Being a physician is a high intensity and high impact job. Add student loan debt into the
equation and you have yourself a recipe an extremely stressful life. The average medical school loan is around $215,000, which is a very large sum of money. Many physicians are not aware of the Federal Loan Forgiveness Programs that most states have. Many have heard of the Public Service Loan Forgiveness plan which is actually a separate program from the National Health Service Corp.
Wisconsin offers two programs for assistance: The Health Professions Loan Assistance Program and the Rural Physician Loan Assistance Program. One is for those working in a designated health care shortage area. The other program is for those practicing in a rural area. You could be eligible for both. You must commit to practicing for 3 years.
Each program pays up to $50,000 towards loan repayment. Get the details here.
Your Financial Advisor should be including a student debt repayment strategy in your personal Financial Plan and reviewing annually. There may be other programs out there and you should consult with your Advisor to discuss.
Douglass Belt LUTCF, BFA is an independent Financial Advisor at WestPoint Financial Group. Doug is licensed to sell insurance in: WI, IL, MI and securities in: WI, AZ & MN. Doug is a registered representative of MML Investors Services, LLC, Member SIPC (www.sipc.org). Supervisory address: 525 Junction Rd Madison WI 53717