Strategic debt management for medical professionals.
Dr. Anya Sharma, a 35-year-old physician and owner of a small medical practice, carries a heavy burden of $280,000 in student loan debt. While her AGI of $350,000 allows her to max out her 401k and backdoor Roth IRA, the looming debt is preventing her from aggressively saving for other goals like expanding her practice or purchasing a larger home. She feels overwhelmed by the complexity of repayment options and unsure which path best aligns with her long-term financial objectives.
Using Golden Door Asset's Student Loan Calculator, we analyzed Anya's current repayment plan and compared it to other options like income-driven repayment (IDR) plans and refinancing. The calculator revealed that by switching to an IDR plan and aggressively paying down the principal, Anya could potentially save $75,000 in interest over the life of the loan, even if it meant extending the repayment period. We then used the Student Loan Forgiveness Calculator to explore the potential benefits of Public Service Loan Forgiveness (PSLF) should she choose to work for a qualifying employer in the future.
The Student Loan Calculator integrated with Anya's financial profile allowed for a comprehensive side-by-side comparison of various repayment strategies. The tool factored in her income, loan balance, interest rates, and potential future earnings to provide accurate projections.
$75,000 in potential interest savings and a clearer path to financial freedom through strategic debt management.
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