A lot of student loan debt is accumulated when someone goes to college to become a doctor. While it’s well worth the effort to complete school and get an amazing job as a doctor, it is also expensive, and those loans will need to be repaid. Thankfully, there are a few different options that can help medical professionals pay off their loans faster. 

Refinance to a Loan With Better Rates

Sometimes, it’s possible to refinance or consolidate the medical student debt to get better rates or a better payment plan. A private loan may make it easier to pay everything off since it’s just one payment each month and is more predictable. Depending on the rates and the amount of time to repay the loan, it also can be a better deal and help the student save thousands in interest. 

Look Into Forbearance Options

Those who have limited money at the start of their career may want to look into forbearance options to reduce or delay payment for a short period of time. This can give them more time to find a well-paying job or to look into their other options to find one that will work better. This is just a temporary option, but it can provide some relief for those who are starting to repay their student loans or having any issues paying them. 

Look into Income-Based Plans

Another option is to look into income-based plans that scale the amount paid each month based on the person’s income. Those who are just starting out might not make as much, so they won’t be able to pay as much. The student will be able to make sure they aren’t paying too much towards the student loans, so they can manage their personal budget better. It may take more time to fully repay the loans with this option, but it does provide assistance ensuring the student doesn’t pay a huge percent of their salary towards the loans. 

Consider Public Service Loan Forgiveness

There are some ways to have student loans forgiven, partially or fully, depending on the job the student chooses. It is important to read the terms of this carefully so the student knows whether they can qualify for this forgiveness and, if so, how much of their student loans will be forgiven. There are some options, like teaching, that allow the student to have their loans forgiven that might be worth looking into for professionals looking for a job today. 

Try Employment-Sponsered Repayment Programs

Some employers will help with student loan payments to encourage employees to stay with them or as a benefit for new hires. It can be well worth looking into whether the employer has a program like this, as an employee-sponsored repayment program can help the student save thousands of dollars and repay the loan much faster. Combining employer payments with standard payments may mean a significant reduction in how long it takes to repay, plus a significantly reduced amount of interest paid on the loans. 

If you’re ready to start paying off your student loans and worried about how to do so, look into each of the options mentioned here. Be sure to consider them carefully to determine which one meets your needs and which one might be the best way to pay them off as quickly as possible.