Step 1 is to consolidate as much of your debt as possible into a federal loan program eligible for Re PAYE and PSLF.Almost all residents will want to go into Re PAYE with their federal loans.If you are eligible for PSLF (meaning you are employed by a non-profit throughout and after your training) you’ll want to take advantage of that with as much of your debt as possible.Step 2 is to refinance all private loan debt and enter the Re PAYE program (assuming you can make the payments) with your federal debt.[Operator Instructions] This call is being recorded. Before making any investment decisions we strongly encourage you to read our full disclosures on forward-looking and financial statements, and use of non-GAAP financial measures set forth at the end of our earnings releases, as well as review our latest filings with the SEC and the Canadian provincial and territorial securities commissions for a list of important material assumptions, expectations and risk factors that may cause actual results to differ materially from those anticipated and described in such forward-looking and financial outlook statements.If you have any objections, you may disconnect at this time. Let me begin the call by saying that at the end of 2015 we made a very difficult decision to reduce our dividend for the first and only time in KMI's history.
These include the attractive risk management elements long appreciated by the larger companies, as well as some attractive tax planning opportunities.A properly structured and managed captive insurance company could provide the following tax and nontax benefits: Since captives became accepted in the United States, a number of types have evolved. 531 (1941), which stated that insurance must include elements of risk shifting and risk distribution.These include “pure captives,” where the insurance company insures the risks of one group of related entities; “association captives,” where the captive insurance company covers the risks of the members of a particular association; and “agency captives,” where the captive is owned and operated by one or more insurance agents to insure the risks of their clients. Besides obtaining an insurance license from a state or a foreign jurisdiction, the captive must provide insurance to the operating company or its affiliates. To meet the risk-shifting requirement, the operating company must show that it has transferred specific risks to the insurance company in exchange for a reasonable premium.The sheer size as a leveraged buyout is unprecedented.The amount of debt used to finance the deal is staggering.
Although there are sometimes exceptions, it is helpful for borrowers, particularly medical school borrowers, to see the rules of thumb all mapped out in a helpful way.