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Student Loans

student loans

How Has the Biden Presidency Affected My Student Loans?

Editor’s Note: This article was originally published in October 2020. We updated and revised the content December 2022 to provide the most current and accurate information. Student debt has doubled over the last ten years, ballooning up to $1.54 trillion, and becoming the second largest consumer debt type, placing it higher than both credit cards …

How Has the Biden Presidency Affected My Student Loans? Read More »

medical school graduation

As a Doctor, Should I Refinance My Student Loans?

Refinancing your medical, dental, or veterinary school loans could save you money on interest, but it’s not always your best option. Loan forgiveness programs only apply to federal loans. If you intend on working for a qualifying institution full-time for 10 years and you have qualifying loans, you should pursue Public Service Loan Forgiveness. If …

As a Doctor, Should I Refinance My Student Loans? Read More »

interest rate

What the Fed Rate Hike Means for Loans, Credit Cards & Savings

Inflation has reached a 40-year high, increasing 8.3% over the past 12 months. Americans have been feeling the effects of this with more costly groceries, gas, rent and more.  The Federal Reserve is aggressively raising rates in an attempt to slow spending, cool the economy and reduce the worst inflation since the 1980s. The Fed …

What the Fed Rate Hike Means for Loans, Credit Cards & Savings Read More »

credit check

Hard Credit Check vs. Soft Credit Check: What Doctors Need to Know

Hard credit checks are when a financial institution checks your credit before making a lending decision. These can negatively affect your credit score. Soft credit checks are when a company reviews your credit score for things such as background checks or pre-approved products and do not affect your credit score. There are special exceptions for …

Hard Credit Check vs. Soft Credit Check: What Doctors Need to Know Read More »

Biden Forgives $10,000 in Student Loans: What Does This Mean for Doctors?

President Joe Biden announced his decision on student loan forgiveness and the forbearance period Wednesday afternoon. During Biden’s presidential campaign, he promised to forgive a large chunk of the country’s loan balance. Since his inauguration, many politicians and borrowers have been pressuring the White House to follow through on this pledge. Here is what you …

Biden Forgives $10,000 in Student Loans: What Does This Mean for Doctors? Read More »

student loan refinance

A Doctor’s Guide to Refinancing Student Loans

Student loan refinancing is when a private lender pays off your student loans and provides you with a new loan with different terms, often at a lower rate. Refinancing may be a good option when you want a lower interest rate, to change the repayment terms, or to reduce your number of monthly payments. Avoid …

A Doctor’s Guide to Refinancing Student Loans Read More »

public student loan forgiveness for doctors

Pros and Cons of Public Service Loan Forgiveness for Doctors

Pros and Cons of Public Service Loan Forgiveness for Doctors Key takeaways:  PSLF offers significant financial benefits to those employed full time by non-profit and government entities. Many doctors can get a headstart on fulfilling the required 120 PSLF payments while in residency. Those who pursue PSLF may encounter limited qualified employment options. Some doctors …

Pros and Cons of Public Service Loan Forgiveness for Doctors Read More »

student loan repayment

Will Biden Extend the Medical, Dental, and Veterinary Student Loan Payment Pause?

  What is going on with student loans for medical, dental, and veterinary school?   On March 27, 2020, the CARES Act was signed into law. The $2 trillion piece of legislation provided the first set of sweeping relief measures early in the COVID-19 pandemic. One of the hallmark pillars of the CARES Act was …

Will Biden Extend the Medical, Dental, and Veterinary Student Loan Payment Pause? Read More »

medical school loans

Biden Extends the Student Loan Payment Pause: What This Means for Your Medical and Dental School Loans

Just the facts The automatic deferment of federal student loan payments with 0% interest is now set to end May 1, 2022. This pause on payments applies only to federal student loans, including most medical and dental school loans. It is unclear if this pause will be extended again past the May 1, 2022. Even …

Biden Extends the Student Loan Payment Pause: What This Means for Your Medical and Dental School Loans Read More »

Changes in federal student loan servicers

Changes in Federal Student Loan Servicers: Will Your Loans Be Impacted in 2022?

Just the facts A number of federal student loan servicers have announced their withdrawal from this role by the end of 2021. This shift could affect around 16 million federal student loans. Only federal student loans are affected by this and the servicers are required to transfer loans to a different servicer. Income-based repayment plans …

Changes in Federal Student Loan Servicers: Will Your Loans Be Impacted in 2022? Read More »

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