Strategic planning for a financially secure future.
Dr. Sharma's high income ($350,000 AGI) complicated income-driven repayment (IDR) eligibility. She was maxing out her 401k and using the backdoor Roth IRA strategy, but felt overwhelmed by the massive loan balance. She needed a plan to aggressively pay down the debt while maintaining her retirement savings and growing her medical practice.
By utilizing the Student Loan Calculator, alongside the Refinance Calculator, Dr. Sharma explored various repayment scenarios. The calculators demonstrated that refinancing to a shorter-term, lower-interest loan would save her a considerable amount in interest, despite slightly higher monthly payments initially. The Student Loan Forgiveness Calculator showed that forgiveness programs wouldn't be beneficial given her income and loan balance, reinforcing the need for aggressive repayment.
The Student Loan Calculator and Refinance Calculator were used in tandem to project the impact of different interest rates and loan terms on Dr. Sharma's total interest paid and repayment timeline. Sensitivity analysis was performed by adjusting various interest rate scenarios to provide Dr. Sharma with a complete picture of how her repayment plan might be impacted.
$65,000 in interest savings over the life of the refinanced loan, plus accelerated debt freedom.
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