Attending medical school is a serious financial investment. It’s a decision many students make because they have a personal calling to become a physician. With a little studying and planning, you can limit the educational costs and minimize your debt.
The amount of information about debt management and personal finance can feel overwhelming to learn and apply. While the cost of medical school continues to rise, increasing the average amount of loans for medical school, it is no surprise that debt is a common source of stress among medical students, residents, and new physicians. As you research, remember there are many reasons to be confident about your future. You can afford to pay for medical school and pursue the specialty of your choice. It is extremely rare that a physician defaults on his or her educational loans, despite many carrying six-figure debt. Physician salaries in every specialty are among the highest in the world.
Some key goals for debt management include learning the basics of finance, developing a plan to pay for medical school and living expenses, learning to budget and manage your money, and learning about financing and repayment options. The sooner you get organized and savvy about your finances, the greater impact you will have managing debt. Decisions that save you a few hundred dollars now can potentially be worth thousands of dollars over time. Feeling confident about money and debt management can also foster a stronger sense of your future and improve your confidence and well-being.
The American Academy of Family Physicians (AAFP) is committed to providing useful information and resources on debt management and has policies promoting more affordable medical student debt and debt relief.
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