Marysol
The best ways to pay off student loans?
Every year, medical school loans tend to increase. What are some ways some young physicians have figured out how to pay off their loans without completely sacrificing their lifestyle?
#medicine, #student-loans #college
3 answers
Kristin Adkins
Kristin’s Answer
Hey Marysol, I actually got a personal loan with a lower interest rate with a steady monthly payment that had an options to pay more if I ever wanted to, you would want to check if there would be any penalty to pay off your loans early of course. You would just use a personal loan and pay all of the loans off and only have the monthly payment. I would possibly check this link out www.lendingtree.com
Ann Gianoglio Burk, MBA
Ann’s Answer
Hi Marysol,
If you are using Federal Student Loans, the government offers a number of affordable loan repayment programs. For example, there is the Income Based Repayment plan. It bases your payments on how much your annual income is. They also offer loan forgiveness if you make each monthly payment on time for 10 to 25 years depending on the repayment plan you qualify for. Lastly, Direct Loans provides a loan consolidation program will combine all of your federal loans into one lower payment. Below is the link to the Federal Student Aid website where you can get more information.
Hope this helps!
Ann recommends the following next steps:
Nicole Baillie
Nicole’s Answer
I will share first that I am not a physician and I did not go to medical school. But I did have to take out student loans in order to pay for my college journey. For me, the short answer on the best way to pay off student loans? On time and steadily. Before I started college, I had some understanding on the impact of debt and personal credit scores. I was fortunate to land a job pretty quickly after graduating college and was fortunate to maintain a steady career since my graduation. With the foundation of a steady career, I was able to count on a salary that would allow me to pay back my loans on time and in consistent amounts.
Though I share this, understanding that life happens in ways that sometimes we can't anticipate, lenders can and do work with students when situations arise that impact the ability to pay on time and consistently. Barring any type of significant disruption, my suggestion is to ensure that paying back your loans remains a priority. I clearly remember, upon graduation, when I looked at my student loan balance, thinking "wow, this is going to be with me for a while"..until it was all paid off ;).
Best of luck to you!