Happy New Year 2019!
As you are likely aware, as doctors/medical professionals, you have a very unique student loan situation.
Due to the nature of your career path and income growth, the repayment solutions you elect, i.e. every decision you make during repayment, can impact your total loan cost by tens, if not hundreds of thousands of dollars! (This is especially true in the last decade, as tuitions have tripled and borrowing patterns have grown accordingly.)
There are a myriad of different variables that inform your best repayment strategy moving forward, including:
- the length of your residency and fellowship
- your specialty
- your income growth and potential
- total amount of debt
- loan types
- the age of your loans
- marital status
and many other factors that create unique scenarios that really do require expert analysis.
Some of the most common questions you may have pondered are:
- Should I refinance?
- If so, should I refinance during residency, or wait until I’m an attending?
- How should I pay my student loans in conjunction with my financial objectives, both long-term and short-term?
- Should I file Married Separately or Married Jointly?
- How does my spouse’s income and debt impact my options?
- Is Public Service Loan Forgiveness (PSLF) an option worth pursuing, given my specific circumstances? Can I even rely on this program?
- Does it make good financial sense to complete the entire income-driven repayment option and receive forgiveness after 20 or 25 years
- If so, what type of tax consequences should I prepare for?
etc. etc. at nauseam.
The answer to these questions are different for every borrower. Any one-size-fits-all solution can be assumed to be false, or incomplete.
At Miller Student Loan Consulting, LLC we use our thorough knowledge and experience in both student loans and finances, along with our insider understanding of the regulatory nuances and back-office processing procedures for all student loan entities (including loan servicers, guarantors, lenders and federal student aid themselves) to help doctors achieve their most cost-effective – and custom – repayment experience possible.
Over 35% of our clients are physicians, and we presently specialize helping you through your unique student debt repayment journey.