Debt Repayment Considerations for Healthcare Professionals

dollarAsk the majority of physicians and other healthcare professionals about the cost of their education, and you will probably hear the word “expensive” on a regular basis. A quality education can leave even the most financially sound medical students with a boatload of debt at graduation.

As financial advisors, we are often asked to help our clients create a plan that will not only help them to grow their investments, but also to pay down the student debts they have incurred during their undergrad and medical school years. According to the Association of American Medical Colleges, in 2013 the median cost of 4 years of medical school was $278,455 for a private school and $207,686 for a public education. Additionally, well over one third of physicians still have over $200,000 in debt up to 5 years after graduation.

With that in mind, we came across this article from D3 Financial Counselors that provides some great advice on debt repayment strategies for physicians. Let us know your thoughts, and if you want to discuss in greater detail, feel free to contact our team!

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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