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How should I tackle future student loan debt?

I am 22 years old and currently applying to pharmacy schools. I've been accepted to one school and waiting to hear back from a few others. I'll likely incur somewhere from $150K-$200K in student loans after graduation. That number is incredibly daunting. I'd like advice on investment or savings strategies, so I can begin making headway on the loans before I graduate. I've opened a Roth IRA and am currently investing in ETFs. I also invest in lending club loans and a real estate crowdfunding site. How else can I further prepare myself for student debt?

College Tuition, Debt, Investing
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November 2016


Get ready for plenty ramen noodles ahead. Jokes aside, I admire your thinking and planning ahead. Advancing for further education helps boost income, but the initial hurdle to overcome a big student loan is intimidating. So, here are some suggestions to consider after working with many resident/fellow physicians:

1) Continue your Roth contribution every year and use low-cost broad index funds. Try to have only a couple of funds if you have a limited amount as over-diversification does not help the return.

2) Have a budget to know your expense and keep an eye on your credit score. Having a high credit score will help you refinance later with the private lenders. Believe it or not, your high GPA in finance is your advantage in negotiating a lower interest rate from those private lenders who want your business.

3) As soon as you’re eligible for an employer’s sponsored retirement plan, sign it up and fully fund it. It will help your tax. Best to you!

November 2016
November 2016