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Loan Repayment Strategies for 2X DTI - Student Loan Planner.com

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  • xraygoggles
    replied
    You didn't give any concrete numbers, but I'm confused how you could have a 2:1 DTI ratio as a radiologist.

    Even the lowest starting salaries I have seen start around 350k for the first year, with partner pay much higher. Does that mean you have 700k debt?!

    If your debt is lower than that, then your job is an outlier (in a bad way). Either you have an academic job or you are not full time would be my guess. Having said that, rads offers you so many different opportunities for extra pay. Locums and telerads are both very lucrative, and I have done both over the past year to expedite debt paydown, even though my base salary was above the average.

    Anyways, as per your question, I would buckle down, work your butt off, and pay down the debt in less than 3 years.

    Leave a comment:


  • Tim
    commented on 's reply
    I have a hard time seeing ANYONE commit to a 20-25 year commitment for ANYTHING other than a spouse or a child.
    The options are painful financially with the interest factor IF anything changes. To me it is crystal clear when you add your current age to the time you pay the tax bomb and lament not paying it off sooner.

  • TravisRADMD
    replied
    I think I'm more likely to refinance. That being said I would love to here what Travis has to stay. Do you think its worth ~ 500 to give him the chance to sway me? Seems like you can't even chat without a formal consult.

    Leave a comment:


  • TravisRADMD
    commented on 's reply
    Yes, Dr. Dahle. I read that blog post and do know/understand your opinion. I completely agree for the most part but I'm having such a hard time arguing against the long term math. People mostly aspire for a big house and a car after training but all I do is talk about saving and investing once I'm done. Just always seemed so heart breaking to push those aspirations back another 5 years. I had come to peace with it until that podcast. Now I Just wish someone could let me borrow their finest crystal ball for a day.

  • The White Coat Investor
    replied
    I think you know my opinion, at least if you read the blog. You now also know Travis's. Good luck with your decision.

    https://www.whitecoatinvestor.com/i-...t-forgiveness/

    Leave a comment:


  • jacoavlu
    replied
    radiologist with 2x debt to income? Either a lot of debt, or a low paying job. I'd pay off the loans, and goal to increase income.

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  • Loan Repayment Strategies for 2X DTI - Student Loan Planner.com

    I have an approx 2X debt to income ratio (based off a signed contract to start July 2020).

    After listening to Dr. Dahle's most recent podcast with Travis from Student Loan Planner I am now officially confused on the correct strategy to tackle this monster I got strapped to my back.

    Up until this morning I superscribed to the financial camp of paying them off HARD, QUICK, AND FASTTTTT. Travis from Student Loan Planner seems to to demonstrate that the math shows that over a 20-25 year period an IBR model for people in the 2X DTI range would save money in the longer term compared to a 5-10 year conventional refinancing.

    I want ZERO DEBT ASAP but I also fear missing out on investment opportunities for the next decade if I commit to a 5-10 yr conventional refinancing.

    If i'm confident that I will use all monthly savings to invest(partly to cover tax bomb of course) then is this 20-25 year loan service commitment worth the risk?
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