White Coat Investor Podcast: Milestones to Millionaire #250 Emergency Physician Wipes Out $500,000 of Student Loans in 3 Years & Finance 101: Public Service Loan Forgiveness (PSLF)
Date: November 24, 2025
Host: Dr. Jim Dahle
Guests: Andrew (Emergency Physician) & Colleen (Physical Therapist)

Episode Overview

This milestone episode celebrates the extraordinary achievement of Andrew, an emergency physician, who paid off over half a million dollars in student loans in just three years. Dr. Jim Dahle interviews Andrew and his partner Colleen, a physical therapist, to uncover their financial strategy, sacrifices, and the mindset behind their rapid debt repayment. The episode also delves into the mechanics and latest updates on Public Service Loan Forgiveness (PSLF), offering a dual perspective through Colleen, who is on track for PSLF herself.

Key Discussion Points & Insights

Meet Andrew & Colleen: Their Backgrounds & Debt Burden

• Andrew: Emergency physician, eight years out of training, based in Louisville, Kentucky.
• Colleen: Physical therapist, over three years out of training, also with student debt.
• Both first-generation postgraduates from lower-middle-class families.
• No financial help from family for undergraduate or graduate education.
• Andrew paid off $509,000 in student loans (undergrad + med school).
• Colleen still has $185,000 in student loans and is two years away from PSLF forgiveness.
  • [01:58] Andrew: “I paid off around $509,000 in student loans.”
  • [03:31] Andrew: On why he didn't pursue PSLF—“When I was graduating, there was such a small percentage of people successfully getting PSLF and it just seemed somewhat subjective. I guess I just wanted a very definitive plan.”

The Path to Paying Off $500,000 in 3 Years

Income & Repayment Strategy

• Combined household income: about $600,000/year—higher than average (Andrew worked above full-time hours as a new attending).
  • [04:52] Andrew: “Combined... it’s right around like 600 or so.”
• Aggressively attacked Andrew’s student loans post-residency after refinancing privately at half the federal rate, sending $15,000–$20,000/month to the lender.
  • [05:58] Andrew: “Basically, yes [sent lender $15,000+ a month].”
• Lived exclusively on Colleen's PT salary (modest), using Andrew’s salary almost entirely for loans and taxes.
  • [06:25] Colleen: “We basically just lived off of my salary essentially, and then his salary was pretty much loans and taxes.”
• Maintained their frugal “residency” lifestyle even after buying a house, except for the new mortgage.

Working More Than Full Time

• Andrew consistently worked 15–16 ten-hour emergency department shifts/month (more than standard full-time).
  • [08:15] Andrew: “Probably around 15 to 16 [shifts per month]… they’re around tens.”
• This higher workload explains the unusually high earnings and was more due to opportunity and energy, not a preset master plan.
  • [08:53] Andrew: “I felt like most of my peers around my age group were working that average, so I kind of didn’t really question it.”

Frugality, Focus & Sacrifice

• Major sacrifices: postponing lifestyle upgrades except for buying a modest home; sticking to their old spending habits from their training years.
• Still allowed themselves one or two vacations a year for sanity.
  • [15:42] Colleen: “Even through this saving and paying off loans, we’ve always set aside money to still… go on one or two vacations a year.”

Notable Quote

[07:06] Dr. Dahle: “So what you’re telling me is live like a resident works, that you can wipe out even half a million dollars in student loans in three years?”
[07:12] Andrew: “Absolutely.”

Public Service Loan Forgiveness (PSLF): Colleen’s Experience

• Colleen learned about PSLF after PT school (about 2017), was unsure of its reliability at that time due to widespread denials in the news.
  • [10:34] Colleen: “I felt like I was kind of gambling going into it, because I started it in 2017 and that's when the first group of people was applying for forgiveness. So it was still… scary.”
• Currently has two years left until forgiveness; expects to have her full $185,000 balance forgiven.
• Her career path would have been the same even without PSLF, but knowing about the program influenced her job search criteria.
  • [11:30] Colleen: “I’m still where, like, in the realm of PT, that I would have chosen regardless of PSLF… But when I was looking for jobs, it did change what I was looking for.”

Balancing Debt Payoff & Investing

• Despite their aggressive debt payoff, continued to invest:
  • Maxed out 2 HSAs, 2 backdoor Roth IRAs, and both 403(b)s (at least to the employer match).
  • They have acquired about ($500,000) in net worth, including home equity and investments.
  • [13:38] Andrew: “Taking into account home equity, our 403(b) accounts, HSAs and Roths… I think it’s around 500, probably give or take with market changes.”

Emotional Journey, Mindset, and Advice

• It was daunting to “bet on themselves” with high debt and no financial training from their families.
• Andrew immersed himself in learning financial literacy during his senior year of med school, even reading more finance than medicine at that point.
  • [14:31] Andrew: “I kind of stopped reading medical information like that last half of fourth year and just started reading financial information. So I was listening to a lot of your podcasts and I read your book at that time.”
• Proved skeptics wrong—called a doubting friend after loan repayment:
  • [15:09] Dr. Dahle, laughing: “You showed him. I hope he listens to this podcast.”
  • [15:12] Andrew: “Yeah, so a couple months ago I actually called him and I was like, hey man, I paid it off. And he’s like, no, you didn’t.”

Andrew’s Key Advice

[09:35] “If your student loan debt to potential gross income ratio is more than 2-to-1, you should really become financially literate and have a definitive plan. ...The debt amount was a huge nitis [focus] for becoming literate...and having a definitive student loan plan pay off.”

Next Financial Goals & Work-Life Balance

• Immediate plans: Home renovations, more travel, and ultimately aiming for millionaire status and mortgage payoff in 5–10 years.
  • [16:21] Colleen: “Hitting millionaire status would be pretty amazing. I think just trying to get a good work-life balance and spend more time with family, do more vacations, things like that.”

Segment Timestamps

• Introduction & Guest Background – [00:13] to [04:00]
• Deciding Loan Repayment Path vs. PSLF – [02:57] to [03:40]
• Income, Repayment, and Live Like a Resident – [04:48] to [08:24]
• Mindset, Sacrifice, and Peer Comparisons – [07:06] to [09:09]
• Advice to Others – [09:35] to [10:31]
• Colleen’s PSLF Journey – [10:31] to [12:23]
• Balancing Investing with Debt Repayment – [12:33] to [14:03]
• Mindset Shift, Proving Doubters Wrong – [14:31] to [15:24]
• Next Goals & Money Philosophy – [15:42] to [16:35]

Finance 101: Public Service Loan Forgiveness (PSLF) Explained

(Dr. Dahle’s summary, [17:12] onward)

• PSLF requires 10 years of payments while working full-time (30+ hours/week) for a government or nonprofit employer.
• After 10 years, the remaining loan balance is forgiven tax-free. This is far superior to the 25–30 year income-driven repayment (IDR) options, which often feature tax bomb forgiveness.
• The government has streamlined PSLF since the initial rocky roll-out; now over a million people have received forgiveness.
• Recent legislation has not changed PSLF, though some alterations have been made to IDR programs.
• Federal lending caps are changing, meaning future students may need private loans to supplement federal borrowing.
  • “It really does work...if you qualify for it, go for it.”
• Key takeaways:
  • Learn the rules, follow them strictly.
  • Financial literacy + discipline (“the superpower”) puts medical professionals in a strong, rare position.
  • Community is available—don’t face finances alone.

Memorable Quotes

• [07:06] Dr. Dahle: “So what you’re telling me is live like a resident works, that you can wipe out even half a million dollars in student loans in three years?”
• [07:12] Andrew: “Absolutely.”
• [14:31] Andrew: “I kind of stopped reading medical information like that last half of fourth year and just started reading financial information.”
• [16:21] Colleen: “Hitting millionaire status would be pretty amazing. I think just trying to get a good work-life balance and spend more time with family, do more vacations, things like that.”
• [18:55] Dr. Dahle: “Having the combination of financial literacy and financial discipline is so rare in our society that if you have both of them, it’s like having a superpower.”

Final Thoughts

This episode highlights the transformative power of focused, intentional financial decisions for medical professionals. Andrew and Colleen's story shows that massive student loan burdens can be eliminated shockingly quickly with the right discipline, support, and work ethic, and that PSLF remains a viable path for many. The actionable lessons, honest discussion of sacrifice, and the positive future outlook will resonate with any healthcare professional facing big debts and big dreams.