Repaying medical school student loans
Good morning Terry,
I’m recently married and my wife just graduated from medical school and is completing her 3 year residency. With that being said, we now owe approximately $300,000 in medical school loans.
Do you have any recommendations for loan repayment plans or forgiveness programs? I make $100,000 yearly and do not have any debt and she makes $50,000 through her residency program.
Hopefully you can lead us in the right direction,
Terry Says
Whew — I know this is a HUGE problem. I have a godson who will soon be in the same situation. Hopefully, her medical degree will be worth the burden of this debt.
Typically, borrowers must start repayment during residency — and although there are some deferral options, they add a lot to the balance of the loan.
I’m going to give you a link to an article on this subject on NerdWallet.com (a great site). Scroll down past the information on borrowing til you get to the section on refinancing Med school loans at lower rates. Maybe with your lack of debt and good income, you can qualify to refi and save some interest. (Don’t do this if she is planning to ask for Public Service Loan Forgiveness). But as you read this article you’ll see links to some of the many companies that offer to refinance student loans — especially for good earner prospects like doctors!
