Financial Unplugged: August Edition
PRIME Financial Services
With over 65 years of experience, we understand the unique challenges of financial management in the medical profession.
What’s new with PRIME Financial Services?
Hey,?
In 2023, 70% of medical school graduates had student loan debt, owing a median of $200,000 per student (not including undergrad debt), according to the Association of American Medical Colleges.
To tackle this, PRIME Financial Services is here with practical tips and resources to manage that debt. Whether the goal is to speed up loan repayment, reduce monthly payments, or find a path to financial freedom, there’s help available.
And speaking of valuable resources, the Summer Seminar Series is in full swing. With 5 out of 7 sessions already held, the remaining 2 are set for August.?
These seminars offer valuable insights into managing student loans, smart investing, and effective risk management in medical practice.
Here are the seminars being held in August:?
Seminar 6: Balancing Student Loan Repayment & Investing
Date: Wednesday, 7th August 2024
Time: 6 PM EST
Overview: Get practical strategies for managing student loans while building your financial future.
Sign Up Here ??https://pfseminars.com/seminar/balancing-student-loan-repayment-and-investing-a-physicians-dilemma/?
Seminar 7: Risk Management for Physicians
Date: Wednesday, 21 August 2024
Time: 12 PM EST
Overview: Strengthen Your Practice With Proven Risk Management Strategies.
Sign Up Here ??https://pfseminars.com/seminar/risk-management-for-physicians/?
5 Tips to Effectively Repay Student Loan Debt
Did you know that around 70% of medical graduates face significant student loan debt??
However, the right strategy with a strategic approach can make all the difference. Checkout our exclusive tips that’ll help tackle student loans and achieve financial freedom:?
1. Understand Loans and Repayment Options: Start by gathering all details about student loans, including interest rates, repayment terms, and the types of loans possessed.
Familiarize with different repayment plans, such as income-driven repayment, graduated repayment, and extended repayment. Understanding available options allows for choosing a plan that fits the financial situation and goals.
2. Create a Budget and Stick to It: Develop a comprehensive budget that includes monthly loan payments. Track income and expenses meticulously to identify areas where costs can be cut and more funds can be allocated toward loans.
Sticking to a budget ensures staying on top of payments and avoiding unnecessary debt.
3. Make Extra Payments When Possible: Whenever extra money is available—such as a tax refund, bonus, or gift—consider putting it towards the student loan principal.
Making additional payments can significantly reduce interest costs over the life of the loan and help pay off debt faster. Ensure there are no prepayment penalties before making extra payments.
4. Explore Loan Forgiveness and Assistance Programs: Research federal and state loan forgiveness programs that might qualify, such as Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness.
Additionally, some employers offer student loan repayment assistance as part of their benefits package. These programs can alleviate a substantial portion of debt.
5. Refinance or Consolidate Loans: If high-interest loans are held, consider refinancing with a private lender to secure a lower interest rate. Alternatively, consolidating multiple federal loans into a single loan can simplify payments and potentially lower monthly payments.
Be sure to weigh the pros and cons, as refinancing federal loans with a private lender means losing federal loan benefits.
By following these tips, student loan debt can be managed effectively, paving the way toward a brighter financial future.
Riddle Me Rich
I’m a chance to erase your debt, a helping hand for you, and serve the public for ten years, and I’ll reward you, too. What am I?
领英推荐
[Find the ANSWER at the bottom of this Newsletter]?
Financial Flash
Two new bills aim to tackle the nursing shortage crisis: one by creating visas for foreign nurses in shortage areas, and another by funding accelerated nursing degree programs. Stay tuned for a stronger healthcare workforce!
CMS is launching a new Medicare Prescription Payment Plan to help seniors spread drug costs over the year and cap out-of-pocket expenses at $2,000 starting in 2025.
The Biden administration has canceled an additional $1.2 billion in student debt for over 35,000 public service workers, including healthcare professionals.
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Quote of the Month
"More people should learn to tell their dollars where to go instead of asking them where they went."?
– Roger Babson
Dedication leaves little time for finances.?
But just as guiding patients to better health is important, guiding money is essential too. Create a budget, stick to it, and watch dollars work effectively.?
Financial health is as vital as patient care. Direct dollars wisely for a secure future!
Answer to the Riddle: Public Service Loan Forgiveness (PSLF)