Balancing career aspirations with debt repayment.
Dr. Anya Sharma, a dedicated physician, carries a significant burden of $280,000 in student loan debt. While her annual income of $350,000 allows her to max out her 401k and backdoor Roth IRA, she feels overwhelmed by the sheer size of her debt and its potential impact on her long-term financial goals, including expanding her medical practice and starting a family.
Using Golden Door Asset's Loan Calculator, Dr. Sharma explored various repayment options, including aggressive repayment, income-driven repayment, and potential refinancing. The calculator revealed that by refinancing to a lower interest rate and committing to a slightly larger monthly payment, she could save over $60,000 in interest over the life of the loan and shorten her repayment period by 7 years.
The Loan Calculator allowed Dr. Sharma to input her current loan details, interest rate, and preferred repayment period. It then generated a detailed amortization schedule, showcasing the impact of different payment amounts on her total interest paid and payoff date.
$60,000 in interest savings and 7 years shaved off her repayment period.
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