Student Loan Repayment Plans for Physicians with Chris Robbins
Student debt is all too common for many, and physicians are no different. With the increasing cost of medical education, many doctors find themselves with significant debt. However, with the right support and proper financial planning, physicians can make smart decisions about their student loans and find strategies to ease their debt burden.
In this episode, Lauren talks with Chris Robbins, Financial Advisor at Vestia. In his role, Chris strives to take the financial stress off busy physicians by being their personal CFO. He walks clients through the pros and cons of life's big financial decisions. Whether looking through the details of their first contract or deciphering the particulars of buying into a surgery center, Chris wants to help his clients make the best decisions with their long-term goals. He hopes to help physicians live their best financial lives now and in the future.
With extensive experience working with physicians and helping them navigate their student loans, Chris talks about student loans and repayment strategies. He provides insights into the changes in the student loan landscape over the past few years. He also dives into the Public Service Loan Forgiveness (PSLF) program and the new Saving on a Valuable Education (SAVE) plan and its implications for doctors.
Key Takeaways
- [01:45] - An introduction to Chris Robbins.
- [03:40] - Chris's inspiration for becoming a financial advisor to physicians.
- [11:33] - The new SAVE repayment plan.
- [17:23] - Identifying repayment options.
- [20:43] - Factors to consider when choosing the best repayment plan.
- [24:33] - The impact of high-interest rates on refinancing options.
- [31:00] - Story of a client who benefited from loan forgiveness programs.
- [34:26] - Steps to qualify for Public Service Loan Forgiveness (PSFL).
- [36:11] - Proactive approach to ensure eligibility for loan forgiveness.
- [40:42] - Chris' final thoughts about student loan and repayment strategies.
Quotes
[04:59] - "I saw that early in my dad's career, he linked up with a financial advisor. I saw the stress that took off my parents and that my parents' financial advisor was the person they called in the best of times and also the person they called in the worst of times." ~ Chris Robbins
[26:26] - "Student loans are some sort of an epidemic that we see in today's society, with the amount of student loans that people have. And doctors are no different." ~ Chris Robbins
[41:00] - "Make sure you have a really good plan for your student loans. It ties into every other piece of your life financially." ~ Chris Robbins
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Financial Advisors for Physicians
Does your financial advisor understand our views? How to negotiate a job contract with a hospital? Or how to evaluate and finance a surgery center buy-in? With nearly 150 years of collective experience working with specialized physicians nationwide, Vestia Personal Wealth Advisors understands your challenges and your opportunities as a physician. Innovative tax strategies, proactive asset protection planning, physician mortgages, healthcare venture capital, and more. You have many competing priorities for your time, and planning for your financial health may not make the top of your list. With a shortened time window to save for retirement, the opportunity cost of financial mistakes can be high. Vestia can help you navigate the complex world of finance and make your life easier every day, starting now. Learn more vestiaadvisors.com.
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