Are you swimming in debt created by your medical student loans? You’re definitely not alone!
Medical school tuition is never cheap, and to add insult to injury there is the fact that living expenses are only growing higher. But you can win the battle against late payments and debt stress by seeking forgiveness or consolidation of your medical school student loans.
Keep reading to learn about your options…
Are You Eligible for Medical Student Loan Forgiveness?
The most efficient way to reduce your medical student loan debt is to seek out an applicable medical student loan forgiveness program – unfortunately, these resources are only available under very special circumstances.
For example, nurses and some technicians can receive forgiveness on 60-100% of their Perkins or Stafford medical student loan totals.
Forgiveness on medical student loans for Canadian students is a little bit more complicated. You will find that policies are hit-and-miss and largely depend on the province or territory in which you live. For example, students in British Columbia offers medical student loan forgiveness, but the Canada Student Loan Program offers no federal assistance for the majority of students.
A Simple Alternative: Medical Student Loan Consolidation
Consolidation involves combining all of your student loans into one payment, usually after renegotiating interest rates.
There are several types of medical student loan consolidation options available – you and your lenders will need to work together to figure out the best plan for you.
American federal medical student loans can be consolidated in one of two ways: a direct consolidation loan, or a special consolidation loan. These are basically the same thing, but the latter usually involves an interest rate deduction.
Canada student loan consolidation programs are very similar – but again, it is always in your best interest to contact the National Student Loans Service Centre to scope out the other applicable repayment options for your medical student loans.
Many students choose to consolidate their medical student loans after graduation regardless of financial difficulties, usually for the convenience and cost benefits.
Don’t let the debt from your medical student loans snowball out of control.
It only takes a few missed payments to throw your finances into disarray – it is best to call your loan provider as soon as you see those “gray clouds” that warn of tough budget troubles, that way you can begin negotiating a plan for the forgiveness or consolidation of your medical student loans right away.
Back to Medical Student Grants.
