Category: Student Loan Consolidation

Student Loan Consolidation

Student Loan Consolidation

Dealing with Student Loans: A Comprehensive Guide

Has to be one of the best books on student loans out there. Thoroughly researched and detailed w lots of real world examples. Right now, no matter what you’ve read online, there are no secrets or tricks to handling your student loans, and there are no shortcuts to doing your homework. The proven plans usually aren’t very sexy, and everyone’s situation is different.

The details about student loan consolidation matter, and they matter a lot.

This is the comprehensive guide for dealing with student loans, written to concisely cover a complex topic and give you the tools and background you need to handle the big investment you’ve made in yourself.

Topics include:
– Borrowing less and minimizing interest accrual during school
– How Federal Loans Work & Federal Repayment Options
– Income-driven repayment (IBR, PAYE, REPAYE, and ICR)
– Federal Direct Consolidation
– Forbearance & Deferment
– Public Service Loan Forgiveness
– Maximizing PSLF
– Long-Term Loan Forgiveness & Loan Repayment Programs
– Private Refinancing
– Taxes & Retirement

Read it during you interview months as it’s actually a quick read and can be finished in a day or two. Before reading this book, I had the basics down as I had done a bit of reading, but this book would have been a much simpler and quicker solution to all the work I had done. It also pointed out some nitty gritty details I had overlooked within each repayment plan. It defines every term you need to know and runs through all the repayment plans. It also touches on other financial concepts doctors should be aware of (financial advice, taxes, retirement, insurance, etc), but this is not the book for that – for that I would read The White Coat Investor as the first chapter of this book seems to come straight from that book.

The only downsides to this book is it often gives an example of a repayment strategy, shows you the numbers, and then says to run the numbers for your own situation, but never shows or tell you how to do this. An appendix with how these calculations are done would make this book just that much better as they are not always straight forward and the calculators recommended at the end of the book and others out there only look at a snapshot in time and do not account for any increases in salary. I highly recommend anyone taking their student loans seriously with any possible complexity such as PSLF, marriage, children, ect. build their own excel calculator once they understand how the numbers are calculated and run it yourself to see how you can maximize potential savings.

This book does an amazing job of understanding and communicating the actual details of student loans. I especially appreciated the excerpts he used from government resources and regulations. This is a must read for entering and exiting students.

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