Don’t let student loan debt determine where you practice 

WHAT FEELINGS DO YOU GET  when looking at your student loan balance? Is it peace, joy and tranquility? 

You’re not alone if you found yourself thinking, “Ugh, I wish!” Over 75% of physicians graduate with student loans and their feelings often center around stress and panic, especially when they see the projected monthly payment. 

When you consider these payments alongside other life expenses such as car payments, mortgages and the costs associated with a spouse and children, it’s easy to understand why many physicians are desperate for a quick-fix solution. 

If your only repayment strategy hinges on finding an employer to pay down your loan balance, this article is essential reading for you. 

Finding a job that provides financial stability and happiness 

Salary and student loan repayment forgiveness are often the primary considerations for physicians emerging from residency or fellowship, while completely neglecting job satisfaction. Fear and panic often drive these employment decisions. Rather than carefully analyzing numbers and considering multiple job offers, physicians burdened by large student loans tend to accept jobs with student loan forgiveness despite offering significantly lower salaries. 

These roles may not be their top choice, but the pressure to repay loans leads them to accept positions they might otherwise avoid, locking them into annual commitments. 

To avoid this, physicians should work with in-house recruiters and gather as much information as possible from their multiple offers. 

A physician recruiter’s job is so much more than hiring talent. They’re also largely focused on retention, which means they know just how important it is that a job is the right fit for a candidate. 

Joelle Hennesey, director of recruitment for First Physicians Group, has been in recruitment for 23 years. 

“I tell physicians… repaying their student loans doesn’t always have to come in the form of student loan forgiveness; it can come from a higher salary with higher income potential,” Hennesey says. “And they need to consider if the job will be the best for their lifestyle and family.” 

Based on Hennesey’s suggestions, physicians should ask themselves the following questions before accepting a new position: 

• Is a lower salary with loan repayment or public service loan forgiveness the best financial decision?
• Would it be better to take a position that offers higher compensation opportunities over time?
• Can I see myself working in this practice?
• Do I like this state?
• Do I appreciate this community?
• Will my children get a good education here?
• Will my spouse be able to make friends?

Getting the help you need 

A certified student loan repayment specialist can create a step-by-step plan that puts you in control of your student loans. They’ll analyze multiple scenarios, factoring in finances and happiness, and lay out a repayment plan that is best for you. 

For example, at Navigate Student Loans, we use our custom calculator to run a 10-year analysis on all job offers. Doing this helps you decide if it’s better for an employer to pay off your student loans or if accepting a job with a higher income will pay your loans down faster. This knowledge empowers you to choose the job that’s right for you and your family. 

Here’s a real-life example: John was considering a job in a rural community that had been open for three years due to a desperate need for staff. There was just one problem. John’s family lived in a major metropolitan area and had no intention of moving. 

By working with the in-house physician recruiter, John negotiated a flexible schedule of seven days on and seven days off while securing the health care facility’s commitment to pay off $200,000 in student loans. 

John began traveling back and forth, working for a week in the rural town and then back home with his family for a week. His family visited him occasionally, and over time, they began to appreciate the charm of the small community. 

After a year, John’s family decided to move to be with him. He says, “Moving here is the best decision we made.” 

Working with a certified student loan repayment specialist gives physicians freedom from financial pressures and allows them to choose where to practice without being swayed by dollar signs. 

This approach gives you the freedom to focus on finding a job that fits your long-term needs, not just your immediate financial pressures. By shifting the focus from short-term loan repayment to long-term satisfaction and stability, you’ll find a role where you can thrive both personally and professionally. •