Friends Talk Finance- Student Loan Refinancing

Miss Bonnie 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 the 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