MCAT Summer Immersive Interest List Now Open | Be the first to know when registration is live
In today’s episode, Ryan talks with fellow Florida Gator, Daniel Wrenne, a financial planner who works specifically with people in the medical field, helping medical students, residents, and physicians tackle debts and make sure they are set financially
What things should you consider when applying for loans? How do you go about this? How do you handle undergrad loans when you’re already in medical school? What happens when you’re in residency? All these and more will be answered by Daniel, so listen in!
What undergrads should consider about student loan options:
Understand the various types of loans available
What are federal subsidized loans?
The government picks up the tab on interest; lower interest rates but need-based scholarships
The decision process for a non-traditional student transitioning from the work force back to medical school:
How do you handle loans from undergrad while you’re now in medical school:
Many private loans allow forbearance options. Call them and request what needs to happen.
Forbearance: Given you’re able to display financial hardship, you can have your payment drastically reduced or zero for a period of time (usually one year)
For loan agreements that don’t allow forbearance:
Refinancing can be done but it’s really challenging unless you have a good cosigner.
What you should think about when on the brink of starting residency but with loans hovering over you?
Avoid forbearance.
The downsides of forbearance:
This is the biggest issue with forbearance. Instead of saying you can’t pay anything, reduce the amount based on your income
Income-based repayment: An alternative to forbearance in residency where you only pay a reduced amount so the interest does not capitalize.
For subsidized loans, the government will pick up the tab for the first 3 years of residency if you opt for the income-based repayment. If you forbear, they’re not picking up the tab.
*Daniel estimates that 75% of residents are forbearing. He says, one of the best financial decisions you can make in your entire life is not forbearing.
How to create a loan payback plan:
Lorem ipsum dolor sit amet, consectetur adipiscing elit
I just received my admission to XXXXX! This is unreal and almost feels like I am dreaming. I want to thank you for all of your help with my application. I cannot overstate how influential your guidance and insight have been with this result and I am eternally grateful for your support!
IM SO HAPPY!!!! THANK YOU SO MUCH FOR ALL YOUR HELP, IM INDEBTED TO YOU! Truly, thank you so much for all your help. Thank you doesnt do enough.
I want to take a few moments and thank you for all of your very instructive, kind and consistent feedback and support through my applications and it is your wishes, feedback, and most importantly your blessings that have landed me the acceptance!
I got into XXXXX this morning!!!! It still has not hit me that I will be a doctor now!! Thank you for all your help, your words and motivation have brought me to this point.
I wanted to once again express my heartfelt gratitude for your help in providing feedback during my secondary applications. Your guidance has been instrumental in my journey.
Just wanted to share my wonderful news! I received my first medical school acceptance! Thank you for all that you do for us Application Academy!!!
I am excited to tell you that I just got my third interview invite from XXXXX today! I can’t believe it. I didn’t even know if I was good enough to get one, let alone three – by mid-September. Thank you so much for all of your help and support up to this point; I would not be in this position without it!!
I wanted to thank you for helping me prepare for my XXXXX interview. Even in a 30-minute advising session, I learned so much from you. Thank you for believing in me, and here’s to another potential success story from one of your advisees!
I just received an acceptance with XXXXX! This is so exciting and such a huge relief and so nice to have one of our top choice schools! I also received an interview with XXXXX which brings the total up to 20 interviews! Thank so much, none of this would have been possible without you!
Sale Ends In
