Thanks for your interest in taking control of your personal finances!
Here you will find links to download the residency budget worksheet, plus an accompanying video and links to additional resources.
Download Your Copy Here
Video Walkthrough for Key Personal Finance Topics
Want to skip to a specific section? Here are the times in the above video:
00:00 – Introduction
8:43 – Income and FICA Taxes and Take Home Pay
19:30 – Housing and Rent vs. Buy Calculator
23:34 – Disability and Life Insurance
34:36 – Student Loan Repayment
1:23:55 – Residency Relocation and Personal Loans
Resources
Below you will find links to external sources that may be useful in navigating the personal financial aspects of residency.
Disclosure: Shonan Gold Financial has no affiliation with the any companies or entities linked below, receives no compensation from providing links to their respective websites, and neither endorses nor recommends any particular lender, insurer or other entity listed below.
Taxes
IRS Tax Withholding Estimator
The most detailed income tax estimator. Federal income tax only.
TurboTax Taxcaster
Easier to use than the IRS Estimator, may not be as accurate Federal income tax estimates only.
(Using 2022 tax information as of 5/15/2023)
SmartAsset Federal Income Tax Calculator
Easiest calculator, best for making a quick estimate of take-home pay. Doesn’t include tax deductibility of student loan payments. Income tax (federal and state) and FICA tax.
(Using 2022 tax information as of 5/15/2023)
Student Loans
Federal Student Aid
Get information on all current and past federal student loans, plus useful information on repayment options, including a repayment calculator using your most recent loan data.
Annual Credit Report
If you have any private student loans, they will not be reported on studentaid.gov. Instead, get a free copy of your credit report to see infomation on private student loans.
Medical Student Loans - Ben White, MD
A free e-book by Ben White, MD, originally published in 2017 and revised in 2018. Some information may be out of date.
Student Loan Refinancing
Interest rates and term rates accurate as of May 15, 2023
Laurel Road - For Residents and Fellows
Term lengths of 5-20 years; Interest Rates from 6.45 – 9.41%
SoFi - Medical Resident Refinancing
Interest Rates from 5.49 – 8.24%
Splash Financial - Medical School Loan Refinancing
Interest Rates from 5.90 – 8.76%
Housing
NYTimes - Is It Better to Rent or Buy?
Is it better to rent or buy? It depends! If you find yourself trying to weigh the pros and cons of buying a home, this calculator will help shed some light for you given your specific criteria.
Insurance
WCI - Insurance Agents for Physicians
Find a wide variety of independent agents with experience underwriting insurance policies for physicians.
Residency Relocation and Personal Loans
Interest rates and term rates accurate as of May 15, 2023
Sallie Mae
Maximum: $30,000
Deferment: 3 years
Variable rates: 6.37% – 15.95% APR Fixed rates: 5.25% – 14.46%
Discover
Maximum: $18,000
Deferment: up to 5 years
Variable rates: 7.37% – 10.37% Fixed rates: 6.49%-9.49%
PNC Bank
Maximum Loan: $15,000
Deferment: No Deferment available
Variable rates: 5.09 – 11.54% Fixed rates: 4.74-11.19%
Laurel Road
Maximum Loan: $45,000
Deferment: Partial deferment available.
Fixed rates: 9.99 – 22.54%
Still have questions?
Find out how we can work together below!
Glenn Sanger-Hodgson, CSLP®
Candidate for CFP® Certification
glenn@shonangold.com
Phone
(850) 966-3225