2 answers
Alyssa
Student
Pleasant Garden, North Carolina
1
Question
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How high is the risk of student debt loans when aspiring to practice alternative medicine practices, is there a certain salary I should strive for compared to the amount of student debt I am looking at ?
I am a recent graduate from UNCG majoring in biology with a minor in chemistry and math. I enjoy sewing and being outside. I lose the idea of Traditional Chinese Medicine as it seems to compass both medicinal practices and natural bounties of the Earth.
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2 answers
Cesar Troy
Credit Repair Expert And Financial Advisor
1
Answer
Ashland, Kentucky
Updated
Cesar’s Answer
When considering the pursuit of alternative medicine practices through training or education, the risk of student loan debt can vary depending on many factors, such as the school, program and the specific career path you choose.
It's essential to carefully evaluate the projected income potential compared to the amount of student loan debt you will take on.
Salary range: As a base, consider the salary range for alternative medicine practitioners in your desired field. Look at the median salary, as well as the lower and upper quartiles.
It's essential to carefully evaluate the projected income potential compared to the amount of student loan debt you will take on.
Salary range: As a base, consider the salary range for alternative medicine practitioners in your desired field. Look at the median salary, as well as the lower and upper quartiles.
James Hernandez
Account Manager
20
Answers
Heredia, Heredia Province, Costa Rica
Updated
James’s Answer
Pursuing a career in alternative medicine can lead to a lot of student debt, often between $100,000 and $200,000. It's important to manage this debt wisely by aiming for a job that lets you make monthly payments comfortably, ideally around 8-12% of your monthly income. Options like income-driven repayment plans and owning your own practice can also help with paying off debt, according to Laurel Road and Panacea Financial.
Debt Details:
As noted, debt for those in alternative medicine can be quite high, often in the $100,000 to $200,000 range, depending on the field and program costs.
Income and Debt:
Your ability to pay off debt depends a lot on how much you earn. A good rule of thumb is to aim for a salary where your loan payments are no more than 8-12% of your monthly income.
Practice and Income:
Where and how you practice can greatly affect your income. For instance, some naturopathic doctors working full-time might earn $80,000-$150,000 a year, while others may earn less.
Managing Debt:
Here are some ways to handle student debt:
- Income-Driven Repayment Plans: These plans adjust your payments based on how much you earn, which can be helpful if your income changes or if you need more time to pay off your debt.
- Refinancing: Combining your loans can sometimes get you a lower interest rate and easier payment options.
- Debt-to-Income Ratio: Keeping this ratio low is important because a high ratio can make it tough to get other loans.
- Practice Ownership: Starting or owning a practice can boost your income and give you more control, which can help with paying off debt faster.
Long-Term Effects:
If student debt isn't managed well, it can lead to problems like a lower credit score, trouble getting loans, and less financial security.
Debt Details:
As noted, debt for those in alternative medicine can be quite high, often in the $100,000 to $200,000 range, depending on the field and program costs.
Income and Debt:
Your ability to pay off debt depends a lot on how much you earn. A good rule of thumb is to aim for a salary where your loan payments are no more than 8-12% of your monthly income.
Practice and Income:
Where and how you practice can greatly affect your income. For instance, some naturopathic doctors working full-time might earn $80,000-$150,000 a year, while others may earn less.
Managing Debt:
Here are some ways to handle student debt:
- Income-Driven Repayment Plans: These plans adjust your payments based on how much you earn, which can be helpful if your income changes or if you need more time to pay off your debt.
- Refinancing: Combining your loans can sometimes get you a lower interest rate and easier payment options.
- Debt-to-Income Ratio: Keeping this ratio low is important because a high ratio can make it tough to get other loans.
- Practice Ownership: Starting or owning a practice can boost your income and give you more control, which can help with paying off debt faster.
Long-Term Effects:
If student debt isn't managed well, it can lead to problems like a lower credit score, trouble getting loans, and less financial security.