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New PracticeLink webinars can help physicians save on student loans

 

Being a physician is amazing. Dealing with student loans is not. PracticeLink and physician student loan expert Joy Sorensen Navarre want to change that with a series of four webinars dedicated to student loans. You’ll learn why these loans are so confusing, how you can navigate the puzzle and how to save thousands on your student loans with help from Joy, President of Navigate Student Loans. In just seven years, Navigate is on track to save physicians $280,839,880 on student loans. Also, you’ll get an update on the Biden Administration’s changes to student loans and the oppo....

 

Learn how to save money on your student loans. Navigate
 

The truth about student loan repayment

 

Larry Burchett, M.D., remembers graduating from medical school in 2006, excited that he’d matched to his preferred emergency medicine program and begin training. "But that first year, it’s hard, man," says Burchett. "I didn’t expect that; $42,000 doesn’t go very far in California." Burchett graduated medical school with about $160,000 in federal student loans, which he still carries today because his rates were fixed at nearly 2% in 2010. Fast forward to today, where a debt load of roughly $200,000 is the average for physicians graduating from a public m....

 

 

How to triage your debt

 

When Caleb Butts, M.D., was visiting his alma mater, the University of South Alabama College of Medicine, he made a quick stop into the financial aid office. "I’d been in there so much as a student, asking questions about loans, that I thought I’d stop in to say that I’d finished paying my loans back," he says. His visit was unexpected by the financial aid officer. "She cried," says Butts. "She knows all these medical students taking out loans, and never hears how it turns out." What was even more noteworthy than his visit was the speed with which Butts reached debt-free stat....

 

 

Navigating student loan repayment

 

As a student debt advocate for graduate health professionals going on 10 years, I’ve seen myriad changes in the student loan marketplace in recent years. Today, there are more than 10 federal repayment plans available, including several income-driven repayment (IDR) plans that offer affordable loan payments and potential forgiveness, most generously through an increasingly-utilized Public Service Loan Forgiveness (PSLF) program. We’ve also seen the growth of a private refinancing marketplace and more than 75 federal and state loan repayment programs to those who work in select rura....

 

 

How to manage your student loan debt

 

In a recent student, Medscape reported that more than 20 percent of physicians will still be carrying student loan debt into their mid-40s. When you look at the numbers, it is easy to see why this is the case. The average cost of medical school is staggering, with public schools averaging more than $200,000 in total costs and private schools averaging more than $275,000. Once they enter residency, most physicians have to defer any med school loans for three to five more years. With interest accruing over this time, the total amount of debt climbs each year. Physicians are certainly compensated....

 

 

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