2017 New Grad Edition - 52

4

of the

Most Important
School Loan Questions
(And Their Answers)

A chartered financial analyst breaks down the basics on dental debt
by Travis Hornsby, CFA

Travis Hornsby is the
founder of Student Loan
Planner, a consulting
company dedicated to
helping dentists increase
the return on investment
for their education.
Before advising clients on
student loans, Hornsby
was a bond trader for one
of the world's biggest investment firms. (He thanks
his fiancée for getting him involved in the student
loan world after revealing the extent of her medical
school debt.) He lives in St. Louis.
Contact: travis@studentloanplanner.com

52

NEW GRAD 2017 // dentaltown.com

You've graduated dental school and
you're stoked. Six-figure income, you're
champing at the bit to learn clinical skills,
and you're looking at buying a practice in
the next few years.
One problem, though: Your dental
school's financial aid office may have told you
a few things about income-based repayment
and the importance of budgeting at exit
counseling, but now it's real. You look at
your first loan statement, and you realize
you owe $350,000 for your degree.
I've advised $47 million in dental school
loans for new grads over the past year, and
along the way I've answered many questions.
Of all the ones I field, these are the top
four-and the answers that usually apply.

Should I refinance my
loans, and when should
I pull the trigger?
Maybe you've heard about companies
that want to lend you money at a lower
interest rate than the 6 percent to 8 percent
that federal loans charge. Here's a good rule
of thumb: If you're expecting to owe less than
two times your household income within
five years of graduation, you'll probably
want to refinance.
Say, for example, that you're making
$130,000 in your first year out, and you have
$300,000 in Stafford and PLUS loans at a
7 percent rate. To get a 10-year refinancing
deal, you're going to have to pay more
than $3,000 a month. That's a tough pill



http://www.dentaltown.com

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