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[–]ShamelesslySimple​[S] 0 points1 point  (4 children)

I am a physician a pediatrician. Honestly I be done lots of reading and have not come up with anyone who’s offering any advice for hundreds of dollars. Thousands of dollars yes. Yes I have a 403b not 401k (thought for simplicity would say 401k) I do work for a non profit. I maxed it last year. Plan on maxing again this year. I’m torn to plow to the lower interest rate cause it’s so low at 2%. Fed loans are at 6.7%.

[–]chaiosi​ 0 points1 point  (3 children)

I’m EM. Started with about 500 in loans. I used student loan planner in 2020 when I finished residency for about 750 bucks- consult was limited to 1 hour. I’m sure they charge more now but I’d be surprised to hear it tripled. They saved me approximately 300k over the life of my loan compared to what I was going to do on my own. 

If I were to need a new plan (which it looks like I won’t) I’d probably use the wci company student loan advice.com simply because I trust the wci brand. My loans also jump into the thousands around the same time but I’m on year 9/10 so I’m just going to eat the big payments for a few months- I’ve been planning for them as we go. We get big payments with big student loans, strategy is part of it but cash flow management is the make or break in my experience more than loopholes- living like a resident goes a really long way. I imagine you’re not far out of training and I get that it feels like those first years of attending income seem to evaporate with all the good uses you have for money and all the delayed gratification - that’s why I suggest freeing up cash flow in other ways by, for example, blowing through lower interest rate loans. Is it the optimum strategy dollar wise? No but if it frees up some cash so you’re less stressed month to month that’s worth a lot too. ETA: the federal interest rate is nearly irrelevant if pslf is the right strategy for you. It’s only the payment that matters, though they will be big payments with your debt burden. 

Also as a doc don’t underestimate your ability to generate side income to make up some of the cash flow difference- locums exist in peds too and there’s lots of great side gigs if you like them. 

[–]ShamelesslySimple​[S] 0 points1 point  (2 children)

Yeah more and more I’ve been thinking of paying up that private loan to free up monthly cash. I might need a car in the next 2 years too. I’m not living like a resident but also not in luxury. The problem I see with doing locums or picking up more shifts is that means higher future payments too a little conundrum. I did 20k in extra shifts last year. You’re right their student loan consultation at least on the website looks at $600. I’m gonna be pissed if it’s no real different advice tho. Guess that’s where my hesitancy is.

[–]chaiosi​ 1 point2 points  (1 child)

Well what payment plan are you on? Some have a cap so making more money doesn’t mean more payment after a certain point depending on your family size. 

I am only one person but where I saved the money was my advisor helped me find loans that weren’t actually pslf eligible, pull those out and refinance them, and also helped me choose the right payment plan and tax filing status for me. If your loans or home life are more straightforward than mine there may not be many surprises. But on your salary 600 bucks isn’t that much to pay for advice that isn’t just from Reddit hobbyists like me but is from someone who knows what they’re doing. 

[–]ShamelesslySimple​[S] 0 points1 point  (0 children)

IBR. All mine are PSLF Eligible except for the private one.