sample medical school personal statements

Just because you received your medical school diploma while wearing a graduation cap and gown, it doesn’t mean that you have to forget about your student loans. Yes, your student loans – the mere reason you were able to make it all the way to graduation. You don’t need to be a hot shot celebrity doctor to pay off your debt, all you need is this set of tips on how to pay off your student loans.

* Calculate your debt

How are you going to pay off your student loan if you are not even sure how much money you owe? To determine your total debt, gather all your student loan notices. If you can’t find them all, you can always ask your school’s financial aid office for a computation. Before you end up paying more than you should, make sure that your debt total is exclusive of any other financial obligations besides the student loan.

* Contact your lender

Upon discovering how much money you owe, contact your lenders and arrange a meeting. Although your lenders were generous enough to pay for your medical education, you have to remember that they expect to be paid. The purpose of your meeting is to ask for a payment term extension, and if possible, an interest rate reduction. Explain your current financial situation and, who knows, maybe they will grant your requests or at least come to an agreement that benefits both you and the lender.

* Consolidate your loans

To save money on interests, you should consider consolidating your loans. Loan consolidation is the process of combining all your existing debts into one loan. This means that instead of managing multiple loans with different interest rates and payment terms, you only have to pay for a single loan with a fixed interest rate and a fixed payment term. Consolidating loans is advisable for fresh graduates like you because it allows you to simultaneously pay off all your debt while saving more money on interest.

* Save your money

After consolidating your loans, you must now start saving money to pay off your debt. Saving money is easy if you have enough discipline to do so. Spend money only on important things such as food, transportation, and bills. Refrain from buying unnecessary items like concert tickets or designer shoes. Always save up for your consolidated student loan so you can be worry-free when the monthly deadline comes.

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