As a physician, you may be ready to enjoy your mid-to-high six-figure salary but that doesn’t matter to your ever-present, all-looming medical school debt. Physicians of every specialty grapple with the aftermath of years of student loans, which commonly range between $300,000 and $500,000.  

“Our healthcare system relies on physicians who are highly trained, but getting that training often means taking on enormous loans,” explains Joy Sorensen Navarre, president of Navigate, LLC, a financial counseling service specializing in medical student loan repayment. 

Worrying about it won’t make it go away, diving in without a plan could lead to missteps and ignoring the situation will most certainly make it worse. Instead, consider these steps to deal medical school debt head on:

Take time to think about what you don’t understand

Whether you’re confused by information on the Federal Student Aid website, or you’re uncertain why your PSLF verification didn’t go through, you are bound to have questions about medical student loans. Perhaps it’s something you wrote off as a glitch or an annoying aspect you don’t think you have any control of.

Taking time to think is important because it not only helps reveal the forest beyond the trees but also helps identify important nuances of individual trees within the great big forest. Thinking forces you to question things you might have taken for granted, helps you think about the power you have and see where you might need support.

Write down thoughts as you go over your budget, repayment goals and quality of life priorities

Your current and ideal future budget and how it can help manifest your desired quality of life should be at the heart of every major decision, from the job offer you accept, the home you purchase, the school you send your children to, the car you drive and vacations you take. By factoring monthly student loan payments into the equation, as well as what quality of life means to you, taking care of yourself and financial obligations won’t seem like a burdensome afterthought. Instead, they can all work together to help manifest your long-term career and financial and personal goals.

Writing your goals can bring clarity and focus, a powerful reminder you can utilize to keep you on track when you’re feeling indulgent for a gift or stressed about your progress.

Reach out to experts to gain clarity and fresh perspectives

As an expert in medicine and perhaps in other things as well, you might be tempted to handle the labyrinth of federal, state and private policies involving medical school debt on your own. Don’t. A single misstep can cost thousands of dollars and cause an incalculable amount of stress. With so much on the line, it’s important to maintain relationships with financial advisors for investment strategies and student loan consultants for repayment options that work best for you.

Student loan experts like Joy Sorensen Navarre at Navigate have seasoned knowledge and skills to solve problems, offer strategic insights and ensure you avoid costly mistakes. In the same way your expertise helps patients make informed decisions, so do financial and student loan experts help you make better-informed decisions.

Break down your options into pros and cons

Unlike a lot of other debt, repaying medical school loans comes with several options, all of which have pros and cons.  For instance, if you find yourself underwater and need a break, you can apply for a deferment, but the interest will pile up and increase your total repayment amount. If you want to pursue loan forgiveness programs, qualifying might mean leaving your current job for a nonprofit hospital or the VA.

Explain the issue to family and others such as your recruiter, human resources, friends or practice partners

Keep the people around you in the loop. By including family, you’re helping them to understand the situation and allowing them to be mindful of what you’re going through as well as how their own purchases and financial choices affect the family budget.

Explaining your repayment goals to your recruiter and others gives your organization an opportunity to investigate the role they can play. Perhaps it’s a salary bump, but it’s just as likely to be support with filing for grants or other initiatives that align with your specialty.

Use a news aggregator to send alerts 

News aggregators provide a convenient and efficient way to stay informed about policy changes, federal initiatives and other developments surrounding the type of loan you have and your servicing organization. By aggregating content from various sources, these websites will save you time and effort by eliminating the need to visit multiple websites individually. 

It will take years to pay off your medical school loans. For many physicians, it can take decades. The key is committing to consistency, keeping a positive mindset and working with experts to help stay on track.  

If your repayment strategy involves finding a new job with a higher salary, less of a commute or at a PLSF qualifying institution, explore opportunities on PracticeLink.com. For additional tips and advice on physician quality of life, medical school loans and other physician topics, visit PracticeLink’s resource center at PracticeLink.com/resource-center.