Debt strategy
A plan for your loans.
Your loan balance is only the starting point. Your employer, income and next career move can change the repayment conversation.
Compare the paths.
PSLF, refinancing and standard repayment each fit different situations. A lower monthly payment is only one part of the decision.
| PSLF | Refinancing | Standard repayment | |
|---|---|---|---|
| Often fits when | Qualifying employer and a larger balance | Higher income and a smaller balance | A shorter payoff horizon |
| Monthly payment | Based on income | Set by the new loan | Set by the loan term |
| What drives total cost | Amount forgiven | Interest rate and term | Principal and interest |
| Tax-free forgiveness | ✓ | ✗ | ✗ |
| Keeps federal protections | ✓ | ✗ | ✓ |
Program information
- Federal Student Aid — Public Service Loan Forgiveness
- Consumer Financial Protection Bureau — considerations before refinancing student loans
Eligibility and repayment rules can change. Check the current terms before acting.
Why the decision is bigger for physicians.
Years of borrowing
Many physicians finish training with six-figure student debt.
Training-level pay
Residency and fellowship pay arrive while balances can keep accruing interest.
Then a sharp change
Attending income can change the math on every option, so revisit the plan when it arrives.
Sources & Methodology
- Median medical-school debt and share of graduates with debt, Association of American Medical Colleges (AAMC), Medical School Graduation Questionnaire; U.S. Department of Education, Federal Student Aid.
Your numbers. Your next move.
Bring loan statements, income details and any qualifying-payment records.
Should I refinance or pursue PSLF?
It depends on your balance, income, employer, filing status and qualifying payments so far. Compare the total cost of each path with your actual numbers before moving federal loans to a private lender.
I’ve already started PSLF. Can I still change course?
Start with your official loan and payment records. Confirm employment and program eligibility before comparing a different path, particularly one that would replace federal loans with private debt.
My spouse also has loans. Does that change things?
Review both borrowers’ loans and the household budget together. Filing status can affect taxes and repayment calculations, so involve your tax professional in the comparison.
Should extra cash go toward loans or investments?
Compare loan terms, available cash reserves, investment risk and the time before you need the money. There is no single answer that fits every balance or career stage.
Bring the loan statements.
We’ll start with where you are and the choices in front of you.