Why Physicians Should NOT Refinance Student LoansJun 15, 2022
Most physicians–even those well into their career as an attending–will face decisions about student loans. What is the difference between refinancing and consolidating student loans and which one is better? What should physicians consider before they refinance their student loans? Are lower interest loans actually worth it? Should physicians pay one debt off at a time or pay smaller amounts towards all their debts over time? Tune in to learn why it may not be the best option for physicians to refinance their student loans.
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IN THIS EPISODE
- [02:29] What are opportunity costs and how does this apply to student loans?
- [04:58] The difference between refinancing and consolidating student loans.
- [06:16] There is more to refinancing than a better rate.
- [11:00] Consider this before refinancing student loans.
- [19:46] Why a high interest loan isn’t necessarily a deal breaker.
- [20:56] How to know when to refinance and what to consider.
- [26:57] A balanced approach to paying off debt vs. focusing on one financial element at a time.
- [29:20] A physician’s financial situation is very different from the average person.
- [30:41] Should a physician refinance their student loans?
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