Student Loan Repayment Tips for Physicians
Sim Terwilliger, a certified financial planner specializing in physicians and their families.
The focus of the episode is on common mistakes physicians make when repaying student loans.
Segment 1: The Three Most Common Mistakes:
Repaying Without Exploring Options:
- Sim highlights the misconception of the one-size-fits-all approach to repaying student loans.
- Discusses alternatives like Public Service Loan Forgiveness (PSLF) and income-driven repayment plans based on the type of employment.
Not Knowing Forgiveness Options:
- Explores forgiveness options such as PSLF and income-driven repayment plans.
- Mentions the special Income Driven Repayment (IDR) waiver that's expiring soon and its benefits, including counting forbearance periods as qualifying payments.
Letting Loans Dictate Life Choices:
- Talks about the impact of student loans on life choices, including home ownership.
- Mentions the doctor's mortgage as an option for physicians to enter the housing market with a lower down payment.
- Introduces the SAVE plan and its benefits, emphasizing the importance of not letting loans control life decisions.
Segment 2: Repaying Too Early:
- Discussion on the concept of repaying too early and the importance of aligning repayment strategies with individual financial goals.
- Sim emphasizes the need to consider interest rates, time value of money, and the potential benefits of investing instead of aggressive early repayment.
Segment 3: Additional Mistakes and Advice:
- Sim discusses the mistake of not being aware of rule changes regarding loan forgiveness.
- Highlights the case of a physician who could have qualified for forgiveness but was unaware of recent changes.
- Encourages physicians to stay informed and take advantage of available resources for student loan education.
Segment 4: Empowering Women in Business:
- Sim shares advice for women in business and entrepreneurship, emphasizing the importance of charging what they're worth.
- Addresses the tendency for women to downplay their value and encourages them to be assertive in negotiations.
- Sim provides information on accessing free resources and encourages listeners to visit studentloanplanner.com for consultations, offering a special discount for the podcast audience until the December deadline.
Dr. Sharon McLaughlin, a physician and virtual speaker, specializes in addressing topics such as confidence, communication, and career development.
As the visionary behind the Female Physician Entrepreneurs Network and Business Program, she dedicates herself to empowering women in the medical field. Her mission involves assisting female physicians in transforming their innovative ideas into lucrative businesses, providing them with the freedom to lead fulfilling lives on their terms.
Her latest book, Thriving After Burnout, is a compilation of stories from women physicians who share tips and strategies on what helped them during burnout.
Thriving After Burnout
Thriving After Burnout: A Compilation of Real Stories and Strategies to Reduce Female Physician Burnout