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Rob Schultz, CFP®, PFP

Sep
02
Balancing a First Time Home Purchase with a Mountain of Students Loans
Today’s graduating resident or fellow faces a daunting challenge of managing an average of $157,944 in student loan debt according to the College Board, with saving for a down payment on a home.  In today’s lending world a minimum 20% of the purchase price is often required.  Recent graduates are often saddled with high-interest loans typically in the high 6% range.  Prioritizing whether to save for a down payment or aggressively pay down the student loan debt is one of the most common questions I am approached with.  While common sense would dictate that you would want to retire high-interest loans before saving for a house, most young physicians do not want to wait until their fifties to make a home purchase.  The compromise is to make...
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Securities and investment advisory services offered through Royal Alliance Associates, Inc., member FINRA/SIPC and a registered investment advisor. Additional investment advisory services offered through NWF Advisory Services Inc., a registered investment advisor not affiliated with Royal Alliance Associates, Inc. Certain insurance products offered through New World Financial & Insurance Services, Inc., an entity not affiliated with Royal Alliance Associates, Inc. or registered as a broker/dealer or investment advisor.



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