Tag Archives: PSLF

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The Verdict is in: Law School Student Debt is Criminally High

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law school student debt

Any soon to be or newly minted JD can tell you that law school student debt is criminally high. However, the range of the offense is large and varies from 3rd degree misdemeanor to 1st degree murder. On one hand, there are law schools like University of Alabama, where new graduates have a little over $69,000 in student loans and salaries of $105,000 in the private sector. On the other, there are schools like Florida Coastal, where new graduates leave with over $160,000 in student loans and starting salaries of $45,000.

I’ve done student debt consultations for general counsels at hospital systems, corporate lawyers at oil companies, government lawyers, and grads still seeking a JD required position. If you wanted to learn more about how I help my average client save over $100,000 on their student loans, contact me at travis@studentloanplanner.com. Your law school student debt strategy depends on what kind of job you have and how high your debt is relative to your income. Here are typical profiles I see during consults for law school student debt.

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Veterinary Residents Earn Six Figure Salaries Thanks to Student Loans

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veterinary residents

 

Pretend you are brand new Doctor of Veterinary Medicine. Your first year out of graduation, you do a veterinary internship and make about $30,000. Then you do a veterinary residency program for 3-5 years and make $40,000 each year. Clearly this is a horrible financial decision compared to an immediate $75,000 salary in private practice right? Veterinary residents have the most attractive job financially in the entire veterinary profession. Every veterinarian with student debt needs to know why.  

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Veterinarians Are Treated Horribly Under Student Loan Rules

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Veterinarians are treated horribly under student loan rules

If you’re a veterinarian, want to be one, are training to be one, or love someone who is, you should know about the extreme unfairness towards the profession that exists today. Veterinarians are treated horribly under student loan rules. Students graduate with huge balances, are not eligible for the best forgiveness options, and don’t earn high enough incomes to pay back their debts. To top it off, their peers in human medicine have access to a massive loophole in the student loan rules that veterinarians do not. This will result in veterinarians paying hundreds of thousands of dollars more on their student loans than human doctors making five times their salaries. This piece should serve as a call to action for the veterinary profession.

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Please Don’t Sign Up for Forbearance If You Can Help It

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forbearanceI’m going on my sixth month now of offering flat fee consultations at travis@studentloanplanner.com to help folks make a personalized plan to conquer their student debt. After months of studying the federal student loan program, I built a free spreadsheet that over 1,500 people have used to avoid losing out on thousands of dollars in savings by refinancing with companies like SoFi or using the PSLF program. Clearly, helping people with student loan debt is a passion of mine. Let me share with you another free bit of advice. Student loan forbearance is one of the worst things you can do when making a repayment plan.

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