Strategic Debt Management for Physician Financial Freedom
Dr. Sharma's high income ($350,000 AGI) complicated her eligibility for income-driven repayment plans and Public Service Loan Forgiveness (PSLF). While committed to maximizing retirement savings through her 401k and backdoor Roth IRA, she was unsure how to balance debt repayment with long-term financial goals and the demands of running her medical practice. The overwhelming loan balance felt like a perpetual weight on her financial future.
Golden Door Asset used the Student Loan Forgiveness Calculator to analyze Dr. Sharma's eligibility under various IDR plans and PSLF. The calculator revealed that strategically restructuring her loan payments, even with her high income, could lead to significant forgiveness under a specific IDR plan tailored to physicians. By carefully calculating her estimated qualifying payments and projected forgiveness amount, we were able to project potential loan forgiveness of approximately $120,000 after 10 years of qualifying payments.
The Student Loan Forgiveness Calculator was used in conjunction with a comprehensive financial model that incorporated Dr. Sharma's income, expenses, retirement contributions, and loan details. Scenarios were run under different IDR plans and repayment strategies to determine the optimal path toward loan forgiveness.
$120,000 in projected student loan forgiveness, coupled with optimized tax strategies and retirement savings planning, leading to a more secure financial future.
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