Ep 005 Friends Talk Finances: Student Loans

Jun 19, 2017

Friends Talk Finances:

Student Loans

Bonnie Koo, MD a dermatologist and personal finance blogger (MissBonnieMD.com) joins host Carrie Reynolds, MD for a regular segment where Carrie and Bonnie chat about all things financial. Bonnie is SO SMART about this stuff. She is also one of the moderators of an online Doctor Mom Personal Finance Group (10,000 members!), and is active on the WCI and Boglehead forums.

What you will learn:

• All about Bonnie and Carrie’s backgrounds and families
• How the White Coat Investor was an inspiration for both Carrie and Bonnie
• Mistakes Bonnie and Carrie made with their finances
• Carrie and Bonnie’s plans for Student Loan Payoff
• Managing Student Loan Debt
• Almost all physicians graduate with some medical school debt
  • Average Debt at graduation is $183,000
• Student Loan Refinancing Options
• Public Service Loan Forgiveness Program
  • Created under the College Cost Reduction and Access Act of 2007 (CCRAA), before President Obama came into office
  • First beneficiaries of this law will receive forgiveness in October 2017
• How fast should I pay off my student loans?
• Live like a resident
• Moving is killer for living like a resident
• Make a spreadsheet with all your loans and interest rates
  • Laying out your numbers on paper you FEEL the loans
  • Make a chain link representation of your loans so debt is visible
• Negotiate for a salary that has a bonus structure- so all your bonus money can go towards student loans
• How to debt snowball
• Paying off student loans is a game- you’ve got to keep your mind in it
• Round all the payments up- to apply a little more to the capital each month
• Carrie would buy a condo in the mountains if it weren’t for her student loans
• Try to pay both pre-tax retirement saving AND student loan payments
• Support your sisters to pay off their student loans

 

Resources Mentioned:

Whitecoatinvestor.com
Boglehead.org
Student Loan Info at Student Loan Hero
First Republic Bank
SoFi.com
MissBonnieMD.com 

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