Future physicians with more than $100,000 of student debt deserve scholarships too.
You’ve had to handle living expenses without an income, watch your interest accrue while you’re trying to study, and deal with more debt than most people will take out for their mortgage.
The whole point of Student Loan Planner is to help physicians who owe six figures on their student loans.
That’s why we’re giving away one scholarship specifically for a current medical student, graduated medical student or existing client of Student Loan Planner.
Who is Eligible for this Student Loan Scholarship?
Please read the requirements carefully
- Currently owe six figures of student loans, AND
- Be an active medical student for the 2019-2020 school year, OR have recently graduated this spring or summer, OR be an existing client of Student Loan Planner
How Much and What Are We Giving Away?
Student Loan Planner is doing pretty well, but we’re not a multi-million dollar organization either. All of the scholarship money is going to come directly out of the profits of the business. We view this as reinvesting in you as the reader that has helped this platform become successful.
Each scholarship will have two components.
- You’ll get $500
- You’ll also get a free course (either “Student Loans 101” or “Six Figure Debt to Six Figure Net Worth” course)
For past clients, the scholarship will include a free follow-up consult since they’ve already received the initial one. Doctors usually pay me $449 to $595 to consult with them on their student debt, so the scholarship is worth close to $1,000.
We will also award the top 3 page-view getters across all categories with a free consult! That’s a value of $600.
How Do You Apply?
We’re going to accept applications between July 24 and September 30, 2019.
We plan on publishing the essays in early to mid-September and making a decision by the end of September.
- You’ll submit an 800-1500 word essay. The topic should describe your experience getting through med school and tips you might have for others
- Be creative. This should be a fun and helpful piece that others can learn from. Maybe it describes a unique financial challenge you went through during your studies. Perhaps you’ll write about your future career plans and how you hope to pay back your debt. I don’t want to limit you to the topic but keep in mind it should relate to medicine and money as a general guideline.
- If you’re first in your family to go to college, had kids while still in med school, want to take over the family practice, or want to run your own one day, we’d love to hear that kind of personal detail in your essay. The right story doesn’t matter so much as telling yours well.
We’ll have an initial screening process that will score the essays and narrow down the finalists to two. Then we’ll publish the finalists on the site.
We’ll have a voting mechanism where readers can choose their favorite article, and that will determine the winners.
You should only apply if you’re willing to have your first name, headshot, and essay to be public.
Why are We Including a Student Loan Plan With the Money?
Many employers offer student loan assistance programs that give you extra money to pay down your loans.
The problem is that for many borrowers with over $100,000 in student debt, this might not be the best approach.
After all, if you’re utilizing an income-based repayment option over 20-25 years for loan forgiveness, paying extra on your debt is actually a sub-optimal decision.
You’d want to set up a “tax bomb account” instead.
If you’re going for PSLF, then you’d want to contribute heavily to pre-tax retirement vehicles to lower your obligation.
That’s why each scholarship comes with a custom plan from me because we want to make sure you use the $500 in the best way possible.
Our average physician client saves over $60,000 projected over the life of their loans from the strategic repayment changes we suggest.
Additional Info About the Scholarship
This is something we plan on doing annually. For the first year, every dollar for the scholarship will come out of my own pocket. Along with cash and the costs of administering the scholarship, I expect this will take up about 1% of our profit.
- The winners will be notified via email approximately two weeks after the September 30, 2019 deadline
- The scholarship funds will be awarded directly to the student via check mailed to their address
The deck is stacked against you. Hopefully our efforts will help in a small way to boost you on the path to financial freedom.
If you have any questions, please don’t hesitate to reach out to me.
Founder, Student Loan Planner
20 S. Sarah St
Saint Louis, MO 63108