Finding Financial Freedom with The Frugal Physician - Finance, Wellness, Budget, Student Loans, Wealth, Doctor, Fitness, Money
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Ep49: This Student Loan Hack Saves Doctors Thousands
Manage episode 436561490 series 3595688
The SAVE plan is a newer repayment option for federal student loans that offers unique advantages, such as preventing interest capitalization if the monthly payments are made on time. However, unlike older plans, it does not cap monthly payments based on income, which can be a potential downside for high-income earners.
Who benefits most: Joy discussed how this plan might be a better fit for early-career physicians or those with more modest incomes who can benefit from the lower payments and interest benefits without the risk of escalating payments.
More on Joy Sorensen Navarre:
Joy Sorensen Navarre is a nationally recognized expert in student loan management and the founder of Navigate LLC, a consultancy specializing in student loan advice for physicians and healthcare professionals. With a career spanning over a decade in financial advising, Joy discovered a niche need among her clients for specialized student loan guidance. This realization prompted her to pivot her career towards helping medical professionals navigate the complex terrain of student loans
[00:01:00] Joy's introduction and the importance of reliable student loan management advice.
[00:03:00] Insight into how Joy started focusing on student loans due to a lack of trustworthy services.
[00:07:00] Overview of the new SAVE plan and its impact on physicians.
[00:15:00] Discussion on common misconceptions and errors in managing student loans among physicians.
[00:25:00] Strategic advice on loan repayment and pursuing forgiveness, including tax considerations.
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👋 This episode is sponsored by PearsonRavitz – helping physicians safeguard their most valuable assets.
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👋 Also sponsored by Resolve – Physician contract review and compensation data at your fingertips! For 10% off, add FRUGAL10 when signing up as a new client!
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Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.
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