Nuances of Paying Back Student Loans and Building Credit, with Dr. Paul Rollins

The student loans you face as a dental and medical student can feel overwhelming. But there are more ways to minimize and manage it than you may think. Joining us today to talk about the nuances of paying back student loans and building credit is Dr. Paul Rollins, an oral and maxillofacial surgeon practicing in Ohio. In our conversation, Paul provides an extensive and easy-to-understand breakdown of the type of costs you can expect on this journey, how to make decisions that will minimize the cost of your loans, and the best options for repayments. We take a closer look at the income-driven repayment plans that make the most sense for residents, the advantages of a pay-as-you-earn repayment plan, and what you can do to qualify for public service loan forgiveness. Paul then goes on to elaborate on building credit, his recommended tools for learning about credit and how to manage it, along with an informative breakdown of high, medium, and low impact factors that can affect your credit score. We also discuss your expected debt-to-income ratio when you first come out of residency, how this will affect your rates, and advice on how to adapt. For a concise breakdown of everything related to loans, credit, and why you shouldn’t let the fear of student loans determine your career path, be sure to tune in today!

Key Points From This Episode:

• A warm welcome to returning guest, Dr. Paul Rollins.
• Disclaimer: Paul is not a financial advisor.
• Getting a realistic idea of your overall costs.
• The variables that can affect the costs of your residency.
• A breakdown of the overall costs you can expect for dental tuition and medical school.
• The role that interest plays in your final numbers.
• Unpacking the concept of capitalization of interest (and how it works against you).
• Advice on how to minimize capitalization of interest.
• The income-driven repayment plans that make the most sense for residents.
• An overview of a pay-as-you-earn repayment plan and its many advantages.
• How to qualify for public service loan forgiveness.
• Why you shouldn’t let the fear of student loans determine your career path.
• Recommended tools for learning about credit and how to manage it.
• Advice on how to start building credit.
• Using credit monitoring to protect yourself.
• Your debt-to-income ratio and how this affects your rates.
• Find out what Paul is reading right now and what he has learned about longevity.

Links Mentioned in Today’s Episode:

Dr. Paul Rollins on LinkedIn — https://www.linkedin.com/in/paul-rollins-25248848/

Falls Oral Surgery — https://www.fallsoralsurgery.com/

Paul’s email — paul.rollins29@gmail.com

Dr. Paul Rollins: The Benefits of Using an LMA and Sevo as Your Anesthetic Technique — https://podcasts.apple.com/us/podcast/dr-paul-rollins-the-benefits-of-using-an-lma-and/id1535284898?i=1000536757096

Everyday Oral Surgery on Facebook — https://www.facebook.com/EverydayOralSurgery/

Dr. Grant Stucki Email — grantstucki@gmail.com

Dr. Grant Stucki Phone — 720-441-6059

KLS Martin (Promo Code: EOSSummer2023) — https://www.klsmartin.com/

Bien-Air Surgical Devices — https://www.klsmartin.com/en-na/products/power-systems/bien-air/