Credit scores are an incredibly important financial tool. Many doctors, especially trainee and early-career doctors, are burdened by a low credit score because of the significant debt they take on while receiving low pay.

Credit scores affect your interest rate and options for personal loans, mortgages, practice loans and other banking products. No matter your financial and personal plans, you are likely to need at least one of these products in your life, having a good credit score will help in those moments.

So, how can doctors overcome a low credit score and work their way to a high credit score? Because every person has a different credit history, there is no one fast track to raising your credit score. 

We are sharing a list of seven ways you could improve your credit score to get you started on the road to a higher credit score.

What is considered a good credit score?

Credit scores range from 300 to 850. A higher credit score signals to lenders that you as a borrower are lower risk and more likely to make on-time payments.

FICO credit scores, the most widely used credit score type, are classified as follows, according to Experian: 

• Very poor: 300 to 579
• Fair: 580 to 669
• Good: 670 to 739
• Very good: 740 to 799
• Excellent: 800 to 850

Because an 800 credit score is considered excellent, it is a good goal to have when aiming to raise your credit score. An excellent credit score will help you receive the best rates for financial products and a greater chance of approval. 

Seven ways to improve your credit score as a doctor

Pay your bills on time

The most influential factor in determining FICO credit scores is payment history. This makes up 35% of your total score. When a lender is determining creditworthiness, a history of on-time payments indicates that you will likely handle future debts responsibly. 

Lower credit utilization

The second most influential factor is amounts owed, making up 30% of the total score. If you are using a lot of your available credit, lenders may think you are overextended and at a higher risk of defaulting. To reduce your credit utilization, consider paying down your credit card balances. 

Become an authorized user

If you are in school or residency, you may be new to building credit and have a thin credit file. Becoming an authorized user on another person’s account can help you increase your credit score quickly. 

Find a relative or friend that has a high credit limit and good history of on-time payments who will allow you to be added to their account as an authorized user; they don’t even have to let you use the card for your credit to improve. If you already have established credit, this will have less of an effect than for those with very little credit history. 

Review your credit reports

As you build and use credit, it’s important to regularly review your credit report to know what is helping you and what may be causing any issues. Watch out for late or missed payments, high credit card balances, collections and judgements as these can all lower credit scores.

Additionally, if you notice a mistake on your credit report, your credit score could be lowered. You can dispute these mistakes to improve your score.

You are entitled to a free copy of your credit reports from the three credit bureaus, Equifax, Experian, and TransUnion, once a year. You can check your score more often through soft credit inquiries. Banks often offer free credit monitoring to their customers; check yours to enroll and get notifications when your score changes.

Limit requests for new credit

In FICO scores, 10% of scores are based on new credit. Research shows that opening several credit accounts in a short period of time represents a more risky borrower. Try to avoid applying for new credit cards, a mortgage, an auto loan and other forms of credit within a short amount of time. Banks could see multiple credit requests as you facing financial difficulties and being in need of money, making you a bigger risk.

Self-report favorable payment history

You may be able to add information to your credit report to boost your credit score with programs such as Experian Boost and UltraFICO, which enable you to strengthen a thin credit record with other financial data.

You may be able to add payment history from rent, telecommunications and utility payments to your report. We recommend only adding this information if it is favorable and you have a history of on-time payments.

Don’t close old credit accounts

Closing a credit account can affect two areas of your credit score, credit utilization and length of credit history. Credit utilization considers your balance compared to your available credit. Closing a credit card would reduce the amount of credit available to you, so closing a credit card would cause your credit utilization to go up and lower your credit score. 

Additionally, closing a credit card would reduce the length of your credit history. You may not see the effects immediately, but your score could take a hit when the closed accounts fall off of your credit report.

The road to improving your credit score

Depending on which methods you use to improve your credit score, it may take some time to see the positive impact. If you plan to buy a home or open a practice in the next few years, now is the time to improve your credit score. 

The sooner you begin making changes to improve your credit, the sooner you will see results!

More credit score resources

To learn more about credit scores, visit our Resources page or check out one of our curated articles here:

• What Doctors Need to Know About Credit Scores
• How Doctors Can Improve Their Credit Score & Other Common Credit Score Questions
• Hard Credit Check vs. Soft Credit Check: What Doctors Need to Know
• What You Need to Know About Credit Card Consolidation for Doctors

Saving money is important to achieving short and long-term financial goals. There are numerous ways to save, and a high-yield savings account is one option for building your savings.

For those unfamiliar with this financial tool, there may be questions about the security of it, when to use it, and how to find one. We have rounded up some frequently asked questions and answers to help you learn more about this unique way to save.

What is a high-yield savings account?

A high-yield savings account is a savings account that can offer a much higher interest rate than a typical savings account. High-yield savings accounts can pay up to 20 to 25 times the national average of a standard savings account.

How high will high-yield savings rates go? 

There is no way to know how high-yield savings rates will change in coming months and years. The U.S. Federal Reserve rate, which influences how banks and lenders set interest rates, has risen significantly in the past year and is expected to be raised further in 2023. This could cause high-yield savings account rates to increase as well.

Are high-yield savings accounts worth it?

High-yield savings accounts can be a great place to store your savings, but ultimately, the value of a high-yield savings account comes from the way the account holder chooses to use it. If you are looking for an easily accessible place to store your cash while it earns more interest than the typical savings account, a high-yield savings account may be the right choice for you.

Take a look at your financial goals to determine if a high-yield savings account will benefit your needs. High-yield savings accounts can be a great place to store an emergency fund or other short-term savings goal. 

If you don’t mind your funds being inaccessible for a period of time, a certificate of deposit (CD) may offer you a better interest rate in a similar low-risk way. Making strategic investments is another option to make a higher longer-term yield but could come with more risk.

What is the difference between a high-yield savings account and a CD?

High-yield savings accounts offer a secure and accessible place to store money that will grow passively. The rates on high-yield savings accounts can fluctuate up or down depending on the market. 

Certificates of deposit are also secure but lock in a single interest — and can be higher than those of high-yield accounts — for a fixed period of time. Withdrawing funds from a CD before the term is over will incur fees or a loss of interest earned. 

Are high-yield savings accounts safe?

As long as your account is at a financial institution that is FDIC insured, your savings account will be insured up to $250,000 per depositor, per insured bank, for each account ownership type. That is why it is important to make sure you understand if your savings account is FDIC insured.

What are the downsides of a high-yield savings account?

High-yield savings accounts are low risk and easily accessible, making them a great place to store short-term savings, but there are some potential downsides you should know.

Cons of high-yield savings accounts include: 

• Withdrawal limits – Some banks charge account holders fees if they make more than six withdrawals in a 90 day cycle.
• Rates fluctuate – Rates may move up and down, preventing you from predicting your return over time.
• Not the best choice for long-term savings – High-yield savings accounts offer much better interest rates than traditional savings accounts, but often, you won’t earn enough over the long-term to account for inflation. Investments may be a better option for a longer-term, greater yield.

Should I put my money in a high-yield savings account or invest?

When choosing between placing your money in a high-yield savings account or investing, the best decision for you depends on your goals. High-yield savings accounts are good for short-term savings, like emergency funds, while investing can be better for long-term goals, like retirement.

Does closing a high-yield savings account affect credit score?

Closing a bank account, like a high-yield savings account, doesn’t typically impact your credit, unless your account isn’t in good standing. According to the Consumer Financial Protection Bureau, the three major credit bureaus don’t typically use bank account history when determining credit score.

If your account is in bad standing, you may see the effects on your credit score. A negative balance or if your account is closed by the bank due to overdraw, your balance could be sent to a third-party collection agency, impacting your credit score.

What to look for when opening a high-yield savings account

Not all high-yield savings accounts look the same. Know what to look for so you can choose one with confidence.

Rates

It is easy to go with the highest rate on a high-yield savings account, but there are other factors that should be considered. Some banks advertise a high rate, but that rate is a promotional offer that will then drop after a specified amount of time. A competitive rate — which may not be the highest option — and favorable account structures will set you up for success.

Fees and minimum balances

Annual fees and minimum balances should be avoided when opening a high-yield savings account. We recommend never opening a bank account with annual fees or that requires you to keep a certain balance in the account.

Fully digital banking

While many banks are competing for your business with a high-yield savings account, most are unwilling to offer a competitive interest rate in a fully digital manner — meaning without a personal interaction with a banker.

Newer, online banks have more flexibility and are able to offer you a great high-yield savings account, without the hassle of finding time to speak with a banker.

Bonus: Companion checking account

Though housing checking and savings accounts at the same bank is not necessary, it can be a great additional benefit, making transfer between accounts even easier.

Ready to open a high-yield savings account? 

We offer a fully online high-yield savings account that takes the hassle out of getting a higher rate. Open your account in minutes with as little as $25. Our accounts are available to doctors and non-doctors alike and are FDIC insured. 

Take advantage of our competitive rate and excellent servicing — or learn more — by clicking here.

But wait, there’s more!

Not quite sure a high-yield savings account could benefit you or just want to learn more before you open an account? Visit our Resources page to find a variety of articles to help you in your financial journey or check out one of our curated list here: 

• How a High-Yield Savings Account Can Help Doctors Save Money Faster
• A Doctor’s Guide to Building an Emergency Fund
• What the Fed Rate Hike Means for Loans, Credit Cards & Savings

Most doctors graduate with significant student loan debt. There is plenty of information and advice accessible on the internet, but we asked three financial planners what is one thing they want to share with doctors about educational debt.

Read what Meredith Jones, DVM, CSLP®, associate financial planner at Vincere Wealth and veterinarian, Benjamin Bush, CLU, ChFC, managing partner at Northeast Sequoia Private Client Group, and Josh Lantz, CRPC®, chief investment officer & financial advisor at MD Financial Advisors, wish doctors knew about their student loan debt.

Answers have been edited for brevity and clarity.

What is one thing you wish all your doctor clients knew about student debt?

BB: The one thing I think that I would like for them to understand and try to appreciate is that student loans are an investment. Student loans are an investment in your ability to have a not just a little bit higher income but a much larger income on average. Yes, you have to pay them off, but that ability to have an increased income through your education was an investment. As long as you manage that system correctly, it’s going to pay off for you in spades. 

Also, I wish they just knew all of the options available. Without financial education, most of them are getting online. They’re trying to find what they can do and piecemeal or talk with other physicians, but there are a lot of professional resources out there to help manage student loans.

Knowing all the refinance options that are available in the marketplace is also huge. There’s a whole subset of people that have no idea that they can refinance their student loan debt out of the federal loans. I just think the lack of knowledge and understanding of the entire system is troubling. Frankly, we’re talking about kids taking on loans, starting when they’re 17, 18 years old for the next 8 to 12 years without understanding any of the parameters, rules or options around them.

I wish they knew that there are a lot of resources available and often those resources are not expensive or could be free that can help them navigate this conversation so they’re not doing it on their own and trying to figure out the entire American financial system on a trial and error basis.

JL: Know that there are other programs besides PSLF. A lot of doctors are unaware that there are state sponsored programs for example. Many states provide these programs. They tend to lean more primary care but not always.

The other thing I would mention is a lot of doctors are very ambitious and want to get done with these debts so fast that they get too aggressive with the loan pay-down. They take a five year note when they really should do a 7 or 10. 

So, they go into practice, they get that five-year note, and they get bigger payments because those payments are condensed into five years. Suddenly, they have kids, the bills go up, and they’re paying for the nanny.

And they’re over their skis, and they can’t afford things. What’s the first thing they’re going to cut? Well, it’s the retirement savings, so they wait to save for retirement. And that just prolongs how long they’re going to have to work. In many cases, it means that they don’t have enough for retirement later on in life. 

MJ: The biggest one is that student debt doesn’t have to affect your career decisions. No matter how much debt you have, there is a plan out there that is going to work for you. There’s a lot of really comprehensive and valuable help out there for people who are looking for a student debt repayment strategy.

There’s a lot of value to meeting with a student loan consultant or meeting with a financial planner familiar with student loans. It’s 100% worthwhile to talk with an expert about your student loans so you’ll have peace of mind that you’re on the right plan. 

You may spend a few hundred dollars to have a consultation like that if it’s just for student loans, or if you’re meeting with a financial planner, then it may be more. I’ve heard stories from student loan consultants of folks who saved tens of thousands of dollars by meeting with a consultant because they were actually not on an optimal plan for their student debt. 

Read more about student loans

We spoke to Meredith, Benjamin, and Josh about several other topics surrounding doctors’ student loans. Check out:

• You’re Not Alone: Many Doctors Need Help Navigating Student Loans
• Pros & Cons of Paying Student Loans Off Early, According to Financial Planners
• How Are Doctors Handling the Student Loan Payment Pause?

If you need help navigating your debt burden, there are people who can help. Our Build Your Team program connects you to a financial advisor for free. Don’t face the challenges of becoming and being a doctor alone.

Most physicians, dentists and veterinarians graduate with significant student loan debt. Some choose to pay off this debt early, while others use their money in other ways. We asked three financial planners what benefits and downsides they see with eliminating this debt burden early.

Read what Meredith Jones, DVM, CSLP®, associate financial planner at Vincere Wealth and veterinarian, Benjamin Bush, CLU, ChFC, managing partner at Northeast Sequoia Private Client Group, and Josh Lantz, CRPC®, chief investment officer & financial advisor at MD Financial Advisors, experience with their clients.

Answers have been edited for brevity and clarity.

What are the benefits of paying off student loans early?

BB: The benefits of paying off early are you have now reduced your obligations to anybody. There’s no longer a requirement of your monthly cash flow, which can be emotionally a reward.

Financially, it’s just playing a little bit more of a long game because you now have the freed up cash flow to go build up that liquidity. You’re just starting at a later date, and time is extremely valuable in this discussion. Now you have more choices with your current cash flow than you did before.

JL: There’s definitely an emotional benefit. We find the number one thing for doctors when they’re stressed out, a lot of time, it’s the student debt. Outside of what they’re dealing with on their day job, their student loans really pull them down, so there’s a tremendous benefit in not having this weight on your shoulders.

That’s the biggie for a lot of them. Then, obviously, if you eliminate the debt sooner, then you’re paying less interest over time.

MJ: There are doctors of all kinds who just want to pay off the debt as soon as possible and are looking at knocking that out in 3 to 5 years. For folks who can do that, that can be really awesome. They’ve got all of this freedom and they’ve got this huge weight of the debt that is suddenly off of their shoulders. They can travel more and feel like they have more freedom, not just financially, but also in their careers as well.

I see a lot of doctors who have a lot of student debt and that affects their career decisions. Doctors who pay off the loans early may be more likely to take a risk like moving into a different sector of the career, moving from working for someone else to starting their own practice, or going from a clinical setting to a non-clinical setting. You may be more likely to do that if you have paid off your student debt than if you haven’t.

What are the downsides of paying off student loans early?

BB: Downsides are you’re shifting capital to a place that you can’t get it back. If I want that money back, I have to go ask permission to get it. If I pay off debt aggressively and then an opportunity comes to my door in two, three, four or five years, and I don’t have the capital to invest into that opportunity, I’m going to go back to a financial institution and ask them for the money. They’re going to dictate the terms which could be better or worse than what I just paid off.

JL: You could miss out on some forgiveness. I know a lot of doctors learned that the hard way over these last few years. They didn’t expect these programs. We had a lot of doctors that suddenly, through this PSLF waiver, realized: I can have some of my loans forgiven, even though I wasn’t pursuing PSLF. So, if you were in the category where you prepaid them then have that realization later, you missed out on some forgiveness. 

Also, sometimes doctors move to a new job, and maybe their employer provides some kind of benefit towards student loans—that’s becoming much more popular. Or, maybe the resident state that you work in provides some kind of benefit towards the loans, and you miss forgiveness or repayment from the state. 

The other big downside is it could prolong your financial freedom. Everyone, doctors included, need to save up money to be financially free at some point. I define financial freedom as that point where you’re working because you choose to, not because you have to. That takes accumulating a bunch of assets that you’re going to convert to income later on in your life. If you wait to start doing that, you’re going to miss out on a bunch of compounding returns between now and then.

Often, the doctors that are in that category are the ones that prepay their debts. They spend all their dollars essentially prepaying their debts to get them done as soon as possible, and that prolongs saving for financial freedom. They don’t have money compounding for them or money going in the market because they’ve been using all their dollars to essentially get rid of their debt ASAP.

MJ: There’s a lot to unpack here because not every doctor, whether it’s a physician, a dentist, a veterinarian, can afford to pay off their student loans early. I am typically recommending paying off student debt if they can pay it off in full in less than five or six years, and there are some folks who can afford to do that. There’s a growing number of doctors who unfortunately can’t afford to do that and are probably looking at income-driven repayment.

A lot of physicians are eligible for PSLF. In ten years, the balance of the debt is forgiven, and it’s tax free. 

Most dentists and most veterinarians work in private practice, and most of them aren’t working for employers who qualify for PSLF. So, those who are on income-driven repayment plans and are going for forgiveness, they’re paying the minimum on their student loans. Then, they’re having the rest of it forgiven in 20-25 years, and they’ve got a tax bill at the end of that. 

[Income-driven repayment] allows them to pay smaller payments on their student loans and it frees up more cash flow so that they can put the money toward other financial goals, like saving for retirement, buying a house, or saving so that they can start their own practice. 

Doctors who have a high debt-to-income ratio who are trying to put all their money toward the debt may not actually be able to afford to pay it off in full. And they’re often putting off other financial goals that they might have.

Read more about student loans

We spoke to Meredith, Benjamin, and Josh about several other topics surrounding doctors’ student loans. Check out:

• You’re Not Alone: Many Doctors Need Help Navigating Student Loans
• How Are Doctors Handling the Student Loan Payment Pause?
• One Thing Financial Planners Wish Doctors Knew About Student Debt

If you need help navigating your debt burden, there are people who can help. Our Build Your Team program connects you to a financial advisor for free. Don’t face the challenges of becoming and being a doctor alone.

Federal student loan payments have now been paused for over two years. This lack of payment obligation has caused borrowers to use different strategies when handling the temporary extra funds. We asked three financial planners what they are seeing within the doctor community during this time.

Read what Meredith Jones, DVM, CSLP®, associate financial planner at Vincere Wealth and veterinarian, Benjamin Bush, CLU, ChFC, managing partner at Northeast Sequoia Private Client Group, and Josh Lantz, CRPC®, chief investment officer & financial advisor at MD Financial Advisors, experience with their clients.

Answers have been edited for brevity and clarity.

What is going on with the student loan payment pause and how are you seeing your doctor clients handle this?

MJ: It started in March 2020, and it continues to be extended. We don’t know when it’s going to end exactly, because it’s kind of a moving target. Now it’s not going to start up until 2023 at least, potentially later in the year, or it may get extended again.

As far as how doctors are handling it, it depends on what their career goals are, their financial situation, and what their student loan repayment strategy is. For those who are trying to pay off their student debt in full, a lot of them are just adding as much money toward the student debt as possible, so that they can get it paid off quickly while the interest is zero.

Some of them, while the payments are on pause, are using that money that they would have put toward their loans and are either saving it toward another financial goal or they’re investing more. 

Some folks who are not as mindful have probably incorporated it into their spending money and are not paying as much attention to the fact that eventually the loan payments will restart.

BB: While [the pause] is helpful from a financial standpoint as it allows for additional cash flow, it’s also starting to ultimately create a cash flow crunch because unless they are putting away every dime that they would be putting into student loans, they’re establishing other types of behavioral investments in terms of increasing what they’re able to spend. 

It is very hard to retract out of those things. I’m seeing some doctor clients being very responsible, but for the vast majority it is very difficult because they are free and clear with a lot of cash flow that wouldn’t otherwise be on their balance sheet.

Some of them are enjoying some lifestyle changes, while others are taking advantage and really starting to build a robust savings and investment strategy to increase liquidity. 

So, we are continuing to approach it with clients. We have an opportunity to make a change prior to them turning those federal loans back on. 

We should probably be proactive rather than reactive because you’re still going to have to pay with one exception, public service loan forgiveness. You know, they’re continuing to give credit towards those loans. And so, their timeline is shortening, which is helpful.

JL: My take on it is the $10,000 forgiveness—or $20,000 with a Pell Grant—is all jammed up in the courts, and it’s probably going nowhere. The forbearance extension was a backdoor way for the administration to provide student loan relief. As of right now, they’ve said, “We’re going to give 60 days notice if this gets resolved in the courts, but if we don’t hear anything by June 30th, then 60 days from there.”

That means for a lot of doctors, they’re not going to pay until August 30th on these loans. If they have federal loans, they’re not paying, they don’t have interest, and it counts towards PSLF if they’re in that program.

For the doctor community, they’re much more excited about this and it’s much more meaningful financially than getting $10,000 in forgiveness because for a lot of them, they’re saving $2,500 a month in payments that they would have been paying for those months. Now that’s extended longer. So big relief for the doctor community for sure.

If a doctor is not applying for PSLF should they be making payments right now?

BB: It has to be directly correlated with what their broader financial strategy is. 

If your financial strategy includes being able to invest in things like other businesses, whether that’s silently or actively in the medical field or opportunities outside of medicine, then we will probably look at what opportunity builds up liquidity during this period of time to execute on those opportunities, rather than being in a super rush to pay the federal government back for loans that they’re not charging us right now. 

Money is entirely emotional and psychological. So, if I come across a client that even if logically it doesn’t make sense to necessarily pay down the debt, but it’s who they are; it’s embedded in their DNA, then it’s an anti-debt conversation. I’m going to say to them: paying off debt is never bad. Let’s make sure we’re taking advantage of this period of time where we can just continue to drop principal and therefore reduce your long term interest. 

Many of our clients that are a little bit more dynamic, somewhat entrepreneurial, want to take advantage of the freed cash flow to build up liquidity and go execute on other opportunities.

JL: They really should seek out help from an adviser because it’s really case by case. But, in most instances, I encourage them to wait to refinance because they got a 0% loan right now, so why switch that to a loan that’s going to have an interest cost associated with that?

That will change when they need to start paying on these loans. A lot of those doctors that are not pursuing PSLF should strongly consider refinancing. Their strategy during this time depends on their financial goals. 

They’re getting a 0% loan, so maybe they use some of those extra dollars elsewhere. Markets are down. When markets go down, expected returns go up, so they could be placing some of those dollars towards markets where maybe they can get long term expected returns that are much higher than the cost of the interest. So maybe that doctor should put money in the market, assuming they have the risk tolerance for it, instead of paying on a 0% student loan.

MJ: If their goal is to pay off their student debt in full and pay it off as soon as possible, then it certainly makes sense to either put as much money as they can toward the debt now or to actually pile it up. Some folks I know are saving the money they would have put toward the debt because right now there’s no interest on student debt, and some are actually investing their money with the hope that it’s going to be even more valuable by the time they have to start repaying their student loans.

If their plan is long-term income-driven repayment (not PSLF) and going for forgiveness, then really putting that money to work in other ways certainly makes sense. If they haven’t started saving for the tax bomb, the tax bill that would be due at the end of forgiveness, they should start saving for that.

Read more about student loans

We spoke to Meredith, Benjamin, and Josh about several other topics surrounding doctors’ student loans. Check out:

• You’re Not Alone: Many Doctors Need Help Navigating Student Loans
• Pros & Cons of Paying Student Loans Off Early, According to Financial Planners
• One Thing Financial Planners Wish Doctors Knew About Student Debt

If you need help navigating your debt burden, there are people who can help. Our Build Your Team program connects you to a financial advisor for free. Don’t face the challenges of becoming and being a doctor alone.

Most doctors, whether physicians, dentists or veterinarians, graduate with significant educational debt. According to the Education Data Initiative, on average, physicians graduate with about $241,600 in debt, dentists with $292,169, and veterinarians with $183,302. 

The number of medical, dental and veterinary school graduates with educational debt is high, with 76-89% of medical school graduates and 83% of both dental and veterinary school graduates graduating with student debt.

Needless to say, no matter your educational loan burden and your journey to repay, you are not alone. To illustrate this point, we asked three financial planners how often their doctor clients ask for advice on managing their student loans.

Read what Meredith Jones, DVM, CSLP®, associate financial planner at Vincere Wealth and veterinarian, Benjamin Bush, CLU, ChFC, managing partner at Northeast Sequoia Private Client Group, and Josh Lantz, CRPC®, chief investment officer & financial advisor at MD Financial Advisors, experience with their clients.

Answers have been edited for brevity and clarity.

How often are your doctor clients asking for advice on their student loans?

MJ: It’s one of the most common concerns for our clients, and especially the doctors who are early in their careers. There’s certainly a lot of confusion surrounding student debt and repayment strategies.

I’m a veterinarian, and I know what it’s like to have six-figure student debt. It can be a huge weight psychologically, and it takes up a lot of mental space for many doctors when they’re thinking about their finances.

BB: It has been a little less common just because of the federal government moratorium on payments, which is to say we are talking about it, but not at the same length that we were two to two and a half years ago.

Over the course of the last year, it’s really been a number of conversations around: do we want to refinance to lock in an interest rate today with the idea that we probably might miss three, six, nine months of no payments, but to have your ongoing payments locked at a lower interest rate? Or do we want to roll the dice, wait until the moratorium’s up, then see what’s available? 

The dialog has changed a bit, but we’re still talking about quite a lot because for a lot of our doctors, it’s still the largest number on their balance sheet.

JL: I’d say if they’re under age 45, 90% of the time. It’s really only those situations where they came from a wealthy family or maybe they’re from another country that they don’t have student loans. In most cases, they’re going to have student loans, and most of the time they have $300,000 to $400,000 in student loans.

I always remind them everyone’s in the same boat. Everyone’s got these student loans, and you shouldn’t feel bad. That’s just part of becoming a doctor.

Read more about student loans

We spoke to Meredith, Benjamin, and Josh about several other topics surrounding doctors’ student loans. Learn how other doctors are paying (or not paying) their federal student loans during the student loan payment pause, the benefits and drawbacks of paying off your debt early, and these experts’ essential financial advice.

Check out:

• How Are Doctors Handling the Student Loan Payment Pause?
• Pros & Cons of Paying Student Loans Off Early, According to Financial Planners
• One Thing Financial Planners Wish Doctors Knew About Student Debt

Get help with your student loans

If you need help navigating your debt burden, there are people who can help. Our Build Your Team program connects you to a financial advisor for free. Don’t face the challenges of becoming and being a doctor alone.