Debt Management General Suggestions

  1. Consider all scholarship options including the military, NHSC, and outside scholarships.
  2. Consider low-interest loan options, including the Primary Care Loan Program.
  3. Keep good financial records, including all records of your student loans.
  4. Ask questions. Financial mistakes can be very costly over time.
  5. Maintain contact with your lenders at all times.
  6. Live frugally. It will reduce your need to borrow while in school and provide extra money to repay loans after graduation.
  7. Attack debt aggressively. When you are able after graduation, make voluntary payments toward your principal to accelerate loan repayment.
  8. Know and review periodically your after graduation deferment options, such as the economic hardship forbearance.
  9. Know and review your repayment options, such as the graduated repayment plan, the income sensitive repayment plan, the extended repayment plan, and loan consolidation.
  10. Consider loan repayment programs, such as those offered by NHSC, by NIH, by the military, and by many state governments
  11. After completion of training, include student loan repayments in a carefully constructed budget.
  12. After graduation, seek help when needed from a qualified financial advisor.
  13. Start an investment and retirement program early. You will be surprised how small investments over time will grow in value.
  14. When negotiating with prospective employers who are recruiting you after the completion of your medical training, discuss your loan repayment obligations.
  15. Ensure your future success by completing a residency training program and becoming board certified in your field. Expect to be well-paid for your services. Make sure your income is sufficient to allow you to repay your educational debts.
  16. Whatever you do, do not go into default on your student loans!

Information Resources on Financial Aid & Debt Management