Student loans are the specter hanging over many young physicians with an average loan balance of $200,000 when they finish medical school. For those who don’t have student loans, you might want to keep that to yourself…. Rachelle and Corey are here to rehash the details and offer some tips for the different stages of your career! Scroll down to listen!
Medical Students: Be thoughtful about where you go to school, what you are borrowing for, and how you may want to practice medicine. The maximum loan amount is not an allowance! Try to keep your loan balance as low as possible.
Residents and Fellows: Do you want to work in the public sector or for a private practice? Cross your t’s and dot your i’s if Public Service Loan Forgiveness is an option. Put yourself in a good position to hit the ground running in the next stage of your career, and when applying for jobs ask yourself how each job will allow you to approach them.
Attending Physicians: Avoid the lifestyle creep! Make student loans a priority as an attending physician, but don’t ignore your other financial goals. It’s all a balancing act.