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“Medical school is so expensive.” It’s a comment that, as a medical school student or someone considering going to medical school, you’ve probably heard more times than you care to remember. It may be because of the truth of the statement that those planning a career in medicine would rather not dwell on it.
Back in 1992, the average medical school student graduated with $25,000 in debt. Today, the average medical school student will graduate with at least $150,000 of debt and a quarter of all graduates will have nearly $200,000 of debt.
While those numbers aren’t pretty, there are ways you can chip away at medical school debt and actually make a dent. Hopefully your big paycheck will help in the future, but for now consider these tips for handling the debt:
- Make a wise career choice. Not everyone is cut out for brain surgery, or even for medical school. There are many careers in the healthcare field that are rewarding, pay well, and don’t require extensive schooling. Options in nursing employment are a great example of this.
- Live lean. You may technically be a Doctor, but don’t spend like one. Budget wisely and live more like a student so you can pay off debt more quickly.
- Plan ahead for loans. Be strategic about your post-graduation debt. Financial experts offer advice on how to prepare for, save for, and repay loans ASAP; making a plan ahead of time will help you while you’re repaying.
- Understand your options. Take advantage of opportunities to save money and repay loans more quickly. Loan consolidation will help you save more and pay off the loan faster, but loan forgiveness, income-based repayment plans, and techniques for tackling interest are other essentials to look into.
