3 creative ways to lower your debt from Medical school


It’s always interesting when you ask kids what they want to be when they grow up. Some children seem to come into the world with a definite idea of who they are meant to be. Knowing your path in life from an early age is quite amazing, when you think of it. Other kids seem to feel it somehow too. Occasionally, when you ask a child about their future, they will tell you they want to be a doctor and be able to help others in life. There is an aspect of a noble calling, something deep within that almost compels them to follow that path. As they go from high school to college and then medical school, they face increasingly difficult courses and medical school entrance exams. On top of everything they have to wrestle with incredibly high post-graduate medical school costs.

Refinance Your Student Loans

There are a lot of sacrifices required if you want to become a doctor. The curriculum is demanding, the hours studying for classes and entrance exams are intense and the cost of your education can feel astronomical. It’s estimated that the typical student emerges from medical school with about $195,000 in outstanding student loans. If you set up an income-based repayment plan it might take 25 years to pay off your debt. Fortunately, when you refinance student loans you can get instant financial relief. Interest rates are at historic lows right now, so there are a lot of attractive options available if you want to refinance your loans. Some lenders even have a client happiness team that can help walk you through the available options and customize your new loan. It’s also possible to remove a loan cosigner when you refinance.

Make Extra Money via Telemedicine

One of the best ways to pay down your outstanding debt is to make extra money in your field. Licensed physicians can now work from home handling medical appointments and consultations via telemedicine. With many patients seeking medical attention but wary of visiting a crowded waiting room, video calls provide a great way to get personalized attention with no health risk. There are multiple national services that allow a physician to consult with patients over the Internet. These providers have a ready stream of patients who want to be seen by a doctor without ever having to leave their home. Typically, appointments last 15 minutes and the experience can feel even better than an office visit. It’s also possible to write prescriptions and order lab tests as part of the consultation. 

Use Your Signing Bonus to Help Pay Down Medical School Debt

Even with refinancing and paying down debt with extra money earned from telemedicine, it’s likely that the balance you owe will still be high. In order to make more progress on paying off your note it’s a good idea to use any windfall income to pay the balance down. One of the best ways to do this is to apply your physician signing bonus to the loan. Some 80% of physicians receive a signing bonus as part of the recruitment process. You can also accelerate your repayment plan if you put your raises or performance bonuses toward paying off your loans.