MtoM #202: Radiologist Gets PSLF and Finance 101: Charitable Giving

8 snips

Dec 23, 2024

A radiologist shares her journey to achieving public service loan forgiveness while reflecting on her academic career and strategies for debt management. She saved diligently for potential bumps in her financial path, now considering transforming her PSLF fund into a future home down payment. Additionally, the discussion shifts to the realm of charitable giving, emphasizing intentional strategies that maximize tax benefits and the advantages of donor-advised funds. This episode is packed with insights on financial empowerment and philanthropic impact.

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ANECDOTE

Radiologist's PSLF Success

Katie, a radiologist, paid only $30,000 towards her $348,000 student loans.
She achieved this through Public Service Loan Forgiveness (PSLF) and the COVID-19 loan payment pause.

ADVICE

Advice for Future Doctors

Don't let finances stop you from pursuing a medical career if you feel called to it.
Create a plan, stick to it, and explore options like PSLF.

ADVICE

Charitable Giving Strategies

Give to charity strategically by using methods like Qualified Charitable Distributions (QCDs) and donating appreciated assets.
Consider using Donor-Advised Funds (DAFs) for anonymous giving and easier tax management.

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Today we are chatting with a radiologist who has received PSLF. She learned about PSLF back in 2009. She knew she wanted to go into academics so she planned from the beginning to go for PSLF. She knew the ins and outs of the program and maximized keeping her payments low and benefitted from the COVID student loan freeze. She dutifully saved up a PSLF side fun incase something happened and her loans were not forgiven. Luckily that did not happen and she now has a big chunk of money in there. As a highly debt averse person she is now considering turning that fund into a 'saving-for-a-home fund' in hopes to be able to pay cash for their first home. After the interview stick around for a discussion about charitable giving for Finance 101.

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