Career and Life Planning Guidebook for Medical Residents

R E A D : Refinancing Option You may be wondering… What if I don’t work for a non-profit? You may be wondering… Why couldn’t I just pay off my debt quicker on my own? When the banks were thrown into the pits in the depths of the debt crisis, we saw a tremendous change in the way student loans operated. Practically every single resident or fellow is paying somewhere between 6% and 7% in interest. On a $200,000 loan, we’re talking about $13,000 a year in interest--or nearly $1,000 a month When you think about virtually any loan, like a mortgage or a car loan, a high interest rate today can be refinanced if interest rates drop tomorrow. Your 6% loan can become a 5% loan. Yet for student loans, when the banks stepped away and the federal government became the primary lender, a vacuum was created. In this void, private equity and some small banks stepped in to make refinancing possible today for many physicians. Managing Your Student Debt 377 WWW.PHYSICIANCAREERPLANNING.COM “During every patient interaction, our staff is focused on delivering the highest standard of care. Our hos- pital and health care system has many accolades and achievements that we are proud of, but there’s also a great sense of pride and community here. It’s also possible to thrive both personally and professionally due to the low cost of living.“ ChadWolbers, President and CEO of UnityPoint Health - Dubuque