Tag Archives: PAYE

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The US Will Forgive $1 Trillion of Student Debt, Not $108 Billion

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US will forgive $1 Trillion in student loans

A bombshell report from the Government Accountability Office (GAO) on Wednesday shattered faulty accounting from the Department of Education on the cost of the Federal Student Loan Program. The new cost estimate to taxpayers for all loans issued through 2017 is expected to be $108 billion, far higher than originally expected. In my student loan consulting business, I’ve saved almost 100 clients over $10 million in the past two months. Almost all of this money was at the expense of the US government.

The GAO report’s cost projections for student loans through 2017 are far too low, and the report includes no costs for future years of loan issuance under current rules. Based on what I see as a private student loan consultant, the US will forgive $1 trillion of student debt over the next 20 years. The government created one of the largest entitlement programs in history by accident, making college mostly free for millions of Americans if they use the loan rules to their advantage.

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The Student Loan Repayment Choices for Veterinarians

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The average veterinarian graduating with debt from the class of 2014 left with $153,191 of student loans. The AVMA recently stated that the average rate of tuition growth for vet school is 4.86%. If we extrapolate those numbers to today, the average veterinarian graduating with debt from the class of 2017 will leave with a liability of $176,629.30. An excellent starting salary for a veterinarian graduating from school today is around $75,000 from what many of my friends and clients have told me. Most students in vet school graduate with debt. Hence, many first year veterinarians leave school with a debt to income ratio of at least $177,000/$75,000 = 2.36. With a such a debt load, optimizing the student loan repayment choices for veterinarians to find the cheapest one is extremely important. 

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The Major Student Loan Mistakes Doctors Make in Residency

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student loan mistakes doctors make in residency

Nowadays, the default advice for graduating students in medical school financial aid offices is to consolidate their outstanding student loans with the federal government when they become residents. There are a few major reasons for doing so, the biggest being the potential for Public Service Loan Forgiveness (PSLF). Doctors are perhaps the most prone of all occupations to making student loan mistakes. Especially if you’re planning to work for a not for profit hospital after training, you MUST understand student loans rules. If you or someone you know is a medical student, he or she could lose out on tens or even hundreds of thousands of dollars from the student loan mistakes doctors make in residency.

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