If you have a graduate degree in a medical field, there's a good chance that along with a drawer full of scrubs and the ability to name every bone in the body, you're in possession of a significant student loan balance.
Medical professionals have the highest average student debt load among individuals who earn graduate degrees: $161,772. And if you put your loans into forbearance during your residency, that number might be even higher.
Paying off your student loans before you're retired may feel like a pipe dream. So what can you do about it?
Public Service Loan Forgiveness
Federal Perkins Loan Cancellation
Students to Service Program
Military loan forgiveness
State loan forgiveness programs
NURSE Corps Loan Repayment Program
The National Health Service Corps Loan Repayment Program
National Institutes of Health Loan Repayment Program
- a doctoral degree in a healthcare field,
- a loan balance that's higher than 20% of your base salary, and
- a two year commitment to perform research at least 20 hours per week.
You don't have to spend years struggling under the weight of student loans. There are numerous programs that can help doctors, nurses, and other healthcare professionals reduce your student loan balance with a brief commitment to practicing in an area that needs your skills.
If working in a critical shortage or high-need area isn't in your career plan, you can still lower your monthly payments. Learn about student loan refinancing.