Mickus, Director of Course Development. 1633 Westlake Avenue North, Suite 200, Seattle, WA 98109. Course: Introduction to Pilates for Rehabilitation. Instructor: Sherri Betz, PT, GCS, CEEAA, PMA-CPT. Completed 3/10/2019.

CLINICAL EXCELLENCE Audit Team Expansion

Orthopaedic Residency

Calling all clinicians! Are you looking to increase your leadership role and responsibilities within PTSMC? We are excited to announce that our Audit Team is expanding. We are looking to hire one current PTSMC Physical Therapist who would like to become an internal auditor.

This role will entail about 20 hours/quarter of audit work outside your scheduled work week and can all be done from the comfort of your own home.

There is a very organized, systematic process in place. Our seasoned auditing team will train and support the new auditor. This position is an immediate opening.

For more information, reach out to Emily Hansen (Emily.hansen@ptsmc.com) or Michelle Gallerani (michelle.gallerani@ptsmc.com).

STUDENT PROGRAM UPDATE Zach Breen (UCONN) will finish his final affiliation with Tom Kassan at the beginning of this month.

"How to Rehab the Rowing Athlete" is the topic of his April 3rd inservice at 12:00 pm in Avon.

2019 Courses Email coned@ptsmc.com to attend

April 30, 4 pm - 8pm PTSMC West Hartford Understanding Pain and Building a Therapeutic Alliance Tom Kassan | Internal

September 28-29 PTSMC Guilford Therapeutic Neuroscience Education: Teaching People About Pain Clinicians $475

May 17-19 Sacred Heart University Physical Therapist Myopain TDN 2 Avon Clinicians $995 Newington (part-time)

October 12-14 Sacred Heart University Myopain TDN 3 Clinicians $1,095

Email coned@ptsmc.com to register

Southington

* Cost is subject to number of participants, meals and any additional instructor expenses.

now accepting applications for our 2019-2020 PTSMC Orthopaedic Residency Class!

Program Details: • 3 hours weekly didactic instruction (45 weeks total) • 3 week Evidence Based Practice and Statistics Course • 14 week Lower Extremity Course (Foot/Ankle, Knee, and Hip) • 14 week Spine Course (Lumbopelvic, Thoracic, Cervical, and TMJ) • 14 week Upper Extremity Course (Shoulder, Elbow, Wrist/Hand) • 1 hour monthly case discussion • 1 hour monthly journal club • Coursework (300 hours combined lecture/lab & home study) • External home study courses from the APTA Academy of Orthopaedic Physical Therapy; • Current Concepts in Orthopaedic Physical Therapy, Pharmacology, Clinical Imaging, Frontiers in Orthopedic Science, and Post Operative Management of Orthopedic Surgeries The one year Orthopaedic Residency program is completed while maintaining a clinical care schedule.

PTSMC offers two options for clinical care: • 40 hour work week (four 10 hour days) and maintain full salary • 32 hour work week (four 8 hour days) with salary reduced 20%.

The other 8 hour day is devoted to didactic instruction, clinical mentorship, journal club, and case discussion.

Repayment plans and service forgiveness options are available for clinicians interested in PTSMC’s Orthopaedic Residency. Please inquire for more information.

Applicants will be evaluated on the following: • Curriculum Vitae/Resume • Personal Essay Statement • Interview with faculty • Two Professional letters of recommendation from faculty and/or work managers (Relationship of recommenders to you must be in a supervisory capacity) ***Applicants must have a valid PT license prior to the start of the residency program on August 26th*** PTSMC Residency is focused on: • Growing and honing clinical delivery skills • Preparing for orthopedic board certification exam • Preparing for potential future PTSMC clinic ownership or leadership Residents who successfully complete the program will continue their professional development in the PTSMC Leadership Development Management Program, which ultimately leads to clinic ownership.

PTSMC clinicians who attended the Dry Needling Course at Sacred Heart on March 8th -10th. Thanks to Rob Bass for sending this photo!

If you are interested in applying you can do so online here: https://rfptcas.liaisoncas.com/applicant-ux/#/login Deadline to apply is June 1st! Please email Mike Gans at mike.gans@ptsmc.com with any questions.

Life Beat

Spring Cleaning Checklist

Financial Wellness - 401(k) On March 15, 2019 PTSMC made the 2018 Safe Harbor 3% Contributions to all eligible 401(k) participants. Be sure to login to your Personal John Hancock Online account to see YOUR contribution. This will also be reflected on your quarterly statement that will arrive in April.

You haven’t set up your Personal John Hancock Online account? It is so easy! Send a quick email to Sandy.Mason@ptsmc.com for instructions.

#GETMOVING

Here are some reflections, tips and information about PTSMC 401(k) Retirment Plans from our Investment Advisors, Connecticut Wealth Management.

2018 Investment Reflection The graph shows Investment results for 2018 and a three year view:

2018, not a great year, however the three-year view is favorable.

Some Tips and News!

• Avoid second guessing your investment strategy due to one year of negative perfomance. The market was no friend to conservative, diversified investors last year.

• Stay focused on the long term! Three-year returns are strong even when we include last year.

• History has shown us that patience and diversification are virtues when it comes to investing - see chart below.

• Plan servicing fees will be reduced in 2019!

YES! You read that last bullet correctly. We were able to reduce the servicing fee for 2019 by 15 basis points. What this means is that less of your hard-earned money will go to fees and more stays in your account to be invested for long term growth. Previously the servicing fees were 125 basis points, meaning for each $100 dollar invested, $1.25 went to fees. With this reduction, for each $100 dollar invested now, $1.10 will be toward fees. This doesn’t sound all that exciting on $100, but as your account balance grows and is invested over a longer period of time it becomes much more meaningful.

Fund changes effective 4/1/2019 Added: • Vanguard Target Date Fund Series (less expensive, set it and forget it option) • Domini Impact Equity Fund (socially responsible investments) • DoubleLine Total Return Bond Fund (renowned bond fund manager) Dropped: • DFA International Value Fund (already have an appropriate option in this space) • Small Cap Value Fund (already have an appropriate option in this space) • Pimco Commodity Real Return Fund (not a necessary allocation given current economic conditions) A more formal notification of these changes will be sent to all eligible plan participants via email.

PROOF DIVERSIFICATION WORKS The chart below compares over the past 18 years how a diversified investor has done vs the S & P 500. The most important statistic of the graph are the last two lines showing the TOTAL RETURN and the Dollars Bases on a $100,000 investment.

tMoving

#Ge

challenge

Legal Wellness for All Employees PTSMC is excited to announce LegalShield legal and identity theft protection as a new voluntary benefit for 2019!

It’s been a great first two weeks to our #GetMoving Challenge!

Over 40 people are participating!

Below are some of the great benefits Legal Shield has to offer: • Access identity theft monitoring and comprehensive restoration services for your entire family--all for one low price. Use the informative link below for more information: https://connect.legalshield.com/videos/idshield • Have your Will and Testament and health care power of attorney prepared or updated. Receive unlimited legal advice for personal matters from qualified law firms. Access a 24/7/365 attorney hotline in case of covered emergency situations. Use the informative link below for more information: https://connect.legalshield.com/videos/legalplan • Get Discounts at 400+ partner companies (Apparel, Cell Phones, Electronics, Entertainment, Rental Cars & more)

May Wellness Meet Up Saturday, May 4th 9 am - 12 pm PTSMC Southington

Be on the lookout for emails and GoTo meetings that will be scheduled in April to enroll in any of the voluntary benefits offered by LegalShield.

MaRCH Wellness Meet Up

Sara Miller, PT Aide and Certified Pilates Instructor is hosting an event to celebrate International Pilates Day. She will teach a free Pilates class from 9:30 -10:30 am. There will be light refreshments and a complementary 10 min chair massage.

Registration is required for this event.

Email wellness@ptsmc.com to register.

Please bring in an item to donate to Bread for Life in Southington. Suggested items include non-perishable food items and toiletries.

Thanks to everyone who attended the first Wellness Meet Up at the West Hartford Reservoir on March 30th.

HUMAN RESOURCES How do I know if my vacation requests have been approved by my manager?

Click on the time off icon in Time and Attendance where your current vacation balance is displayed

Common April HR Questions After filing my 2018 tax return, I owe money to the federal government and the state of CT. How can I change my federal and state deductions?

Your request status, approved, requested or denied will be displayed.

Employees who would like to change their federal or state deductions can print, complete, and sign a Federal or Connecticut W4 form.

Both forms are located in the Human Resources section of Paychex under company documents. Email the completed forms to Sandra Boccialetti and the changes will be made the following pay period.

Changes to your deductions can be done at any time and as many times as you would like during the year.

Click Here Forms under Company Documents

When will I receive my Attendance Reward?

If you have had perfect attendance for the 4th quarter of 2018 and 1st quarter of 2019 you will receive your gift card

by April 30th. Perfect Attendance is based on no sick time or unpaid time taken and reporting to work at your scheduled time each day. Employees who miss scheduled work time and make up the time within the week are not eligible.

to the following employees who have achieved advancement in the PT Aide Skill Base Levels

Stephanie Brilla Jake Courtman Cassidy Elm Bailey Lyons Kyle McCormick Tara Melaccio Noah Rattet Miriah Ventre

Southington Guilford Waterbury New Haven Guilford Guilford Guilford Guilford

Sara Miller Dominique Riley Danielle Spinella Eric Welles

New employees are eligible at the completion of their probation period and enter the plan at the start of the next business quarter.

Our Spring 2019 Get Together is the Hartford Yard Goats game on May 11th at 6 pm on the Heineken Party Deck!

When an employee achieves the attendance reward, they are eligible for the next award at the start of the next business quarter.

Only two awards can be rewarded in a 12-month period.

APRIL BIRTHDAYS Paulina Davidson Stef Cagno Abbey Roderick Erik Lanese Jennifer Catuccio Zach Rodegher Ariel Toth Erin Walsh Kristin Gilbey Rick Purdy Carol Corbo Chloe Pearce Amy Arnio

2 5 11 11 11 13 14 16 16 17 22 22 23

Groton Admin New London Waterbury Watertown Newington Naugatuck Waterbury Avon New Haven Waterbury Groton Admin

Southington Orange Guilford Plainville

Amy Platt Ashley Figueiredo Hannah Fields Emma Belval Jim Hungerford Patrick Brodoff Tabby Johnson

23 24 26 27 28 28 29

Guilford New Milford Middletown Westbrook Admin Newington New London

ANNIVERSARIES Jessica Decoteau Janelle Berry

Groton Wallingford

Physical Therapy Aide Physical Therapy Aide

EMPLOYEE NEWS

NEW EMPLOYEES Welcome to PTSMC. We’re so happy to have you!

Jacky Severance PSC Middletown

From left to right:

Michaela Day- PT Aide Wallingford Hannah Joyner- PT Aide New London Zach Rodegher- PT Aide Newington

Physical Therapist New Milford Southington Auditor (20 Hours/Quarter) Admin - this is open to current PTs

Amber Manville PT Southbury

CURRENT JOB OPPORTUNITIES AT PTSMC Patient Services Coordinator Guilford West Hartford Westbrook

Jill Mastrianni Director of Payer Relations Admin

Physical Therapy Aide Essex Groton Guilford Middletown Naugatuck Southbury Windsor

Check PTSMC.com for our most up to date postings and feel free to share! We’re always interested in connecting with referrals of colleagues and friends.

Call Karen if you are interested in a position.

Congratulations!

BRAG about your coworker’s dedication to PT for Life!

What a great time to BRAG a little about your co-workers and how their PT for Life actions are making a difference. Please take a few moments to “boast” about that coworker.

Below are suggested areas for recognition of special things a coworker is doing: • To help a patient • To help the clinic • For another person linked to PTSMC Employees will be recognized, receive a written recognition and have their photo taken at the Organization Inservice. Recognitions will be included in a special edition of the PULSE after the Inservice. You can choose to have your name stated or remain anonymous at the Inservice and in the PULSE.

Bryan Baker, PT Westbrook, married Liane Moses on March 16, 2019.

To make this process easier and to generate increased participation, a template will be emailed to all PTSMC employees!

Fill out the template and submit your recognition to sandra.boccialetti@ptsmc.com by Tuesday, April 30, 2019.

PTSMC Happenings

- OUT IN THE COMMUNITY THIS MONTH Wednesday, April 10th at 10 am Kristen Ludwig presenting “Anti-Inflammatory Foods and Type 2 Diabetes” at Elmwood Senior Center Thursday, April 11th at 11 pm Colleen Menard presenting “Vertigo: It’s Enough to Make Your Head Spin” at the Sherman Senior Center

Lauren Peladeau, PT Groton, presented “PT for Pain Management” at the Groton Senior Center. A former patient attended the talk and gave Lauren flowers.

Hailey Lugo, AT New London, was recognized for her dedication to Waterford High School athletes.

Saturday, April 27th at 8 am Avon, Newington, Plainville, West Hartford, and Windsor at the Hartford Walk Against Hunger Sunday, April 28th at 7:30 am Rebecca Petrosino representing Fairfield at the Junior League 5k

New Haven celebrated Andrew Perazella’s (right) 1st perfect day: a full schedule, no spots open, and no cancels or “no shows”.

He’s pictured with Partner & Director Fred Havlicek.

Avon staff celebrated St. Patrick’s Day by dressing for the holiday!

Watertown, Waterbury, New Milford, Naugatuck, and Southbury staff attended the Shamrock Shuffle.

Groton and New London staff attended the Hare Hop 5k in Mystic.

Special feature - March was national athletic training month!

Thank you to the Athletic Trainers for helping us gather content for National Athletic Training Month.

Bethany Grady, AT from Groton at Robert E. Fitch High School, filmed a video, “How to Prevent Shin Splints This Season.”

The Athletic Trainers filmed a video montage of them saying what it means to be an athletic trainer. Pictured above is Jenna Bouffard, AT from Watertown at Watertown High School.

By Jim Hungerford, CPA

Do you have student loans??

The Basics of Student Loan Refinancing and Income-Driven Repayment Plans If you’re a bit overwhelmed with your student loan debt, you’ll want to consider all the alternatives available to you when it comes to repayment of these loans. While Loan Forgiveness is a catchy phrase these days, most loan forgiveness plans revolve around work in government or for a non-profit. Two helpful options are student loan refinancing and income-driven repayment (IDR) plans, each of which could lower your monthly payment and make repayment a bit easier on the wallet.

Here is a recap of the two choices you have – refinancing and repayment plans - to help you understand what is available to you.

Refinancing vs. income-driven repayment plans (IDR)

One of the main calling cards of student loan refinancing is that it could lower your monthly payments. Income-driven repayment plans for federal loans also afford you this breathing room.

One key distinction is that refinancing is completed with a private lender, allowing you to consolidate both federal and private loans.

Using your credit score as its guide, lenders quote you fixed, variable or hybrid interest rates on a consolidated loan that you would use to pay off all your original debt. Typically, you can choose to repay this new, refinanced loan over a variety of different term options, usually ranging between five and 7 years.

IDR plans, meanwhile, are solely available through the Department of Education (DOE), so only federal loans are eligible for this option.

By choosing one of four IDR plans, you could repay your loans over 20 to 25 years, rather than the 10 years afforded by your original standard repayment plan.

To choose the best strategy, first, consider your goals. You might be motivated to do more than lower your monthly payment, for example. You could also be hoping to do one or all of the following: • lower your overall interest rate • retain your federal repayment protections • repay your debt as soon as possible Think about what could help your situation most. Then you can see how that matches up with what refinancing and IDR plans make possible.

3 reasons to refinance your student loan debt

As you consider refinancing college debt, note that lenders will need to decide whether you’re creditworthy before you can take advantage of this option. Unlike applying to switch to an IDR plan, obtaining refinancing will depend on factors, such as your credit history and income to debt ratio. If you have other debt such as high credit card debt or a new car loan, this may make it tougher (but not impossible) to refinance.

Lenders typically look for a 35-40% or less debt to income ratio. The ratio simply adds all your monthly debt payments and divides it by your monthly gross income (before taxes).

1. Lower your monthly payment — and your interest rate

By switching from a standard 10-year repayment plan to, say, a 15- or 20-year term with a refinancing lender, you could reduce what you owe each month. Like with IDR plans, however, this also increases the total cost of your debt because you’ll end up paying more interest since the term of the loan is stretched out to make your monthly payments smaller.

The real advantage of refinancing is that you could secure a lower interest rate, cutting down on the interest you’d repay over time. Lenders typically offer lower variable rates that could rise during your repayment, as well as fixed rates that remain unchanged for the entire term of the loan.

On the other hand, if quickly ridding yourself of debt is the goal, you might opt to make more substantial payments over a shorter time frame, maybe a term of 5 or 7 years. That could add up to serious savings.

2. Consolidate your federal and private loans

You might not just be sick of the size of your monthly payments, you could also be frustrated by having to juggle a bunch of different payments to various lenders or servicers. Through refinancing, your new lender would pay off all your old loans. Going forward, you’d send just one monthly payment to one place.

3. Start fresh with the lender of your choice

When you borrowed federal loans in the first place, you didn’t get to choose your loan servicer. And if you took out private student loans, you might have come to regret the lender you chose back when you obtained the loan. By refinancing, you choose which lender you’d like to manage your newly consolidated debt. Banks, credit unions and online lenders are all competing for your business.

When selecting a lender to refinance your education debt, ensure they meet all the criteria you’re looking for, whether that’s a low rate, speedy customer service or even the option to pause your repayment if you suffer a financial hardship or medical issue.

2. Switch plans easily (without needing a strong credit history)

Applying for an IDR plan usually takes 10 minutes or less. You submit an Income-Driven Repayment Plan Request for each of your loans at StudentLoans.gov. Then you provide your federal income tax return information or alternative documentation, such as a pay stub. Unlike with refinancing, your credit history won’t factor into this process whatsoever. Also, if switching to an IDR plan helps you keep pace with your repayment, then it could help you build a better, stronger credit history. That may come in handy if you decide that refinancing is right for you down the road.

What if you don’t qualify or were rejected for loan refinancing or consolidation?

Unfortunately, loan refinancing is not guaranteed. If you get rejected, some lenders will still offer you a loan consolidation if you have a co-signer on the loan, like a parent. Co-signers basically guarantee to pay the loan if you can’t or don’t. Most lenders will release the co-signer after a certain period of on time payments, say 5 years. Or you could refinance again the lower principal amount later on and remove the co-signer once your debt to income ratio has improved.

3 reasons to opt for an income-driven repayment plan (IDR)

IDRs are another good option if you have federal loans. Federal income-driven repayment plans offer more than just student loan forgiveness. They’ll make your student loans more affordable in the short term as well by capping your monthly payments at 10% to 20% of your discretionary income.

1. Lower your monthly payment to a percentage of your income

If you’re currently paying more than 10% of your income on your federal student loans, you could loosen their stranglehold on your net check with an IDR plan. Three of the four IDR options cap your monthly payments at one-tenth of your discretionary income. Discretionary income is considered an amount after you pay taxes, rent, utilities, etc.

• Pay As You Earn (PAYE) and Revised Pay As You Earn (REPAYE) programs each limit your monthly payment amount to 10% of your discretionary income and require you to certify your income and family size every year. If you’re in the PAYE program, you Federal Direct or Consolidation loans will be forgiven after 20 years. If you’re in the REPAYE program and went to school beyond undergraduate, your remaining balance would be forgiven after 25 years.

• Income Contingent Repayment plans (ICR) reduce your payment to around 20% of your discretionary income and qualify for forgiveness after 25 years of payments.

• Income Based Repayment Plans (IBR) reduce your payment to 15% of your income and also qualify for forgiveness after 25 years of payments.

Understand, not all plans are created equally. If you’re married, for example, you might pay more per month on the REPAYE plan as it takes your spouse’s income into account. Your monthly payment could also increase from year to year. With any IDR plan, you would need to recertify your wages and family size annually, and then your loan servicer adjusts your monthly payment accordingly.

3. Keep your government-exclusive repayment protections

By merely switching repayment plans within the federal aid system, you wouldn’t lose the perks that only the government offers. These benefits center around repayment protections in case you struggle to make payments even after switching to an IDR plan. The protections include: • Repayment plans: You’re not locked into a plan forever and could always switch to suit your needs best.

• Deferment and forbearance: You can stop your payments for certain hardship reasons, although interest will continue to accrue.

• Loan forgiveness: With IDR plans, whatever you owe after 20 to 25 years of prompt payments is forgiven.

One note on Federal Perkins Loans: The Perkins Loan program

expired in 2017, but many graduates still carry this type of debt. It works a bit differently than most other federal loans —each loan is made directly to you from the school itself. That means that when it comes time to apply for forgiveness, you’ll need to contact the school itself for an application. In most cases, you will need to have served in the military, worked in government or worked at a non-profit for a certain period of years, to get this loan forgiven.

Lenders to look at for private loan refinancing: Local banks: Citizens Bank (high ratings from consumer reports), Webster Bank.

Nationwide Lenders who rate well: SoFi, Credible, Earnest, LendKey. State Agencies: CT Higher Education Supplemental Loan Authority (CHESLA).

Please email mallory.mason@ptsmc.com if you would like additional copies of this article.

Today more than

44 million

borrowers owe collectively more than

$1.5 trillion

in student loan debt in the US.