Human beings on average make terrible financial decisions because we are extremely emotional creatures. Occasionally we’ll fight back against our impulses and do something smart like minimize taxes, max student loan forgiveness benefits and hold our mutual fund investments for the long term.
However, the typical result is we panic sell when the stock market declines, we let possessions fill our homes that have little economic worth because of emotional attachment, and we abandon Public Service Loan Forgiveness (PSLF) because of anxiety about the future of the program.
Let’s discuss who should and shouldn’t stick with PSLF.
If you qualify for PSLF and don’t plan to take a private practice job for more money or go part-time for lifestyle reasons, then abandoning PSLF is a bad idea. Here are some of the major reasons physicians abandon PSLF.
Reason 1: Sensational Headlines Scaring Doctors About the PSLF Program
Reason 2: Referral Programs with Student Loan Refinancing Companies
Reason 3: Political Biases Causing Doctors to Make Rash Judgments about PSLF
Reason 4: Incompetent Loan Servicers that Give Out Wrong Information
Why Abandoning PSLF Reminds Me of Investors Buying High and Selling Low
Physicians have a reputation among financial service professionals for being very poor investors. Even Warren Buffett, perhaps the greatest investor of all time, won’t invest in something unless he deeply understands it.
Physicians will buy a stock based on a tip from a relative, conversation with a medical sales rep at a conference, or because it’s the hot new thing.
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