How should i spend my savings?

[lovePOP]

I'll graduate in may with about 240k debt. I have about 65k in my savings saved up that I had before med school (I worked for a number of years)

I've used about 5k for living expenses. I didn't use a bigger chunk of it for expenses for various reasons. But now, should I use a good portion of it (how much?) to knock down the debt a bit?

Is there a special type of medical professional financial advisor I should speak with? Are there any tricks I should be aware of while figuring out repayment?

Thanks

---

Members don't see this ad.

 

[Student Loan Planner]

I'll graduate in may with about 240k debt. I have about 65k in my savings saved up that I had before med school (I worked for a number of years)

I've used about 5k for living expenses. I didn't use a bigger chunk of it for expenses for various reasons. But now, should I use a good portion of it (how much?) to knock down the debt a bit?

Is there a special type of medical professional financial advisor I should speak with? Are there any tricks I should be aware of while figuring out repayment?

Thanks

Depends on your situation, but I would probably do REPAYE and file for PSLF while I was in training to keep my options open for post residency employment and loan savings maximization. I'd max my retirement account while a resident if your hospital offers it to lower your AGI. I specialize in student loan consultations for borrowers with six figure debt burdens. If you're considering hiring an advisor, I'd suggest quizzing them on the difference between PAYE and REPAYE. I'd ask what a typical private refinancing interest rate is for an attending to receive for a 10 year term. I'd also ask them to explain the details of PSLF. If he or she cannot answer these questions with confidence then they're not competent and you should not work with them. In my experience very few financial advisors even those specializing in helping medical professionals truly understand the student loan landscape. Good luck!