Medical Students: Minimizing the Debt

If you are a medical student then you are subject to much higher loan limits than other students. This includes nurses, doctors, veterinarians, etc. So if you know you're looking at anywhere from $75,000.00 to $250,000.00 in debt, what can you do to?

First of all, get a job while in school. I know this will be difficult for many of you but it will pay off in the long wrong. Why get a job (beyond living expenses, of course)? To make payments toward your interest. Every chance you get, make a payment toward your loans. It will hurt in the short run but help you by leaps and bounds in the long run. If you manage to pay over the interest owed you'll start lowering your principal balance, which will then decrease the interest you're paying.

Now you've graduated and gotten through your residency. Now what? First, check into forgiveness programs through the Department of Education. Direct also has an early write-off policy. The write-off wouldn't happen for a long while but if you know it's coming, it can make the wait bearable.

Some states have assistance programs for nurses and doctors. Try to find one! And most importantly, some hospitals will help you pay down your loan debt. Get a job with one of these.

Remember, you can't help how much you have to take out, but you have some control over how much you have to pay back. Never miss a chance to pay down your interest or principal balance. It will save you in the long run!