M$D: 4/14/2051
Meet Malcolm
Age: 28
Malcolm’s main concerns, in his words:
I’m a little over a year out of medical school, doing a three year residency training program. I have about $312,000 in student debt, and make about $50,000 a year until I graduate in about two years, at which point I will make between $200,000 and $250,000 per year. My girlfriend is a graphic designer without student debt, making about $55,000 per year. I’ve heard a lot about the Public Service Loan Forgiveness program, and a lot of my colleagues are banking on it, but I’m afraid there will be some big restrictions on it by the time I’d be eligible to take advantage of it. I’m considering paying the minimums until I graduate, then paying ~$6,000 per month to get rid of it in a few years, but don’t know if it makes sense to be that aggressive.
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.