Ask the majority of physicians and other healthcare professionals about the cost of their education, and you will probably hear the word “expensive” on a regular basis. A quality education can leave even the most financially sound medical students with a boatload of debt at graduation.
As financial advisors, we are often asked to help our clients create a plan that will not only help them to grow their investments, but also to pay down the student debts they have incurred during their undergrad and medical school years. According to the Association of American Medical Colleges, in 2013 the median cost of 4 years of medical school was $278,455 for a private school and $207,686 for a public education. Additionally, well over one third of physicians still have over $200,000 in debt up to 5 years after graduation.
With that in mind, we came across this article from D3 Financial Counselors that provides some great advice on debt repayment strategies for physicians. Let us know your thoughts, and if you want to discuss in greater detail, feel free to contact our team!