[Throwback] S1, Episode 4- Dan Macklin of Sofi- How To Reduce The Burden of Student Debt For Young Physicians

2019-01-25

This throwback podcast features an interview with Dan Macklin, the co-founder of SoFi. As many of you know who read the Freedom Formula for Physicians, I have a passion for reducing, eliminating, and destroying debt. Practically every single resident or fellow is paying somewhere between 6% and 7% in interest rate. On $200k worth of debt, we’re talking about $13k a year in interest or nearly $1,000 a month. If you think about virtually any loan, like a mortgage or a car loan, if you have a high-interest r...

This throwback podcast features an interview with Dan Macklin, the co-founder of SoFi.

As many of you know who read the Freedom Formula for Physicians, I have a passion for reducing, eliminating, and destroying debt. Practically every single resident or fellow is paying somewhere between 6% and 7% in interest rate. On $200k worth of debt, we’re talking about $13k a year in interest or nearly $1,000 a month. If you think about virtually any loan, like a mortgage or a car loan, if you have a high-interest rate today and tomorrow's interest rates drop, you could get it refinanced somewhere. Your 6% loan can become a 5% loan.

That’s why I thought I’d bring a special guest to the podcast, Dan Macklin. Dan is a co-founder and vice president at SoFi, a leader in marketplace lending with over $2 billion in loans issued. Dan heads the Business Development team, spending a lot of time with SoFi borrowers across the nation.

This interview reveals the following:

– How you can cut the cost of interest of your student loans by 50% or more

– When you are NOT able to refinance your loans and when you SHOULDN’T refinance them

– How quick and easy it is for you to refinance your loans and what you can do to speed up the process

– The two critical differences between fixed and variable loans and how you can change your loans if you change your mind later on. (Hint: It doesn’t cost a single penny!)

For the show notes, loads of free resources, and the full transcript, visit the podcast website at www.doctorfredompodcast.com

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