Career and Life Planning Guidebook for Medical Residents

L E T ’ S G E T S T A R T E D In This Chapter With the substantial debt burden facing graduating medical students, it has become increasingly important to know how to navigate the choppy waters of medical school debt. Whether your loans are federal or private, in good standing or in default, this chapter identifies your options and helps you determine the best way forward. 1. Forgiveness Programs vs. Refinancing 2. PSLF- IBR/PAYE/REPAYE 3. Other Debt Forgiveness Programs 4. Refinancing Options 5. Using a Zero Percent Interest Credit Card • Graduate from residency with as little debt as possible. • Escape from student loans within two to five years of residency graduation. • Prevent defaulting on student loan default and/or declaring financial hardship declaration. • Develop a payment plan and learn about loan forgiveness opportunities offered by some employers. • Identify federal loan repayment programs. • Identify state loan repayment programs. • Qualify for public health loan forgiveness. • Reduce your interest rate by refinancing. O U T L I N E G O A L S Have you been struggling to figure out how to handle your overwhelming student debt? In this chapter, we will address the myriad of ways that physicians can reduce or even eliminate their debt. Some methods and programs are tax-free, and others are taxable. Some are governmental. Some are by non-profits while some are by for-profits. These programs can and will change over time so remember to check in with us for updates as time goes along! Managing Your Student Debt 367 WWW.PHYSICIANCAREERPLANNING.COM