As the school season has started, many spring graduates may find themselves in their first fall not going to class. We know it can be a scary venture progressing into the “real world”. This usually includes going to a full-time job and also coming face-to-face with your student loans. With the average student loans piling up to about $28,400 per borrower the job search is crucial after college. When on the hunt, many healthcare professionals look for openings that will help them tackle their loans and take back their lives. Paying off your student loan debts as a traveling healthcare professional can be as easy as 1, 2, 3...do, re, mi...A, B, C.
Check out just what we mean!
Go back to the beginning
Remember when you were willing to do whatever it took to make your healthcare dreams come true? It’s important to go back, look at the bigger picture and remember what first got you going on this rewarding path. Was it your love of science? Do you enjoy patient care? Do you love being in the lab? Or was it your motivation to help others? Or maybe you just enjoy wearing scrubs. Whatever it may be, take a second while you’re stressing about your debt to remember what got you started because getting caught up in the money isn’t going to do you any good in the long run. You are now living your dream and don’t you forget it!
Set realistic expectations and plan ahead
Expecting to pay off loans in the first year is not a realistic plan. The average bachelor degree holder will take about 21 years to pay off their debt. You do have the ability and power to decrease this time, but gIving yourself outlandish goals, like 5 years, will increase stress on the road to a debt-free life. First steps? Try apps that track your budget like mint.com and Mvelopes. These will show how you spend your money so you know what is going where. With these in mind look at your finances with the big picture and goals in mind, like repaying your loans. Whether you use fancy new apps like these or even just keep it all sorted out on paper, it is absolutely vital to stay on top of your loan payments and a plan to keep up each year.
“I can’t stress this enough: recent college grads are in a make or break moment. Get on top of your student loans right now and you will be in great shape. But if you don’t get a handle on things, you will be digging yourself a very big financial hole.” - Suze Orman, Personal Finance Guru
Travel it off
As a budding young medical professional, this is a perfect time to take advantage of your mobility and freedom by traveling off your loans. Many travelers are compensated extremely well for their work as they go from one assignment to another. In addition, travelers also receive housing and expense stipends as well as their compensation. On average, 25% of an individual’s monthly income typically goes to rent. So what better way to save 25% each month? In essence, things that usually go in the bills column aren’t! This advantage makes it very easy to save and pay off your loans faster since you don’t have to drop hundreds on living expenses each month while traveling. What better way to reduce the stress you feel about your loans than traveling and earning a competitive compensation? And of course, it’s a fun and professional fulfilling experiencing!
Are you a healthcare professional still worried about your student loans? Or are you seasoned veteran with some tips for newbies to get started with their payments? Let us know what best practices work for you!