Splash Financial - Making a Splash in Medical School Debt

Splash Financial - Making a Splash in Medical School Debt

It's been some time since I last wrote about student loan refinancing. One reason is there hasn't been a lot of changes in student loan management strategies. The threats to PSLF by the Trump administration has yet to materialize so I continue to recommend to all medical graduates to strongly consider PSLF to help repay their student debt. Another reason is there hasn't been a lot of changes to the student loan refinancing industry. Many of the names are entrenched - SoFi, CommonBond, Earnest etc. and only one (Laurel Road) specifically targeted medical student loans. Today I want to introduce a newcomer to the medical student loan refi industry - Splash Financial.

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GUEST POST: Student Loan Repayment Assistance Beats Sign-on Bonuses

GUEST POST: Student Loan Repayment Assistance Beats Sign-on Bonuses

For major healthcare organizations, sign-on bonuses have long been a recruiting tool for enticing the best and the brightest doctors, nurses, and specialists. A lump sum paid directly to the new hire shortly after on-boarding is a smart way to show how invested an employer is in the new employee and his or her success on the job.  According to the Medicus physician recruiting firm, nearly 90% of physicians hired through the firm received a signing bonus last year, up from 68% in 2015.  On average, a sign-on bonus for a new physician is $24,802. However, employers may benefit in attracting top talent through student loan repayment assistance programs rather than sign-on bonuses in the near future.

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2017 Update on the Cost of an American Medical Education

2017 Update on the Cost of an American Medical Education

One of the urgent issues facing medicine today is the prevention of physician burnout and depression. There are many factors that contribute to physician burnout and to tackle them all would be impossible in a brief blog post. However, I agree with STAT News that an important contributor to tackle is debt and financial stress.  Let's review the cost of medical education in America.

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Studentloans.gov Repayment Estimator Walkthrough

Studentloans.gov Repayment Estimator Walkthrough

The Department of Education runs this great website - Studentloans.gov. Apart from offering all the information you would ever need (or want) to know about student loans, it also hosts a fantastic online calculator - the Student Loan Repayment Estimator. It has been such a great tool that I have been telling all of medical students to check out the site. However, I keep getting back a lot more blank stares than I anticipate. So let's do a quick walkthrough of this amazing free tool.

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Public Service Loan Forgiveness (PSLF) Application Walkthrough

Public Service Loan Forgiveness (PSLF) Application Walkthrough

The Department of Education recently made available the official application form for Public Service Loan Forgiveness (PSLF).  If you have been keeping track, we are quickly approaching the 10-year period since the launch of PSLF.  Theoretically the first group of eligible borrowers should be able to benefit from PSLF starting October 1, 2017.  Let's take a look at this very important document, shall we?

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PSLF - Facts vs. Alternative Facts

PSLF - Facts vs. Alternative Facts

Since the very beginning of FPMD, I've been recommending all graduating medical students to consider signing onto Public Service Loan Forgiveness (PSLF) if their residency training institution qualifies.  PSLF was literally the first post on FPMD.  Despite the uncertainty regarding the future of PSLF, the program remains an attractive option for past and current grads.  Yet I still get resistance from some students for reasons I will discuss below.  Let's address each of these commonly held "alternative facts".  Fortunately, the "facts" can be easily found at the Department of Education's publically available website on PSLF.

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What You Should Know About Trump's Proposed Student Loan Reform

What You Should Know About Trump's Proposed Student Loan Reform

With so many things going on in the news, it's hard to keep track of those that may impact you directly.  And for the tens of thousands of graduating medical students every year, no issue looms larger than student loan repayment.  Let's review what the Trump administration would like to do to change the current student loan landscape.  The following post is based on the 2018 fiscal year budget proposal released by the White House this Tuesday.

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Determining Your Interest Subsidy Under IBR, PAYE or REPAYE

Determining Your Interest Subsidy Under IBR, PAYE or REPAYE

We've addressed the different Income Driven Repayment (IDR) options before and I hope I've convinced you that for most medical graduates with a large amount of student loan debt and a small resident salary, the best repayment plans to be on are IBR, PAYE and REPAYE.  One of the great benefits of these 3 repayment plans is the interest subsidy.  So how can you find out how much subsidy you qualify for and whether or not you've received them?  Get ready for some math!

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PSLF - The Time Bomb Goes Off?

PSLF - The Time Bomb Goes Off?

Long time readers of FPMD are familiar with the Public Service Loan Forgiveness (PSLF) program.  Since the beginning of this blog, I've been encouraging graduating medical students to consider signing up for PSLF if their residency institution is a qualifying employer.  Indeed, PSLF was literally the first post on FPMD.  The biggest challenge facing PSLF has always been the financial unsustainability of the program, sometimes likened to a ticking time bomb.  Well, last week it might have gone off, but not in the way you imagined...

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