How Long Does It Take Doctors To Pay Off Student Loans
When doctors have student loans, they often wonder how long it will take to pay off their debt.
This is a common question we hear from new doctors and medical students. Many people assume that the annual salary of a doctor is enough to pay off student loans within a few years. That’s not always the case.
We’ve put together some advice on how long it takes doctors to pay off student loans based on their annual income.
How Long Does It Take Doctors To Pay Off Student Loans?
The short answer is that it depends on how much you make as a doctor and how much your monthly payments are. But if you want more detailed answers, read on!
How Long Does It Take Doctors To Pay Off Student Loans
It’s well known that doctors graduate medical school with a lot of student loan debt. We know the average debt is somewhere around $200,000, with some owing as much as $500,000. But how long do doctors carry that debt once they’re done with training?
Average medical school loans can be paid off in under 5 years. However, physicians have a number of alternatives for loan repayment. A majority of physicians are pursuing public service loan forgiveness, which takes 10 years but may cost less overall. Other options that doctors consider include refinancing, military service, and employer student loan bonuses.
Exactly how long it takes to pay off your loans after medical school can vary widely by individual. Physicians have a number of options for paying off their loans. Some may “live like a resident” and get rid of their debt as soon as possible. Others are pursuing loan forgiveness through PSLF, or public service loan forgiveness. And some even choose to make the minimum payments over the duration of their loan.
The standard repayment term for federal student loans is 10 years. If you’re having a hard time keeping up with your monthly payments, though, you can extend your repayment schedule to up to 30 years with alternative repayment plans:
| Repayment Plan | Repayment Term |
| Consolidation Loan | Up to 30 years |
| Extended | Up to 25 years |
| Pay as You Earn | 20 years |
| Revised Pay as You Earn | 20 or 25 years |
| Income-Based | 20 or 25 years |
| Income-Contingent | Up to 25 years |
Private student loan companies set their own repayment terms, but most private medical school loans will allow you to choose terms from five to 20 years. Of course, you can always refinance your loans to new terms, extending the payoff period. How long it takes you to repay your medical school debt ultimately depends on your salary and other expenses.
can doctors pay off student loans
Your repayment strategy will determine how long it takes to pay off medical school debt. For example, pursuing Public Service Loan Forgiveness will mean 10 years in repayment, while income-driven plans can last as long as 25 years.
There’s never any penalty for paying off student loans early, and many doctors choose to aggressively repay their medical school debt.
According to a 2019 survey from staffing agency Weatherby Healthcare, 35% of doctors paid off their loans in fewer than five years. They did this via strategies like making extra payments and refinancing student loans. Of the doctors who still had loans, the majority expected it to take at least 10 years to finish repayment.