If you believe that you will spend at least ten years in a qualifying institution (non-profit hospital) and, as a general rule, your student loan amount is equal to or greater than your first-year attending income, then it does not make sense to refinance your student loans and leave the public service loan forgiveness program. If you don’t meet these qualifications you will want to look at the options between the loan forgiveness payment plans that waive interest and the interest rates being offered at private banks.

When you plan for paying off debt the interest rate plays a key role. For high-interest debt, the goal should be to lower the interest rate or eliminate that debt. Eliminating high-interest debt becomes a priority over almost all other financial opportunities. At lower interest rates, debt can be managed and at times even leveraged. It is generally unwise to forgo investments and retirement savings to pay down low-interest debt.

Without a  plan to pay off debt, interest charges can add up quickly and end up costing you more money, failure to make payments on time can lower your credit score, and can limit your ability to pursue other financial goals.

Yes, there are several loan repayment programs specifically designed for medical professionals, like; Public Service Loan Forgiveness (PSLF), National Health Service Corps (NHSC) Loan Repayment Program, Indian Health Service (IHS) Loan Repayment Program, State-based loan repayment programs. We at PRIME customize a repayment strategy that fits your long-term goals. To know your options, contact us at: https://www.pfinancialservices.com/contact

Medical professionals need to weigh the potential benefits and risks of investing while paying off debt and determine what approach makes the most sense for their financial situation and goals. It may also be helpful to work with a financial advisor to develop a comprehensive plan that takes into account both debt repayment and investing strategies.

Tax benefits, such as the Lifetime Learning Credit and student loan interest deduction, are available for medical professionals with student loan debt. However, consulting a qualified tax professional to determine which strategies may be most beneficial for your circumstances is better since this will help explore all the available tax benefits, maximize savings and reduce their overall student loan burden.

Financial advisors can help you navigate the complex world of debt planning by assessing your overall financial situation, developing a repayment plan, recommending investment strategies, and providing ongoing support. We at PRIME provide you with qualified advisors who can create a plan tailored to your unique needs and goals, ultimately helping you achieve greater financial security and peace of mind.