Consolidating student debt

21-Jul-2017 05:03

“I went into med school without a tremendous amount of debt,” says Stacie.

“Unfortunately, I left med school owing a little less than 0,000, and this was after obtaining scholarships.” Stacie returned to Stanford to complete her residency in emergency medicine, as well as a fellowship in addiction medicine.

“If you are in a position to do so, I think pay off the debt as fast as you can afford,” advises Stacie.

“It feels like a huge burden to owe that much money!

Then, when you’re earning a higher income, you can ramp up your monthly payments and pay your loans off ahead of schedule.

That being said, you’ll have a lot more interest to pay than what you started with.

So make sure you understand the consequences before you defer.

But most doctors are saddled with a mountain of student debt.“Spend wisely and budget for less than you earn.” Once you have a steady income, applying to refinance medical school loans might also be a savvy money move.Refinancing your medical school loans like Stacie did could be the solution you need to get ahead of your student debt.Her advisor recommended simplifying her debts by applying to refinance medical school loans.

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Stacie refinanced multiple loans and consolidated them into one new loan in the process. “There were a few hoops to jump through, but I was able to consolidate pretty easily through the online application.” Stacie refinanced and consolidated three different student loans into one new one with So Fi.“In residency, I paid off the bare minimum amount each month,” she says.