If you’re an oral surgeon
or training to be one, you probably have a lot
of student loan debt. The reason for this is because
you go through undergrad and then you go to dental school and rack up maybe 300 to
400 or 500,000 of debt and then you go to OMFS residency and then maybe even two
years of medical school on top of that so you
take out even more debt. So, the average Student
Loan Planner client that’s an oral surgeon has
had about 611,000 or so of student loan debt and
that’s really quite a bit. Now, when you have that much debt, you have a lot of options to pay it back. Of course oral surgeons we
know make a lot of money. But, what you maybe haven’t thought about is if you can utilize residency
to get four years of credit towards a loan forgiveness strategy, then you might even be
able to do something like pay as you earn and only have
16 years left of payments as an oral surgeon before
you could be eligible for loan forgiveness. You’d compare that to private refinancing and you would see what kind of difference the math would suggest
between going for forgiveness and paying taxes on the forgiven balance versus going for refinancing
as an oral surgeon. Now if you owe more than 500,000 you also might deal with
some issues refinancing your student loan debt. We’re experts in navigating that because we’re probably the
only group in the country that’s had multiple clients
that are oral surgeons that we figured out their complex student loan situations for. Now, if you’ve got a bunch
of student loan debt, you probably have maybe made
some mistakes and that’s okay. Now, you’re extremely intelligent but if you haven’t dedicated a lot of time to understanding the student loan rules you’re probably just unaware
of some of the tricks of the trade that you
can use to get subsidies and lower balances when
you end up refinancing. For example, if you
consolidate as soon as you get done with your M.D.
portion if you’re doing a six year program, you could get onto the revised
pay as you earn program and receive an interest
subsidy and the REPAYE program, the revised pay as you earn. That interest subsidy
would cover a portion of your interest so that
during your residency you can actually get 10s
of thousands of dollars in subsidies from the federal government simply by starting your repayment and having consolidated the right way. And you could do that if you’re eventually going to refinance or you could go for a forgiveness-based strategy and going for more of
a 20 year type of plan with pay as you earn. Now, there’s even more
complex situations than that. If you happen to be in a
community property state with a stay-at-home spouse, you might be able to do some tricks by filing taxes separately
to get an even lower monthly payment. You might be able to
utilize different write-offs and putting money into retirement plans to try to lower your taxable income there. Now, if you’re making $800,000
with a private practice in Maine and you have 600 grand in debt, by all means, pay 30,000
a month or something, get rid of the debt in a couple of years and just move on with your life. But, if you’ve got complex
stuff going on with your OMFS student loans, we are experts in figuring that out. What I would suggest
is just reach out to us by clicking on the contact
button on our website or you can click on the
hire us page in the menu bar of StudentLoanPlanner.com and then you can click
on schedule your call and you can book a call with myself or one of the members of my team and I guarantee you that
you will get the best help figuring out exactly what to do with your debt from
becoming an oral surgeon.