Did you know the American Medical Student Association estimates that over 86% of graduates carry education debt. The median debt burden for public schools is $119,000. Private school graduates may find that number boosted to nearly $150,000. Along with that, physician income has only increased slightly, and not enough to compensate for the increases in tuition and medical school debt.
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Don’t let that scare you. There are some simple ways you can pay your student loans off quicker.
- Pay more than the minimum payment. You most likely already have a monthly payment plan set up. But if you have extra money, skip the latte and add it towards your student loan payment.
- Consolidate and Refinance. The ultimate goal of refinancing is to decrease interest rates meaning more of your monthly payment will go towards paying down your student loans and less towards interest.
- Apply your raise. Instead of applying your raise towards a new TV, put it towards your student loans.
- Change your budget. Get a cheaper apartment, get rid of your car payment, stop eating out. Change your budget, change your income, that way you can increase your monthly student loan payment.
- Make a payment every two weeks instead of once a month. No, you don’t need to double your payments or make extra payments. Make your monthly amount in two weekly payments. In reality, you’ll end up making an extra payment during the year to account for that extra week.
Student loan debt is almost inevitable, but it doesn’t mean you have to let it run your life. These simple shortcuts can help you pay down your student loans quicker and enjoy the benefits of your career sooner.