AMA: Tips for managing medical school loans

July 4, 2014
AMA: tips for managing medical school loans

(HealthDay)—Creating a budget and other tips can help medical school graduates to manage their loan repayments, according to an article published by the American Medical Association (AMA).

The Association of American Medical Colleges (AAMC) estimates that the average graduate of the class of 2013 left school with a debt of almost $170,000. With this in mind, Chris Long, from Consolidated Planning Inc. in Columbia, S.C., shares five tips relating to managing education loans after graduation. Long spoke at the annual meeting of the AMA.

According to Long, knowing your actual take-home pay is important, taking note of the amount after taxes. Loan payments should be budgeted first, before buying cars or homes. The AAMC's Residency Calculator can be used to determine how much will be left after loan repayments, housing costs, and essential costs of living. Loan forgiveness programs can be explored; those working in government or non-profit organizations may be eligible for such programs. The difference between income-driven payments and pay-as-you-earn options should be investigated for each individual loan. Finally, loans should not be ignored; those who are unable to make scheduled payments should consider deferment or forbearance, noting that the interest will continue to accrue with forbearance.

"Most people don't understand how these things work," Long said at the meeting. "As soon as you match, get your benefits information and know what you'll have access to [as a resident]. Start putting the numbers on a budget form, start thinking through your lifestyle and make sure you don't go further into debt with credit cards."

Explore further: New programs aim to forgive student medical loans

More information: More Information

Related Stories

New programs aim to forgive student medical loans

May 23, 2014
(HealthDay)—Changes to the student loan environment will make it possible for a significant amount, if not all, of medical student loans to be forgiven, according to an article published May 8 in Medical Economics.

Study finds heavily indebted med students choosing primary care face greater financial challenges

November 27, 2012
Researchers at Boston University and the Association of American Medical Colleges (AAMC) have determined that heavily indebted medical students choosing primary care careers will experience difficulty paying their student ...

Recommended for you

Exploring the potential of human echolocation

June 25, 2017
People who are visually impaired will often use a cane to feel out their surroundings. With training and practice, people can learn to use the pitch, loudness and timbre of echoes from the cane or other sounds to navigate ...

Team eradicates hepatitis C in 10 patients following lifesaving transplants from infected donors

April 30, 2017
Ten patients at Penn Medicine have been cured of the Hepatitis C virus (HCV) following lifesaving kidney transplants from deceased donors who were infected with the disease. The findings point to new strategies for increasing ...

'bench to bedside to bench': Scientists call for closer basic-clinical collaborations

March 24, 2017
In the era of genome sequencing, it's time to update the old "bench-to-bedside" shorthand for how basic research discoveries inform clinical practice, researchers from The Jackson Laboratory (JAX), National Human Genome Research ...

The ethics of tracking athletes' biometric data

January 18, 2017
(Medical Xpress)—Whether it is a FitBit or a heart rate monitor, biometric technologies have become household devices. Professional sports leagues use some of the most technologically advanced biodata tracking systems to ...

Financial ties between researchers and drug industry linked to positive trial results

January 18, 2017
Financial ties between researchers and companies that make the drugs they are studying are independently associated with positive trial results, suggesting bias in the evidence base, concludes a study published by The BMJ ...

Best of Last Year – The top Medical Xpress articles of 2016

December 23, 2016
(Medical Xpress)—It was a big year for research involving overall health issues, starting with a team led by researchers at the UNC School of Medicine and the National Institutes of Health who unearthed more evidence that ...

1 comment

Adjust slider to filter visible comments by rank

Display comments: newest first

jellyw
not rated yet Jul 23, 2014
Many people get in troubles when using borrowing options. The reason is that all of them don't realize the importance of creating a personal financial strategy, designing a workable budget and adjusting every financial step to it. It really happens that you need to borrow cash but you need to do it deliberately. It is a great idea to apply for a fast loan online on this site http://sterlingstore.co.uk/ in case of money need.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.