Should you pay off your medical school loans ASAP or stretch them out? This is an especially important question for medical professionals, with many factors to consider!

From different repayment options, to loan forgiveness programs, to tax implications. Not to mention the emotional satisfaction of making quicker progress on your debt. Which plan is right for you? Jacqueline, is currently in medical school so Michael has done a lot of research into this with other experts.

They discuss thoughts on their own repayment strategies based on listener's question. What should you consider when making this decision?

This applies to more than just Medical school loans too. From student loans to mortgages to car loans, Michael CFP®, EA and Jacqueline break down when it actually may make sense for some people to keep loans around and use the resources another way, while others may want to pay them off as soon as possible!

Discussion topics:

🤔💭 Why paying the loans off even if the math says different isn't such a bad idea for many

🤔💭 What is “cheap money” and when may it be wise to use your resources in other ways than pay off the loans

🤔💭 Medical School loans and navigating the repayment and forgiveness options

🤔💭 How emotion and discipline may shape your financial success

🤔💭 Are you the type of person that may be okay keeping low interest debt?

🤔💭 Why some people don't rush to pay off a mortgage

🤔💭 What do ice baths have to do with staying calm when the market drops?!

It’s not just math, it’s mindset.

Want to ask a question? We love answering questions that are helpful to you!

Chapters

00:00 Introduction to Listener Questions

00:30 PAYOFF MED SCHOOL LOANS VS INVEST

01:36 LOW MORTGAGE RATE PAYOFF THOUGHTS?

03:38 IBR, PSLF, Refinancing Loans

06:06 Loans vs Cash Type Returns vs Investment Returns?

06:50 Are you someone that can handle market volatility?

11:30 Do taxes impact our decision?

12:23 The Psychology of Debt Repayment

13:22 Any science behind the ice bath benefits?

15:04 What types of loans do you have

𝐖𝐡𝐲 𝐰𝐞'𝐫𝐞 𝐡𝐞𝐫𝐞? We’re here to make retirement planning feel less intimidating by helping people think through their strategies and plans through clear relatable financial topics!

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