You’ve graduated medical school and everyone is calling you “Doctor”. Everything seems to be going great and you know there’s a bright future ahead. There’s only one problem with your perfect vision of the future, the looming debt you owe for your years of hard work. Honestly, it’s not that big of a deal, especially if you manage it wisely. There are many ways to monitor, budget, and calculate payment options that suit your new lifestyle. Managing your student loans is key to having a successful life after medical school and here are a few tips to get you started on your amazing journey.
Tips for Debt Management after Medical School
As you make your way into residency you might want to know that a lot of hospitals and institutions have debt management services for their resident staff. You’ll start by locating all your loan information from your medical school; they will have all your information on file, even after graduation.
Consolidating your student debt can decrease the checks you write out each month. This will also extend your loan payments. Remember, by consolidating you ultimately lower your monthly payments.
To potentially save your credit score, a huge factor with debt management is simply knowing the terms and conditions of your loans. Familiarizing yourself with the various: grace periods, loan forgiveness programs, and policies could provide more favorable loan payment conditions.
One of the biggest elements to proper debt management after medical school is you. By setting up budgets, living within your means, and having realistic expectations for your income potential; you can use all of these tools to easily manage your debt.
Debt Management is not the Hard Part
There are so many tools for you to utilize that managing your debt will be a breeze. The hard part is over, and all you need to do is make a smooth transition from medical school to residency and start managing your funds appropriately.