Debt Management

Debt Management

It’s pretty common knowledge that attending medical school is an expensive endeavor. Nearly every medical student will graduate with at least some debt, but how you manage that debt is the key to long-term financial success. Whether you’re still in school or have just graduated, there are some simple things you can do to manage your medical school debt.

Managing Debt While In School

If you are still in medical school, be sure to keep a copy of the promissory note you received in a safe place. This note serves as your legal promise to repay loans you have taken out for medical school. You’ll also want to be certain you keep copies of any disclosure statements you receive. These statements will help you when you begin to repay your loans.

Managing Debt After Graduation

You should receive a repayment schedule shortly upon graduation from medical school. This schedule will detail the number of payments as well as the cost of each payment. It’s a good idea to keep a copy of this schedule posted somewhere you can see it.

There are a number of tools you can use to help stay on top of your debt. The Medloans Organizer and Calculator is a free tool that allows you to organize your loans and repayment options. You can also import your personal loan information directly from the National Student Loan Data System into the MLOC.

Managing Debt During and After Residency

When beginning your residency, you’ll want to be certain that all of your information is organized. You may also need to notify lenders and servicers of your new address to ensure you receive bills and other timely information. Make sure you open and read every piece of mail you receive. Each could contain important deadlines, loan status changes and other critical information.

Debt could also be described as a necessary evil of medical school. Yet, you can manage it effectively by employing these simple tactics.

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