Some important student loan tips if you’re considering med school

If you’re planning to attend medical school, you can expect to spend a lot of money on your education. Most medical students will need to take out student loans, which could require that you take on tens of thousands of dollars worth of debt. However, there are ways that you can lessen this burden, which will help to ensure that you are able to pay off your medical school debt. Here are a few tips that can help you:

1. Reduce the amount you borrow if possible

Luckily, there are some ways that you might be able to save money on your college education. If you received good grades during high school and/or your undergraduate years, you could be eligible for a scholarship that could make it easier to pay for medical school!

While you’re in medical school, one way that you can save money is landing a paid internship position. This can help to prevent you from having to spend student loans on your living expenses during medical school, which can significantly reduce your student loan debt after graduation.

2. Make sure that you’re committed to the field of medicine

The worst situation that you can be in when it comes to medical school debt is owing money without finishing your education. Therefore, it’s important that you make sure you’re fully committed to completing your education before you take out student loans for medical school.

3. Get a deferment after graduation

After you graduate medical school, it’s important to make sure that you begin working in the field as quickly as you can. While you are looking for work, it is best to get a deferment, which is available in the time period immediately after graduation.

4. If you’re having trouble repaying your student loans, help is available

If you do find yourself in a position where you can’t make payments on your student loan debt, don’t lose hope. Not only could you get a deferment or forbearance, but you could even be eligible for an income-driven repayment plan. These plans could allow you to pay your student loans over a period of 20-25 years instead of 10, which could make it much easier for you to make payments!