Career and Life Planning Guidebook for Medical Residents

R E A D : Final Thoughts Credit card debt has been known to negatively shape a financial future. Paying twenty percent interest is no way to finance a college education, especially when that interest compounds. However, when you turn the tables on the banks and the credit card companies and pay these things off quickly you can be way ahead of the game. Imagine what it would be like to pay 0% in interest INSTEAD of 6.8% with origination fees. What do you think? Are you ready to make the leap? In short, I’m often way more tentative about borrowing from Uncle Sam, the monopoly of government issued student loans, than borrowing from credit card companies/private banks in a highly competitive market favoring consumers. How about you? How do you feel about these strategies? Chapter Tool Box The CHAPTER TOOLBOX consists of RECOMMENDED TOOLS featured throughout the chapter, along with additional resources and recommended links. These tools will help you gain valuable insight about Managing Student Debt. LOAN REPAYMENT GUIDE http://md.careers/ST-26 MEDICAL SCHOOL LOAN CALCULATOR: CAN I PAY BACK MY SCHOOL LOANS http://md.careers/C-06 MEDICAL SCHOOL LOAN CALCULATOR: PAY OFF DEBT OR INVEST http://md.careers/C-05 MEDICAL SCHOOL LOAN CALCULATOR: IMPACT ON MAKING EXTRA DEBT PAYMENTS http://md.careers/C-04 FINANCE-RELATED ONLINE RESOURCES: For general planning topics www.fpaforfinancialplanning.org Social Security www.ssa.gov For loans, rates and amortization schedules www.bankrate.com The Young Physician’s Guide to Money and Life by Dave Denniston http://doctorfreedompodcast.com/docbook/ Managing Your Student Debt 383 WWW.PHYSICIANCAREERPLANNING.COM