As medical professionals, you have a very unique student loan situation. Because of the nature of your career path and income growth, 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 tuition costs have tripled and borrowing patterns have grown accordingly. There are a myriad of different variables that can affect your repayment strategy, including:
There are a myriad of different variables that can affect your repayment strategy, including:
- Length of your residency/fellowship
- Your specialty
- Income growth/potential
- Total amount of debt
- Loan types
- The age of your loans
- Marital status
- Many other unique scenarios
Common Questions You May Be Asking:
- 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?
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.