Laito

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Jun 27, 2011
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I just graduated med school only with 20K loan, after using my military benefit. I am going to to primary care specialty. What should I do with this loan? Should I just pay it off or are there any program that can help paying off? I'm very grateful that I have graduated with minimal loan, but being a nontraditional student with family, any financial support goes far. Any advice is appreciated!
 

ciestar

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If finances are a concern, do an income-based repayment plan during residency, paying it down more as you’re able.
 
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Jun 11, 2019
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Does your school have a financial aid office? I would touch base with them. We were told to explore private refinancing (however this does eliminate the possibility of it being forgiven someday) if our loans were <100,000. For everyone else, they recommended consolidation and income based repayment plans with the option to apply for PSLF.
 
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cj_cregg

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If your goal is to get out of debt as soon as possible and you can afford to be aggressive enough to get it paid off before the end of residency (eg if you're in a low COL area for residency and your spouse also works): just pay as much as you can afford per month until it's paid off

If your goal is to pay as little as possible: Do an income based repayment plan, pay the minimum payments on the loan throughout residency, and get the rest paid off by your new employer as part of your sign on bonus when you sign your contract for your first attending job.
 
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y123

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20k is nothing. You can probably pay it off easily during residency
 
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