PracticeLink Magazine

WINTER 2015

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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WINTER 2015 PracticeLink.com 57 2 0 1 5 AN N UAL Quality of Life issue benef ted from specialized physician home loans is Aaron King, M.D., a family medicine physician with BHS Physicians Network in San Antonio. He worked through a local bank to buy a starter home right out of medical school. "We got 100 percent f nancing with zero down; otherwise we couldn't have purchased it, because we had no savings," King says. Virginia Commonwealth Univer- sity resident Raphiel Heard, M.D., purchased a house with the help of family while still in medical school at LSU Health Science Center in Shreve- port, Louisiana. "From medical school, I only carried forward roughly $165,000 to $175,000 in debt—def nitely lower than the national average, but that's probably due to the lower tuition rates where I went to medical school," he says. Now, while in residency, Heard rents an apartment in Virginia and has turned his Shreveport home purchase into a business venture where he acts as a landlord for other medical students who rent his house. Though Heard held some uncertainty about purchasing the home, he says that concern was put to rest by the knowledge that better salaries would be available a few years down the road. In fact, Frank says statistics prove that for physicians with very good credit, their likelihood of defaulting on a mortgage is slim to none. "The same can't be said for other occupa- tions," he says. Frank says other factors contribute to the case for providing physicians with special home mortgage f nanc- ing, even though those same physicians may be saddled with huge student loan debt: • Physicians won't ty pically find themselves unemployed at any point in their careers. • If physicians maintain good credit undergraduate through medical school, that trend tends to continue. • Physicians who have good credit show a higher level of responsibility. • Physicians tend to take a job and remain a part of the community for a long time. Says Frank: "The Association of American Medical Colleges tracks Continued Closing the gap Continued Over $200K $100K–200 $50K–100 Under $50K None 36 % 22 % 6 % 7 % 25 % How big an issue? According to Medscape's "Residents Salary & Debt Report 2014," 36 percent of residents still owe more than $200,000 for their medical education after fi ve years in residency. I L LU S T R AT I O N B Y M AT T W O O D

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