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Financial Residency

Mar 13, 2018

We take on 5 listener questions, helping them understand their options concerning their student loans and hopefully inspiring all of you to get organized and take control over your finances.

Robert Farrington and I discuss in detail the best student loan forgiveness program available for physicians, public service loan forgiveness (PSLF) as well as our opinions on when you should look at refinancing out of the federal loan program.

In this episode, we answer the following questions.

1. What are my tips to help my clients to pay off their student debt? When should someone use a variable vs. a fixed rate when refinancing? What is better, the debt snowball method or the debt avalanche method when paying down debt?

2. 5 years into a 10-year process, are there any programs that we should consider? Is it even worth it to look into loan forgiveness programs at this point?

3. Do we put all our eggs in one basket hoping that PSLF happens or do we refinance the student debt and hope to pay it off in a 5-year time frame?

4. Is it better to pay the minimum and invest the rest or if it’s better to pay a few hundred a month to cover the actual payment?

5. Should we start paying off some of their student loan debt, even though it won’t make a huge dent in the overall balance or should we wait until after residency? If we wait until after residency, what should we be doing with the savings right now? 

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