Coping with Student Loan Debt in the Medical Industry

March 7th, 2016

Given the importance of a college degree in the healthcare industry, getting a student loan to pay for your tuition expenses is a necessary part of starting a professional life. Too much debt at the beginning of your medical industry career puts a damper on your ability to both spend in the present and save for the future. Paying down your student loans as quickly as possible is the way to go.

With becoming debt free as your goal, here are some ideas for dealing with student loans in the medical industry. Let’s get your principal down to zero!

Choose the Right Repayment Plan

Most student loans offer a variety of repayment plans tailored to the individual needs of the new graduate. If your first job in the healthcare industry is low-paying, consider a graduated payment plan, which starts you off with a lower monthly payment amount that rises every two years. Those of you expecting a higher salary down the road can probably handle those higher payments at the end of the loan term.

You’ll end up paying more interest over the long haul, but with the advantage of more spending money early in your career.

Other student loan payment options include an income-contingent plan that ties your monthly amount directly to your current salary. Additionally, the extended repayment plan allows up to 25 years for repaying a student loan. Ultimately, make a decision based on your earning potential and tolerance for additional interest over the life of a loan.

Consolidation makes it easier to manage your Student Loans

If you have multiple student loans from different lenders, the difficulty in managing them simultaneously means you can easily forget a payment. Take the opportunity to consolidate your loans with one lender. You’ll save on interest in the long run without the extra risk of skipped payments and their adverse impact on your credit rating.

Consider a Deferment if your Financial Situation becomes Dire

A loan deferment needs to be considered if you ever become laid-off in your medical industry career. Your loan actually doesn’t accrue interest when it is deferred, which will save you in the long run. Meet with your loan servicer to discuss what deferment period works best for your situation.

When you need additional insight related to your healthcare career, talk to the experts at Pinnacle Workforce. As one of the top medical staffing agencies in the country, our recruiters can help you at any time. Make it a point to meet with us at your earliest convenience.

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