Student Loan Management
Physicians often top the list of highest paid occupation, but they incur enormous amounts of debts on the way there. In 2002, the average medical student had student debt exceeding $104,000. However, the physician's student loan debt can be managed to improve payment options and lower interest rates.
Reiman Financial, LLC helps physicians create and implement strategies to manage their student debt. In many cases, physicians can take steps to reduce their total amount to pay off amounts by thousands of dollars over the life of the loans.
Managing your loans
Deferment
Student Loan deferment is a tool that physicians can use to assist with cash flow, debt management and financial planning. Physicians may request deferment during time of economic hardship or when enrolled in an approved graduate fellowship program. During deferment, no interest accrues.
Consolidation
One of the most effective student debt management tools is consolidation. Physicians who consolidate benefit from lower monthly payments and lower interest rates. They also benefit from having only one payment each month. Consolidation can be a powerful debt management tool if done at the right time and in the right manner. A financial advisor who specializes in physicians' needs can help determine if and when consolidation makes sense for a physician. If you need help evaluating the decision to consolidate your student loans, contact Reiman Financial, LLC for a Student Loan Management consultation. During the consultation we will consider the impact of consolidation on the following terms of your loans:
- Interest rate
- Repayment Schedule/Monthly Payment
- Total Repayment Amount
- Hidden Fees/Charges
- Grace, Deferment, Forbearance
- Interest Subsidy
- Early Payment Penalty
- Repayment Incentives
- Cancellation
- Servicer
- Processing Time
Let Reiman Financial, LLC help you create a student debt management plan that works with your goals. Contact us today for a student loan management consultation and we'll show you which options work with your goals.
For more information on this topic, see Chapter 2 in "Financial Fund of Knowledge" by Michael Reiman and Max Adams.
One of the biggest obstacles most physicians face in student loan debt management is procrastination. Just like patients who postpone visits to their doctor often find after the visit that their condition is much worse than they expected, physicians who postpone meeting with a financial advisor often learn that they should have begun planning much earlier for better financial health. Work towards maximizing your financial strength: Contact Reiman Financial, LLC today for a consultation.