5 Tips for Physicians: Paying Off Student Loan Debt
Medical School Comes with a Hefty Price Tag, but Here’s How to Tackle It
Though medical school can be a fantastic investment, it’s no secret that it can be incredibly expensive. Most med school students believe this investment to be worth it due to the estimated income of most healthcare professionals. However, it comes at a high cost. Statistics show that the average student loan debt for college students is $32,731, whereas the average medical school debt is $201,490 – quite a drastic difference.
Having large amounts of debt can seriously impact your finances, as well as your emotional and physical well-being. It can increase stress and tension and contribute to things such as poor judgment, inability to focus, and habitual procrastination. These are obviously not conducive to establishing a thriving medical career.
If you’re a medical student or doctor looking to protect your net worth and quality of life, it’s imperative that you establish a savvy plan for paying off your student loans. Here are five tips to get you started.