Medliorate

Improving medical students

How To Manage Debt

Posted by medliorator on September 4, 2007

Average educational debt

  • $130,571 – According to the Association of American Medical Colleges, the average educational debt of indebted graduates of the class of 2006 (including pre-med borrowing).
  • 72 percent of graduates have debt of at least $100,000
  • 86.6 percent of graduating medical students carry outstanding loans
  • 40.2 percent of 2006 graduates have non-educational debt, averaging $16,689

7 Tips For Managing Your Student Loan Debt

  1. Just because you can borrow more doesn’t mean you should.
  2. I still say buy versus rent.
  3. Max out your subsidized loan borrowing power first.
  4. Pay interest on your unsubsidized loans if you can.
  5. Avoid private loans if possible.
  6. Get those credit cards paid off. If you have additional borrowing power on a federal student loan, borrow the extra amount to pay off your credit card in full. Do this only once.
  7. Consolidate your loans while you’re still in school.

7 Tips For Managing Your Student Loan Debt [Med School Hell]

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