Our nation has 45 million borrowers with student loan debt. Luckily, due to the pandemic, many physicians dealing with student loan debt have found themselves in a comfortable limbo of sorts thanks to the CARES Act. “Too many Americans are struggling to pay for basic necessities and provide for their families,” the Education Department said in a statement. “They should not be forced to choose between paying their student loans and putting food on the table.”
President Biden’s Executive Order extended the freeze on student loans to September 30, 2021, on his first day in office. This means that those students who are currently holding federal loans can expect their payments to freeze without any increase or accrual of interest. Because of these suspensions, credit scores are also not being penalized, which means physicians now have additional funds for other things such as continuing education, enhancing their retirement, or even enriching their personal lives.
Approximately 67% of federal student loan borrowers owe more than $10,000 in debt. However, while interest rates are exceptionally low, now is a fantastic time for borrowers to refinance their payments for a more reasonable interest rate. This ensures larger savings over the long term and sooner relieves the borrower of the loan itself.
Because of the pandemic, physicians have also experienced an extreme flip in the job market. Hospitals curtailed elective procedures to make way for COVID-19 patients, clinics and other health facilities closed across the country due to safety and shelter-at-home orders. While this occurred, many physicians found their hours cut. Now, with the release of the Pfizer and Moderna COVID-19 vaccines, more job openings are becoming available for physicians looking to take the next steps in their career, which is where Physicians Thrive comes in; to negotiate the best possible contracts for their clients.
With all the savings physicians are experiencing during the pandemic, now is a fantastic time to take advantage of the additional funds and consult with the experts at Physicians Thrive on ways to utilize the recent savings. Whether it is making additional debt payments, putting it into retirement, additional training, or even saving for a new car or house, there are endless opportunities for physicians with the forgiveness of federal student loan debt. For expert advice on tax planning, contract review, or simply how to best negotiate a future contract, reach out to Physicians Thrive for advocates that genuinely care about the success of their clients.
Refinance Your Medical School Loans
Consider refinancing your loans to lower the interest rates and save thousands in the total amount paid back over time.