Congratulations to you, doctor. You have completed a rigorous education of undergraduate and medical programs and survived. It takes a lot of work and a lot of money to make it through to the doctor level and you probably had to take out some student loans to get there. Most student borrowers ignore the idea of repaying their student loans until they have completed their educational programs and face them only when they have hundreds of thousands in debt coming to their mailboxes each month. You have a way out of student loans in medical student loan consolidation programs. This debt can be put into a manageable loan with a long term and low payments.
Medical Student Consolidation
Medical student loan consolidation falls under the federal student loan consolidation program which was designed to help graduates manage their debt and repay their education loans. Rather than being shackled to high monthly payments, you can consolidate to have a very low installment over an extended term. You will be better able to manage your debts without ending up with an empty bank account each month.
When you have completed your medical school program, you can further defer your student loan payments through your residency. Medical student borrowers are usually able to defer or forbear their loans for up to three years so they do not have to worry about making payments when their salary is low. In addition to deferment options, you benefit from extremely low rates and considerably longer repayment terms. You can take more than 30 years to repay your loans with some consolidation programs.
Should you so choose, you can choose a graduate repayment program that allows you to make smaller payments in the beginning of your term and make larger payments toward the middle and end of the term. This type of plan accounts for the increases you expect in your salary as a doctor who is promoted from intern to resident to medical professional. You can always repay your medical student loan consolidation early without any penalty from the consolidator. How long you take to repay your student loans depends on your personal preference.