Welcome NYP Residents
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Hello NYP residents! As you slog (or have already slogged) through orientation, we want to give you some additional financial resources to build on the short lecture given by either Dr. Dalton Haslam or Dr. Sotirios Keros. Your financial education is a lifelong endeavor and a 20-minute talk certainly does not cover but a small fraction of what you need to know.
We have put together this website, and this page specifically, to get you started. We have listed some resources below that will be especially helpful at this stage of your residency. We promise that this stuff is easier to understand than your EMR training was, and probably more helpful.
Ten Critical Moves
To start check out this blog post about some critical financial items you should take care of today. PGY-1?Interested in PSLF? CONSOLIDATE NOW (after educating yourself to ensure it's appropriate for you of course).
Student Debt Resources
Tools and Calculators
Visit our Student Debt page to get the basics on federal student loans, loans calculators and sample scenarios. The REPAYE vs PAYE calculator for PSLF is there too. Also, get in the habit of downloading your "National Student Loan Data File" (available at the button at the bottom of this page) on a regular basis, and also documenting the date and amount of EACH monthly payment you make which is PSLF eligible (do not rely on your loan servicer to keep correct records).
We have a brand new PSLF Loan Payment Tracker. You'll need to keep a record of every payment and other details on your loans. Unfortunately, there are times when the servicer misses some of your eligible payments. Each missed payment can cost you thousands in lost forgiveness. Keep your own proof!
We didn't have time to discuss investing during the orientation lecture, but we have a reading recommendation get you started and an on-line source for further learning. Investing is essential for you to become financially independent and retire. And here is specific information about the NYPH 403b. Can you find the fees? Look for the "net expense ratio". There is no need to select any investment in this plan with an expense ratio above about 0.15%.
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