The Less-Than-Glamourous Costs Of A Medical Education

MDs will continue to be perceived as a well-paid group. Even “underpaid” general practitioners are very likely to be envied for their income by people outside the medical professional. This image will apply, to some extent, only to those who establish themselves as MDs. Students who do not complete all MD education requirements will be saddled with tremendous debt, typically without correspondingly high income. The image of the wealthy MD will remain with some merit, but it will gloss over very real and significant costs and risks for existing, and especially prospective MDs.

Implicit Costs

Medical doctors need to commit at least seven years, maybe as much as ten or eleven, to hefty student loans and low pay during schooling. Assuming an average salary of $45,000 for at least seven years for an undergrad who forgoes med school, an MD’s wealth is implicitly $45,000 x 7 = $315,000 in the red when starting out.

Supply and Demand

The BLS estimates physician demand to rise significantly faster than average through 2020, with especially strong job (Read More….)

How to Budget and Adjust When Student Loans Need Repayment

Student loan repayments can take a significant chunk out of your income. If you are on a limited budget, it can be difficult to figure out how to fit student loans into your budget. Read on for some tips on how to do that.

Adjust Loan Payments if Possible

Before trying to adjust your budget, see if you can adjust your loan payments. Federal student lenders usually offer several payment plans. You may be able to use an income-sensitive repayment plan that allows you to pay less per month or defer payment on your loans until you can get your financial situation in order. If you don’t qualify for income-sensitive payments, there may be other payment plans that allow you to pay an amount that fits more easily into your budget. Keep in mind, however, that these solutions are temporary because interest mounts while you pay less or don’t pay your loan at all. If possible, work on increasing your income or reducing your other debt so that you can pay your student loan back more quickly.

Consider Loan Consolidation

If you have a large amount of student loan debt (Read More….)

Need Money For College? There Are More Options Than You Might Think

With the cost of college tuition rising around the country at an astronomical rate, it is becoming more and more difficult for students to pay for college without assistance. Unfortunately, there are also very few high paying jobs that don’t require some form of college education. Most programs have time limits on the degrees they offer, so taking one class a semester for years and years will not yield a degree. The most common way to remedy this situation is to try and speed up the graduation process, making classes more stressful and time constraints overbearing. It can be really confusing to figure out ways to pay for your college tuition, but there are many various options to choose from. Some students choose one option, while others choose to combine a few of options together to make sure they have their schooling covered.

Picture Credit Wellesley College

1. Student Loans. For many students, student loans are the default choice. The money is usually pretty easy to get, but students should really pay attention to what they are signing. (Read More….)

4 Tips For What To Do When Student Loan Debt Gets Out Of Control

Thank goodness for student loans. Without them, most of us would not be able to afford a higher education, and we all know how important it is to have a degree in today’s job market. Unfortunately for recent grads, though, having to start paying off student loans six months out of the gate post-graduation can be difficult. If you find yourself having difficulty handling your student loan payments, though, do not despair. There are plenty of options for graduates struggling with those pesky payments. Read on for the top tips for dealing with student loan debt:

1. Avoid default at all costs.

It may feel tempting to simply give up and default on your loans. That will stop you payments altogether, right? Sure. But it will also be disastrous for your credit score and personal history. Even though these records may not seem important directly out of school, the more you start to get out and try to get things done (like buy a car, rent an apartment, apply for a loan, buy a phone, or anything else that requires some financial responsibility) you will realize the importance of having a decent credit (Read More….)