debt

Chronicles of a Med Student: All Aboard the Financial Struggle Bus

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Chronicles of a Med Student

I remember the sheer joy of ripping open the letter that granted me a medical school spot. Everything was roses and rainbows, and I was thrilled that my dreams were coming true. This cute little fantasy carried on until I received the tuition numbers a few weeks later . . . wow. I had no money, and I was being expected to pay how much? Regardless of what you hear from other people about how doctors make enough money to quickly pay back their debt, those five digits after the dollar sign per year are still scary.

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The Ultimate Student Loan Repayment Guide for Doctors

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$176,000.
It’s a number newly-minted physicians or those in the process of becoming a doctor should know.
No, it’s not the average salary of those in the medical field or the cost of an average physician’s home.
It’s also not something fun like the price you can pay for a new Audi R8 when you graduate from medical school (although that would be super nice.)

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If I Had a Million Dollars (But I Don’t)

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Someday, after years of school (then more school) and residency training, we will start earning doctors’ salaries. In the meantime, finances can be tight, but there are ways to cut costs, optimize the money you do have, and maybe even bring in a little extra on the side.
There’s an old moniker you can’t change what you don’t acknowledge. It’s hard to make a budget if you don’t know what you’re spending currently. Take a few weeks and keep track, ideally a full month. Write down everything, regardless of how you pay for it – cash, check, credit card, bitcoin. . . Even if you have a 0% interest credit card and won’t be paying it off for a while, write it down. Then, consider your monthly income. If you’re ending the month in the black – congratulations! You’re on the right track. You may still want to decrease your expenses to reduce your overall loan burden. If you find your monthly cost of living exceeding your income, it is definitely worth your while to take a hard look at what you’re spending and how to cut back.

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Post Undergrad: Getting Ready for Medical School or a Gap Year

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For many students interested in a career in medicine, the period after the final year of undergraduate education represents a time of transition to medical school or to furthering their experiences and their education in preparation for applying to medical school. This month’s article from the Association of American Medical Colleges (AAMC) focuses on those two pathways.

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The National Health Service Corps: Cutting Student Debt and Promoting Primary Care

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The National Health Service Corps creates a win-win for doctors and underserved communities by financing medical education and bringing health care to those who need it most.

Six Smart Ways to Pay Off Your Student Loans

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Attending college and earning a degree is a major accomplishment, but most people don’t have the resources to get their education paid for without help. While there are scholarship and grant programs available to help you out, loans are usually the popular option for students trying to pay their way through school.
The time to pay those loans back comes once you’ve stepped off stage and graduated. If you haven’t kept track of how much you owe, the final figure can be quite intimidating. To ease your stress, it’s important to financially plan and prepare for loan repayment. With that said, here are six smart ways to pay off your student loan.

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