Student Loan Planner With Sim Terwilliger
Manage episode 425894911 series 3582753
Student Loan Repayment Tips for Physicians
Sim Terwilliger, a certified financial planner specializing in physicians and their families.
The focus of the episode is on common mistakes physicians make when repaying student loans.
Segment 1: The Three Most Common Mistakes:
Repaying Without Exploring Options:
- Sim highlights the misconception of the one-size-fits-all approach to repaying student loans.
- Discusses alternatives like Public Service Loan Forgiveness (PSLF) and income-driven repayment plans based on the type of employment.
Not Knowing Forgiveness Options:
- Explores forgiveness options such as PSLF and income-driven repayment plans.
- Mentions the special Income Driven Repayment (IDR) waiver that's expiring soon and its benefits, including counting forbearance periods as qualifying payments.
Letting Loans Dictate Life Choices:
- Talks about the impact of student loans on life choices, including home ownership.
- Mentions the doctor's mortgage as an option for physicians to enter the housing market with a lower down payment.
- Introduces the SAVE plan and its benefits, emphasizing the importance of not letting loans control life decisions.
Segment 2: Repaying Too Early:
- Discussion on the concept of repaying too early and the importance of aligning repayment strategies with individual financial goals.
- Sim emphasizes the need to consider interest rates, time value of money, and the potential benefits of investing instead of aggressive early repayment.
Segment 3: Additional Mistakes and Advice:
- Sim discusses the mistake of not being aware of rule changes regarding loan forgiveness.
- Highlights the case of a physician who could have qualified for forgiveness but was unaware of recent changes.
- Encourages physicians to stay informed and take advantage of available resources for student loan education.
Segment 4: Empowering Women in Business:
- Sim shares advice for women in business and entrepreneurship, emphasizing the importance of charging what they're worth.
- Addresses the tendency for women to downplay their value and encourages them to be assertive in negotiations.
Closing:
- Sim provides information on accessing free resources and encourages listeners to visit studentloanplanner.com for consultations, offering a special discount for the podcast audience until the December deadline.
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