I was so excited when I started my journey to becoming a Physician Assistant. It didn’t matter how long it would take me to be accepted into a program, or how much it would cost, I knew this was what I wanted. Besides, if I had gone to medical school it would have taken twice as long, and been at least twice as expensive, right? 

Imagine yourself graduating, accepting your dream job/position, starting to practice medicine, caring for patients, and finally making the income you have always desired! Dream come true, right?! That is really such an exciting huge step! Then the reality of your student loans hanging over your head kicks in. 

Paying back thousands of dollars in student loans is something I know all too well, and 12 years in, I am still doing it. (Very happy to say I am almost done, 2 years ahead of schedule!) Here are 4 ways I love to tell my newly graduated self in order to pay back my loans quickly. As hindsight is always 20/20, but since I can’t turn back time, I would love to share with you what I now know. 

Move Back Home.

Here me out. This is one of the best ways for you to save $$ while in school, or shortly after graduating. If you can live at home, work for a few years, you can really pay back those loans quickly as you are saving on rent or a mortgage. Sure you may not want to live with your parents, but trust me…  you will thank yourself later. It is something I really wish I would have considered.

Also, create a budget for yourself. Think about areas of your life you could save in order to put more $$ down on those loans. I have used the David Ramsey Snowball Debt Repayment philosophy. Pay down those with the smaller balances first, regardless of interest rate in order to cross things off your list quickly. Then use the money you were paying on those balances and apply it to the next one (in a nutshell, see here for details) Dave Ramsey Snowball Method

Educate Yourself on Loan Forgiveness After Graduation

Look into federal and state programs that give loan forgiveness for working in primary care in an underserved area. Do this while you are young, without kids, and again have the flexibility to move, or perhaps have a longer commute for work. The National Health Service Corp NHSC official site is a great federal program that offers loan repayment for a part time or full time commitment at a qualifying site.  

Consider Different Repayment Options

There are different loan repayment click here for student aid advice options that may extend the life of your loan, but will make those monthly payments more manageable. Even though you may pay more in the long run, I recommend doing this while you are starting to establish yourself in your career first. You need to be able to live, especially when you are first starting out. You can always put more into each monthly payment as you are able.

Never Underestimate the Power of a Side Hustle

This is something that I have become so passionate about in recent years, make sure to keep an open mind to unconventional opportunities that allow you to diversify your income. For instance, building a home based business. I started my business 4 years ago, and it has been a huge blessing for our family. I have been able to pay off debt, travel, save, cut back hours at work and so much more. I really enjoy sharing my experience as a way to help educate others. (Please search for the R+F IDS for further information regarding income. This is my personal story. Interested in learning more? Let’s chat! Click Here)  

Whatever it is that you decide to do that works for you, make sure you start to proactively pay those loans back as quickly as possible. You want to be able to enjoy your life, and your income you worked so hard for! 

Much Love my friends,  

Court