how physicians can eliminate their student loan debt public service loan forgiveness

How to Crush Your Student Loan Debt

Student loan debt expert Robert Farrington and I answer 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. We discuss in detail the best student loan forgiveness programs 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.

Remember, if you have a question keeping you up at night and would like to be featured on the podcast, record your most important financial question today.

In this show we answer:

Vivek asks:
What are my tips to help my clients to pay off their student debt? With all the private student loan refinance companies, they all offer variable and fixed rates. When should someone use a variable and when should someone use a fixed rate when refinancing? What is better, the debt snowball method or the debt avalanche method when paying down debt?

Curtis asks:
We are 5 years into the student loan repayment process. We didn’t research much into the student loan forgiveness options, but 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?

Chrissy asks:
It sounds like the speed at which student loans should be paid back is about 5 years after residency. We have a large debt load, roughly $400k, are in PSLF, but my husband is in a low paying specialty. Do we put all our eggs in one basket hoping that the student loan forgiveness, PSLF, happens or do we refinance the student debt and hope to pay it off in a 5-year time frame?

Mike asks:
My wife is a first-year resident. We didn’t want to go for student loan forgiveness so we just refinanced her student debt which is below 100k with SoFi, and payments are $100/mo. through residency. My wife wants to pay more, but I’m curious if it’s 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?

Callie asks:
We have a savings account that we are able to add to each month. I worked while my husband was in medical school and now residency. 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? We aren’t going for any student loan forgiveness and don’t want to overextend but want to do more than what we are currently doing.

This article is part of the Student Loan Debt Movement, which is encouraging and inspiring people to take action on their student loans.

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Full Transcription:
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Ryan Inman