PracticeLink Magazine

Summer 2017

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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Page 20 of 87

CAREERS AS UNIQUE AS YOU. The challenges you seek. In the settings you prefer. With schedules to fit your life. You're passionate about health care—but what else? Climbing to the top of a mountain, or exploring the bottom of the sea? Waking up before dawn to fish or staying up late to write a new song? At MultiCare you can accomplish your professional goals, whatever they are, and pursue your personal interests, wherever they take you. >> Meet our people at S u MM e R 2017 21 option may be unnecessary — and it's unadvised given the resultant interest and tax payments. Regardless of the repayment strategy you choose, confronting your debt at the onset of your earning is crucial. PAY EXTRA TOWARD YOUR DEBT EACH MONTH Budgeting is key to keeping yourself financially fit and on pace for retirement. Even when you begin making a few hundred thousand dollars per year, you will need to account for every penny. There are many services you can use to set yourself up for financial success. A certified financial planner is one that can be extremely beneficial as you figure out how to navigate your loan repayment. Hiring a financial planner to get deep into the numbers and forecast different financial scenarios will most likely save you money in the end, not to mention the stress of managing your own finances. As you lay out the framework of your budget, set aside some extra money each month to provide a cushion after you have budgeted for your expenses. Putting this extra money (or at least some of it) toward your loans can speed up the repayment process. For example, if you pay an extra $500 per month over a 15-year payment plan, you can knock off an extra $90,000 in that time — on top of the amount you've already paid through your required monthly payments. For most physicians, this would amount to about a fourth of your entire student loan burden (after interest accumulation) being paid off sooner than you had scheduled. TAKE ADVANTAGE OF LOAN FORGIVENESS OPTIONS If you do not want to take on the burden of thousands of dollars of debt or want someone to help ease your debt burden while you pay it off, you have a few options. The first is military service — in exchange for serving as a physician, you can get your medical school costs entirely paid for. This is a good option for physicians who are interested in serving and have the flexibility to move often. Plus, if you take this route, you'll earn an annual stipend during residency. Another option for reducing your debt burden is to participate in the Public Service Loan Forgiveness Program ( p S l F) or the Indian Health Service (IHS). These programs require you to work for a designated

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