Financial Advising for Medical Professionals
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Medical Advisors Group develops a strategy for helping medical professionals manage their debt and invest wisely for the future.
Many new doctors graduate with student loan debt more than twice their annual income. To pay the debt off in a reasonable amount of time, they may need to make payments that could be the majority of their income.
Many of them wonder, where’s the payoff? They worked hard to achieve what should be a lucrative and fulfilling career and lifestyle. Instead, it can feel like every extra penny goes toward paying down debt.
What if you could develop a strategy for paying off your student loans? Medical Advisors Group is here to help you do just that.
Understand your Loan Options
You worked hard through medical school and that often means you took on a lot of student loans to pay for it. For many doctors, just looking at the student loan balance and statements causes a ton of anxiety. Here at MAG, we understand how stressful these loans feel. It is vital to understand all of your repayment options clearly before electing the one that right for you.
In our opinion, every doctor should carefully evaluate all of the pros and cons of electing income-based repayments vs. trying to aggressively pay back the debt or doing the standard 10 year repayment. If your income is high compared to your debt, then income-based repayments may not make sense. If your debt is high compared to your income, then you may want to see if these lower, income-based repayments strategies make good financial sense.