• I charge all my expanses that are chargeable onto my credit cards and funnel my (limited) cash flow towards debts with interests. There are lots of variation in terms what can be charged on a credit card. Some people’s circumstances even allow them to pay for rent on credit card. For example, before medical school, I would pay my landlord by buying whatever she needs on my credit card, including gas, grocery etc. This takes a little more effort than just writing a check. In my current situation (written in year 2015), I will buy grocery gift cards in the 1000’s of dollars (for 6 months to 1 year because there’s once a year 10% discount on gift cards)… and pay my electricity 1 year in advance. Funneling this way, often gets me NEGATIVE 1-5% interest for 1-1.5 years. That makes my savings for paying down my student loan even higher. but there’s a limit to this.

  • this 2nd method usually allows for more aggressive pay down of a higher interest debt. balance transfer checks. the cheapest balance transfer checks i got was with travelocity american express at 1% transaction fee for 0% APR for a year. So by writing a check of 15k towards a debt at higher interest (at least point for me, it would be my 3.375% mortgage), I would be saving 2.275% for the next 12 months. the balance transfer transaction fee is charged up front, just be sure that if your limit is 15k, that you write a check in the amount lower than the limit enough to pay for the fee or the check may not go through or worst still they charge a fee of some sort (over limit fee. i have never gotten a fee before, cuz always err on the safe side).

  • some banks allow you open a new checking account by funding with your credit cards. You need to be very cautious with this. You need to know that the action of FUNDING is equivalent to a PURCHASE, not a CASH advance. The big difference between how the act of funding a new bank account when processed by your credit card company is that purchase will bring you CASH BACK (if your card has cash back features), but cash advance will charge you interest @ 20-30% starting the day the transaction posts. So this method ONLY works if your credit card company processes your funding a banking account as a Purchase.
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One of the only 2 companies that will refinance residents and fellows (PGY income) during training. The other companies only refinance a typical attending (high income) with typical student loan burden.

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Apply to DRB by clicking here, you will get $300 cash bonus and DWM will get a referral fee when you sign your contract. Win-win!

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Email [email protected] to get personal referral & $200 bonus when your loan closes. DWM gets a referral bonus too.

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You get $300 bonus when your student loan refinancing closes with DRB, Earnest, or CommonBond when you apply from this site.

Click above to start your application, and you will get this bonus and support this website at the same time (I get a referral fee after you sign your contract.)

Note – you must click the “APPLY NOW” button after clicking on the link above.  If you navigate away from the DWM link, your participation will not be tracked.  If you would like to explore the site before applying, I recommend you do so in a separate tab.

To get First Republic Bank $200 bonus, you need to email dr[email protected] for personal referral so the banker can track and credit your application when your loan closes.

Read more about how refinancing student loan saves you money here.


How I Accelerated My Student Loan Payoff

3 thoughts on “How I Accelerated My Student Loan Payoff

  • Pingback:The Student Loan Resource Page - Physician on FIRE

  • June 27, 2016 at 8:03 PM

    Thank you again for sharing. I have a question (perhaps a silly one): How do you pay for your electricity in advance? Do you pay a certain amount (to simplify, let’s say $120, estimating that you spend $10 a month) and let PGE subtract the balance every month?

    • June 28, 2016 at 7:43 PM

      there’s no silly question, thanks for asking!

      you are totally right! since I believe my electricity company charges me $3 to pay with credit card, I charge $1000 in advance on my 21 month interest free card, and $1000 covers me for 6-8 months i think.
      in the future for simplicity sake, i may just pay $2000 in advance.

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