Medliorate

Improving medical students

How to Repay Medical School Debt

Posted by medliorator on August 27, 2009

The median debt load for the 87 percent of medical school graduates who have some debt was $155,000 in 2008, according to the Association of American Medical Colleges, up 11 percent from just one year earlier.

Sharply rising tuition explains much of the increase — the American Medical Student Association says public medical school debt has grown by more than 300 percent in the last 20 years

  • If you’re consolidating federal loans, the sooner you lock in the better because rates today are low… For details, go to loanconsolidation.ed.gov. Remember to only consolidate variable-rate loans so you can keep your lowest fixed-rate loans from being wrapped into a consolidated higher rate
  • Loan forgiveness programs offered by the federal government or individual states in exchange for public service can wipe out a lot of debt worries, but only if the terms (such as living in a rural area) are right for you… It makes little sense to spend a fortune on a medical education just to end up in a practice situation you dislike for years, he says.  FinAid offers details on forgiveness programs.
  • If you can’t afford the payments under an income-based repayment plan, you’ll likely need to consider medical residency forbearance, which postpones payment of principal and interest during residency years. But be careful: Unlike traditional deferment, loans in forbearance keep accruing interest while you delay payment

Repaying Medical School Debt [Physicians Practice]

Correlate: How to Defer Federal Student Loans

Correlate: How to Live with Debt

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