How to Repay Medical School Debt

The median debt load for the 87 percent of medical school graduates who have some debt was $155,000 in 2008, according to the Association of American Medical Colleges, up 11 percent from just one year earlier.

Sharply rising tuition explains much of the increase — the American Medical Student Association says public medical school debt has grown by more than 300 percent in the last 20 years

• If you’re consolidating federal loans, the sooner you lock in the better because rates today are low… For details, go to loanconsolidation.ed.gov. Remember to only consolidate variable-rate loans so you can keep your lowest fixed-rate loans from being wrapped into a consolidated higher rate
• Loan forgiveness programs offered by the federal government or individual states in exchange for public service can wipe out a lot of debt worries, but only if the terms (such as living in a rural area) are right for you… It makes little sense to spend a fortune on a medical education just to end up in a practice situation you dislike for years, he says. FinAid offers details on forgiveness programs.
• If you can’t afford the payments under an income-based repayment plan, you’ll likely need to consider medical residency forbearance, which postpones payment of principal and interest during residency years. But be careful: Unlike traditional deferment, loans in forbearance keep accruing interest while you delay payment

Repaying Medical School Debt [Physicians Practice]

Correlate: How to Defer Federal Student Loans

Correlate: How to Live with Debt