Residency

Tips for paying off medical student loans

Residency Program Insider, October 30, 2015

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The average student loan debt for medical school graduates last year was $176,000, according to the American Association of Medical Colleges. Once interest costs are factored in, it can be easy for new physicians to get bogged down with repayments. The following are some strategies to help tackle student loans head on:
•    Use signing bonuses to make lump-sum debt payments, which will help reduce interest costs.
•    Find positions that help repay medical student loans. Several state-level programs help pay physician loan debts in exchange for practicing in underserved communities.
•    Use income-driven repayment and student loan forgiveness options, such as enrolling in the Public Service Loan Forgiveness Program.

Source: The Doctor Weighs In



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