| Attending medical school is an expensive venture. It is | | | | Locum Tenes |
| an investment you have made in yourself and it will | | | | Having an extra steady salary coming in could do a lot |
| pay you many times over in the long run. On the | | | | of good for your bottom line. Find out if the policies of |
| average most physicians come out of medical school | | | | the present place you are working for allows their |
| six figures in debt, and they do not start making six | | | | physicians to get extra outside work. Once you get |
| figures annually until after residency and maybe | | | | the green light find a few hours and add some extra |
| fellowship. But once you have completed your training | | | | income to your salary, increasing the tools you have to |
| the prospects for future earnings are excellent and will | | | | tackle your debt. |
| make this debt burden a pie that could be tackled one | | | | Do Not Take On New Debt |
| piece after the other. | | | | To eliminate your debt as soon as possible it is |
| To eliminate your medical school debt in 365 days, it | | | | important that you do not take on any new debt. |
| will take a lot of commitment from the physician, a lot | | | | Taking on new debt will start to compete directly with |
| of motivation and will power. It could mean denying | | | | the resources you have available for tackling your |
| yourself some luxuries today, but giving you the | | | | medical school loans. Debts like buying a new home, a |
| opportunity to live a debt free life in the future. Imagine | | | | new car and other major expenses should be put off |
| having your salary for you and your family's desires | | | | until your loans are done. |
| alone and not to have one bill or the other reaching for | | | | Pay Smaller Loans First |
| it. Below are some strategies that will have you taking | | | | If you have more than one lender, you could |
| out big bites out of that debt pie and have it gone as | | | | consolidate your loans and have one monthly payment. |
| soon as possible.o Maintain Residency Budgeto Live | | | | However, if you got your loan from one lender at |
| Within Your Meanso Locum Teneso Do Not Take On | | | | different times with different rates, it is not necessary |
| New Debto Pay High Interest Loans First | | | | to consolidate. Start paying off your loans with the |
| Maintain Your Residency Budget | | | | smallest amount first while paying the minimum for the |
| As a resident or fellow you have perfected the art of | | | | other loans. What this does is that it gives you small |
| frugal living and you do not spend money | | | | victories early on and encourages you to keep on |
| unnecessarily. You have a budget that you stick to | | | | going. After each loan you pay off, add that amount to |
| and rarely shift from. Ideally your first job outside your | | | | the next smallest loan amount and keep o going at it. In |
| training will be two times or three times your salary as | | | | no time you will have a huge amount to channel to |
| a doctor in training. If you maintain your expenses at | | | | servicing your debts and will have it done in no time. |
| your residency level, you will then have more | | | | Getting rid of your medical school loans can be done in |
| resources to throw at your medical school loans which | | | | 12 months or slightly more depending on the amount |
| will reduce it drastically. | | | | owed and the physician's commitment. Lenders |
| Live Within Your Means | | | | normally give about 6 month grace period before they |
| Getting a job after your graduate training gives you | | | | need you to start making monthly payments after you |
| the extra resources to do those things which have | | | | graduate from residency training. Do not wait for those |
| only been distant thoughts. You could buy a new car; | | | | six months, call them up and start servicing the loans |
| new cloths take a vacation or get a bigger house. | | | | as soon as your paycheck starts coming in. Money is |
| However, to pay off our debt in the least possible time | | | | one of those things that does not like to stick around |
| it is important that you only take care of important | | | | with any one person for long, if you do not give it to |
| needs and not wants. Do things you need to do and | | | | Aunty Sallie right away, it will find its way to Uncle |
| live your wants for layer when you have eliminated | | | | Lexus. The choice is yours. |
| your medical school debt. | | | | |