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Early CareerInsights

The Sabadoodle Student Loan Analysis Solution

By March 5, 2023March 13th, 2023No Comments
The Student Loan Analysis Solution zeros in on the top concern for most early career vets: how to navigate the student loan maze and arrive at a preferred repayment strategy.

With student loan payments likely to resume in 2023, it’s time to think about whether you’re making the best repayment decisions. It’s important to know that Sabadoodle is here to guide you!

Help is available. Many vets are stuck with conflicting thoughts about their student loans because they’re flooded with information when what they really need is guidance and insight.

Sabadoodle’s Student Loan Analysis (S.L.A.) solution helps veterinarians navigate the ever-changing student loan repayment landscape.

Feeling trapped? It’s understandable to feel trapped when you make loan payments and see your debt balance go higher. Student loans may also feel like a trap to those facing their very first payment in 2023 and not knowing where to turn for expert guidance.

Looking for peace of mind?

Student loans are mind-numbingly complex. There’s a lot of misinformation and fuzzy thinking about veterinary student debt. For instance, you may have heard that leading a frugal life is the best solution or that a tax bomb is waiting to explode your future finances. Is there a better view?

Here’s an overview of how the S.L.A. works:

We start by knowing your loans. Student loans come in over a dozen flavors and the details really matter. The VIN Student Loan Repayment Simulator is an online tool that allows us to make sense of all your loan details. Knowing your loans is important because this is what governs your repayment options.

We rethink the idea of loan “affordability”. Focusing attention on those areas of life that bring personal fulfillment is just as important as paying student loan debt. To us, affordable means you are comfortable making student loan payments while, at the same time, allocating dollars to goals that lead to a sense of personal fulfillment.

We help you take advantage of tax loopholes and workplace savings programs. Tax loopholes and savings strategies can help you redirect thousands of dollars away from student loan payments and toward your near term and long term goals. While beyond the scope of this post, just know that we take your tax situation into account when arriving at an optimal repayment plan.

We tackle the “tax bomb” head on. New veterinarians commonly focus on Pay As You Earn’s (PAYE) low monthly payment but lack the clarity to save for the potential tax liability that may come at the end of repayment. i.e., the tax bomb.

We defuse the Tax Bomb.

We tailor a plan to defuse the tax bomb by putting aside regular amounts of money beginning now so that down the road you’re in a position to write a check to the IRS. Broken down over many years, the monthly savings required to meet your projected tax is less than you might think.

If you’re worried that taxable loan forgiveness may be eliminated at some point in the future, don’t be. You can do whatever you want with the money you set aside in a forgiveness fund.

We seek to understand You.

Everyone’s financial profile is different and the “best” solution varies quite a bit from one person to another. Our goal is to focus on your unique profile and work the current rules to your advantage. By doing so, you will be able to make informed decisions, reduce stress and redirect attention to more meaningful areas of your life!

The Student Loan Analysis 6-Step Process:
  • 1. We start by transforming your student loan file from a confusing data-dump into meaningful output.
  • 2. Next, we inventory all of your loans, including federal and private loans as well as graduate and undergraduate debt.
  • 3. We then identify which repayment plans you’re eligible for and help you weigh the pros and cons of each.
  • 4. The next step is to identify if you are likely to reach student loan forgiveness. If you are, we estimate the forgiveness amount and potential loan forgiveness tax.
  • 5. Next, we use the forgiveness projection, to pinpoint the monthly saving amount you’ll need to offset the forgiveness tax.
  • 6. Finally, we zero in on the optimal student loan choice for you by considering personal factors like current and projected income, marital status, and the size of your family.

Now is a great time to take a fresh look at where things stand!

The Student Loan Analysis solution helps you gain peace of mind and free up dollars to spend now or save for the future.