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  • Writer's pictureAlex Kreis

5 Tips for Paying Off Medical School Loans Faster

Updated: Jun 26, 2023

You've made it through years of rigorous education and training, and now you're living your dream of curing and saving lives. However, alongside this noble profession comes the question of paying off your medical school debt.

With the average medical school debt ranging from $200,000 to $215,000, the prospect of paying it off may sound overwhelming, but one which can be dealt with careful, strategic planning, letting you pursue your dreams and aspirations as a medical professional.

In this blog, we’ll cover 5 such tips that you can use as a guide to get help with paying off your medical school debt, allowing you to focus on what matters most—your patients.

5 Essential Financial Planning Tips for Aspiring Doctors

1. Explore Physician Loan Programs:

One way to tackle your medical school debt is by taking advantage of physician loan programs. These specialized loans are designed specifically for medical professionals, taking into account your earning potential.

Physician loans often offer more favorable terms, such as lower interest rates or flexible repayment options, making them an attractive option for reducing your overall debt burden. To access them, research various lenders and institutions that provide physician loan programs, and carefully compare their offerings to find the best fit for your needs.

2. Plan a Budget Worth Sticking To

A well-structured budget helps manage your finances effectively. You can start by assessing your monthly income and expenses, including loan payments, rent or mortgage, utilities, and other necessary costs.

Next, look out for areas where you can cut back on unnecessary spending and redirect those funds toward paying off your medical school loans.

By maintaining a disciplined budget, you can allocate more money towards debt repayment and potentially reduce the time it takes to become debt-free.

3. Prioritize Loan Repayment

When it comes to paying off your medical school debt, prioritizing loan repayment over other financial goals can work in your favor. While it may be tempting to invest in other ventures or make large purchases, remember that every dollar you put towards your loans brings you one step closer to financial freedom.

Consider making extra payments whenever possible, targeting the principal amount to minimize the interest that increases over time. By staying focused on loan repayment and allocating surplus funds towards it, you can significantly reduce the average time to pay off medical school debt. Read our 9 Student Loan Misconceptions blog to be careful and aware when planning your student loan repayment.

4. Explore Loan Forgiveness and Assistance Programs

As a physician, you may be eligible for loan forgiveness or assistance programs designed to reduce the burden of medical school debt. These programs are typically available to individuals working in specific medical fields.

For example, the Public Service Loan Forgiveness (PSLF) program forgives loans for physicians working in qualifying nonprofit organizations or government agencies after making 120 qualifying payments.

Explore all available options, research eligibility criteria, and consider leveraging these programs to accelerate your debt repayment.

5. Consider Refinancing or Consolidation

Another strategy to speed up your medical school loan repayment is to explore refinancing or consolidation options. Refinancing involves getting a new loan with more favorable terms, such as a lower interest rate, which can significantly reduce the overall cost of your debt.

Consolidation, on the other hand, involves combining multiple loans into one, simplifying your repayment process and potentially lowering your monthly payments.

However, before refinancing or consolidating, carefully evaluate the terms and consider potential implications such as losing access to certain repayment benefits or forgiveness programs.


Paying off medical school debt may seem like an uphill battle, but we hope that with these five tips, you can navigate your way to financial freedom faster. Remember, every dollar you save on interest and loan payments is an investment in your future and the ability to fully enjoy the rewards of your hard-earned medical career.

Get to know more about managing student loans by Booking our educational Seminars. These focus on helping you get more financially educated on topics that matter to your future as a medical professional. Book yours now at

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