(The following is a Guest Post that can be found here on my friend Dr. Wise Money’s Blog.)
As physicians, we’ve all felt the crushing weight of the almighty student loan. Some have felt it more than others, perhaps, but a vast majority of medical school graduates wonder if they’ll ever pay their loans off. In fact, according to the AAMC, the average medical student leaves school with $183,000 in student loan debt. That can be a very intimidating number.
Looking back at my own post-med school debt, I can safely say that I was very fortunate. Why?
● I left medical school with just under $95,000 in student loans that are now less than $85,000.
● I went to my state school where my first year tuition was only $13,000. Of course, it nearly doubled by the time I finished school, but overall I feel it was quite affordable.
● I graduated at a time when I could consolidate the loan for under 3% for 25 years
After a few years out in the real world, and after buying my house, I found myself in a pretty comfortable situation. I had saved enough money to actually pay my student loans off completely. But did I do that?
(Keep scrolling down to find the explanation.)