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Alyssa
Student
Pleasant Garden, North Carolina
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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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James Hernandez
Account Manager
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Heredia, Heredia Province, Costa Rica
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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.