How to Manage Your Medical School Debt

 

credit cardThe debt from medical school can be overwhelming for young doctors but if you are smart about managing it, you can still be financially successful.

Pay Private Loans First

If you took out private loans for medical school, it is important you pay these off as quickly as possible. Federal student loans will qualify for forbearance when you are doing your residency, while most private loans will not.

Consolidate Your Loans

If you took out multiple loans, you will want to consolidate them to save money and stress. The reason is because you can pay a huge chunk of money to all your loans versus putting in lower amounts to multiple loans. It will also help you with paying on time because you only have to do it once.

Borrow Cautiously

If you are looking to borrow money, only get the amount of money you need to live. Once it’s time to pay it back, the interest will be calculated with the original amount and you’ll be happier you didn’t take out more.

Buying Versus Renting

If you are looking for housing, you will definitely want to buy instead of rent. Even though it might seem more expensive, you will profit from buying a house in the long run. With renting, you pay a high amount but in the end, you don’t have anything to show for it. Instead, buying real estate is an investment that you’ll never regret. With the help from the experts at Physicians Mortgage Specialists, we can help you find the best doctor and physician home loans for your needs!

 

Get the dream home you’ve always wanted by filling out the information form on our Homepage. You can expect a call from one of our professional staff in less than 30 minutes!

 

If you have any questions, please give us a call today at (800) 619-2174 or email us at info@physicianmortgagespecialists.com.