Ways to Reduce Medical School Debt

Whether applying to medical school, working through residency, or beginning a career, there are many options for minimizing or reducing student loans and paying down debt faster.

In 2021, Americans are more indebted by student loans than ever. According to an August report from the Federal Reserve, student loan borrowers owe a staggering $1.7 billion.

“Carrying medical school debt not only impacts your future financial decisions but can weigh heavily on you emotionally,” says Dave Marlin Edwards, founder and CEO of Dallas-based Marlin Medical Solutions.

Marlin Medical Solutions, a premier provider of high-quality medical devices, pharmaceuticals, and equipment in the healthcare industry, suggests a few ways to manage medical school debt.

By practicing good financial habits, students can set themselves up for success in the future. Students should set a budget, live within their means, never stop saving, and make intelligent investments.

There are several student loan repayment programs for federal and private loans for those open to working in underserved areas. The National Health Service Corps (NHSC) connects healthcare providers with communities with limited access to services.

The NHSC Loan Repayment Program offers multiple loan repayment programs in return for two or three years of service in underserved communities.

The U.S. military offers several ways to pay down student loans in return for medical military service. Active duty and reserve medical officers provide general care for service members and deploy in particular situations, such as emergency response.

The U.S Army offers scholarships and student loan forgiveness programs for active duty and reserve officers. The U.S. Navy and U.S. Air Force offer similar programs and financial assistance programs to support medical professionals during a residency in return for post-residency military service.

The federal Public Service Loan Forgiveness program forgives the balance of certain loans in return for full-time service with the government or with specific not-for-profit organizations. To qualify, participants must be employed full-time with one of these entities for ten years while making all loan payments.

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