In the early 1960s, only 31% of medical students took out loans to attend school. Today, according to the American Medical Association, 79% of medical school graduates have $100,000 or more in student loans, and the average amount of medical school debt is $201,490. Needless to say, as a dount of medical school debt to finish your education.
However, carrying six figures of education debt isn’t as dire for you as it can be for someone working in another field. As a doctor, you likely have a relatively high salary. In fact, the Bureau of Labor Statistics reported that the average salary for family and general practitioners is $211,780.
With your education and income, you’re a prime candidate for student loan refinancing, often referred to as consolidation. Refinancing your medical school student loans can help you save money and pay off your loans early. Continue reading “Why you should refinance student loans after medical school”