Paying off $500K of Student Loans in 2 Years | Ep. 12

[@ladyboss4591]

I went to medical school and I had $500K in loans. you were very inspiring. Thank you.

[@brookebeck3367]

Do you mind letting us know what year you graduated?

[@debtfreeF]

Such a great conversation and so amazing that he was able to pay off half a million dollars in 2 years!! I’m also like him where I don’t want to rely on the government for the debt I took out for PT school. I’m not sure if I’ll be willing to move out of state yet because the pay is higher where I’m living than other states and I’m also staying at home as well which helped me save sooo much money. Thanks for sharing!

[@DoctorGirlfriend]

Hi France! Moving out of state is one option to pay off your loans quicker, but it's definitely not the ONLY option. The most important thing is having a plan and being consistent. It sounds like you're already ahead of the game by living at home and researching where you would be compensated the most. I checked out your channel and talking to different people about their debt situation and different avenues of tackling loan is an AMAZING way to learn. I am confident that you will have no problems paying off your loans! Thank you so much for your comment and keep up the great content!

[@NikkiHNguyen]

Good interview; I would considering adding resources for those who find your videos! To your point, loans and the options to pay back is so convoluted. I’m sure many people would find it helpful!

[@DoctorGirlfriend]

Hi Nikki! I have added some helpful links regarding student loans in the description box for anyone who is seeking additional resources. Thank you so much for your feedback!

[@nihilism1234]

I'm going to call BS on this video. In order for him to pay off $500K of student loans in 2 years, he would need to make $26K in student loan repayment each month (assuming 5% interest on the loans). This is on top of his $2K for monthly living expenses. This means, his after-tax monthly cash flow has to be at least $28K per month ($26K + $2K), which would suggest that he's making $40K pre-tax every month! (assuming 30% federal income tax and 0% state income tax). $40K pre-tax monthly pay is equal to an annual salary of $480K ($40K x 12 months). No associate dentist makes $480K to practice general dentistry, especially as a new grad! Not even if you work in BFE. Numbers don't add up, Kalvin.

[@kaynenbrown5102]

Lol he said 2.5 years. Also, I highly doubt his interest was on the entire $460,000. Rather it was broken up. With that being said, let’s act like he took out 1 loan worth $460,000 on a 5% interest rate. To pay his loan off in 30 months (2.5 years like he said), the payment would be $16,341.86 per month. Not sure where on earth you landed on $26,000 per month. If he’s making $300,000 per year he could easily pull this off. Living in the mid west, probably in a more rural area, yes, their are dentist that can be compensated this amount right out of school. Or maybe they pay him and hourly rate and he worked 50 hours a week. Your math is completely wrong.

[@michaelwang4222]

This guy is 1 in a mil

[@xlysxy]

Me in the midwest living in a 4ksqft house on a hill without debt, and traveling everywhere to where I'm tired of going places, the midwest is the best place on earth.

[@DoctorGirlfriend]

Yes! You can't beat the cost of living in the midwest!!! Thanks for sharing!

[@pep590]

Where in the Midwest did you move to? Very entertaining interview.

[@brookebeck3367]

This is great advice; makes me reconsider if I would actually do it when you consider moving to low cost for a few years and then moving back/to where you want to end up.

[@lucygee6863]

how does licensing work if you move out of cali and then move back to practice? great video!

[@traywaters1575]

Great video!

[@rogerlau3589]

Keep up the great vids! I'm in the process of doing a cash-out refinance on my parent's home to help pay for my student debt and essentially get a lower interest rate. This takes advantage of the current mortgage rates which are at historic lows. It's a good option if your parents own their home and are willing to help out.

[@DoctorGirlfriend]

Thanks for the support Roger, we love all your comments! And wow, what a great strategy for lowering those interest rates. Thank you so much for sharing!

[@thienpham911]

did he work for corporate? or private?

[@DoctorGirlfriend]

Hi! I believe he worked corporate.

[@thienpham911]

@@DoctorGirlfriend thank you for the reply!

[@nicholaskolb9696]

Thanks for sharing!

[@DoctorGirlfriend]

Happy to! Hope you enjoyed this episode!

[@yvettec.9889]

🙌🏻🙌🏻🙌🏻🙌🏻