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Individual on rock, arms wide open, enjoying the scenic view.

Conquering Student Debt: Insights from a PGY-1

Dr. Dhruvil Patel shares insights on managing student debt, highlighting Andwise's tools for financial empowerment and career growth for medical professionals.

By: Dhruvil Patel, MD

Published: Feb 22, 2024

📂 Physician Perspectives

Written for:

✅ Medical Students

✅ Residents and Fellows

It's been nearly a year since I matched into my dream residency program in Internal medicine-pediatrics at the University of Chicago. I still remember the excitement of that pivotal day but it was soon intertwined with the reality of residency ahead. Challenges that I was privileged to take, but remained something I would have to figure out. The burden of debt, making expenses meet comfortably, and adjusting and moving to a new place is a common experience largely shared by everyone at one point among healthcare professionals. This reality manifests an interesting dichotomy, where the path to our profession is as expensive as it is noble. It's a realization that continues to inspire my work at Andwise and drives me to contribute to the mission of this company whose team, ethos, and values are aimed at alleviating that which has challenged both myself and my colleagues.

It has been more than a year since I joined Andwise. During that time I have primarily focused on using my experience as a new intern to identify challenges in managing finances that my peers and I have navigated through. 

These challenges generally center around finding the time in a resident's busy day to understand what we know and do not know about our finances so we can take the most informed actions. Collating this information, sourcing opinions from others, and doing our own research takes time that often falls below other priorities. It has been a challenge that I personally continue to struggle with. Yet from leadership to development, the team has placed incredible value at Andwise on understanding these nuances and together we've crafted a suite of tools that aim to reduce the time one wound spend on collecting these points, and rather focus on taking informed action:

  • Reduced Monthly Payments: Our tools simplify the repayment process, aiming to lower your monthly financial commitments to student loans. The goal is to ensure financial obligations remain manageable, safeguarding your quality of life.

  • Savings Over Time: Through strategic planning and efficient management, we offer insights to decrease the overall cost of your loans. This strategy is designed to keep more of your hard-earned money in your pocket, enhancing your financial well-being.

  • Accelerating Towards Debt Freedom: We're focused not just on managing debt but eliminating it. Our platform offers strategies to help you pay off loans sooner, paving the way to a future unencumbered by financial constraints.

As Andwise evolves, our foundational efforts through newsletters and podcasts have laid the groundwork for this next step: offering tools and consultations that directly address the intricacies of student debt management for the medical community. This expansion is a testament to the team that I have been working with and their commitment to bridging the gap between financial literacy and medical education, aiming for a future where financial constraints don't hinder the pursuit of medical excellence.

Reflecting on the dual challenges of clinical responsibilities and financial management during my first year of residency, my role at Andwise has been to transform these challenges into opportunities for stability and growth. As we look to the future, our mission is clear: to demystify the complexities of student loans for medical professionals and provide the tools and knowledge needed for effective debt management. This commitment allows you to focus on advancing your career and achieving your personal and professional aspirations, free from the added weight of financial stress.

Warm Kind Regards,

Dr. Dhruvil Ashishkumar Patel, MD
Internal Medicine - Pediatrics, PGY-1
University of Chicago Medicine
Product Strategist, Andwise

Optimize your finances and unlock significant savings, reducing your student loan burden by an average of $2,800 per year, directly impacting your financial well-being and enabling you to make informed decisions with clarity. Join Andwise and embark on your medical journey with financial empowerment, leveraging our tailored guidance, data-driven insights, and a supportive community designed to help you navigate every stage of your career with confidence and strategic foresight.

Ready to take the next step? Financial Education Consultation

With Tanya Frias, CFP®, ChSNC 🟢

1. Schedule a time that works for you

2. Address any burning financial questions with clarity

3. Experience a clearer, brighter financial future

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Physicians face unique financial challenges, from managing student loans to planning for retirement. At Andwise, we understand these challenges and are committed to guiding you through every financial milestone with the help of Tanya Frias, CFP®, ChSNC®, our Director of Financial Education and Empowerment.

Tanya Frias brings over twenty years of financial services experience to Andwise. With her extensive background as a Certified Financial Planner and her dedication to making financial planning accessible, especially in underserved communities, Tanya is a key asset to our team. Her qualifications include a B.S. from the City University of New York, CFP certification from NYU, ChSNC certification from the American College, and she is currently advancing her knowledge with an Executive MBA from Kellogg-Northwestern.

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