Tips for Getting Out of Medical Student Debt Fast

MedCare Staffing — Tue, 18 Feb 2020 23:11:00 +0000

Medical school comes with a hefty price tag for most people. Hopefully, you were lucky and had the help of those around you or scholarships to help keep your debt to a minimum. Still, with help or without help, after graduating, you have to face the debt that comes from furthering your education.

And this debt is all too real. According to an article written by the Association of American Colleges, as of 2016, the average medical student graduated with around $190,000 in loans. And approximately 74% of new graduates were experiencing education debt. These estimates have only increased over the years, and will most likely continue to do so. You may feel like you’re swimming in this debt and that being able to make your last payment is miles away. When you do make that final payment, you’ll feel exponentially better. So, how can you reach that final payment day, faster? We’ve compiled some tips and tricks to help you get there.

1. Create a budget and stick to it.

List all of your expenses and compare them to your current take-home pay. It’s likely that if you have included your student loans into this equation, you’ll be at a negative number. Try your best to reduce your expenses as much as possible; it will help ensure that you have more left-over than you previously did. Yes, as a healthcare worker, you may have a good income, but you do not want to be indebted forever.

2. Try to stay out of consumer debt.

If you learn nothing else from student debt, learn that there is no such thing as “good” debt. Your income could be too high to write off having mortgage debt. Plan to get out of debt and stay that way. When it comes to credit cards and student loans, try and pay more than your minimum required payment as often as you can. Doing this can help to diminish the total interest paid on your debts.

3. Pay your highest percentage loan first.

It may feel great to have your smaller loans paid off first, but you’ll pay less in the long run if you try and pay off the highest interest rate first. When your highest one is paid off, move on to the next highest, and so on. If you have to make monthly payments on multiple loans, you could consider having them combined. But it would be best if you only did this with ones that are at the same interest rates.

Pay off your private loans first, and don’t combine private and government loans. You will want to rid yourself of any loan that your estate would end up being responsible for.

Pay off your government loans last. Stafford and Perkins loans tend to have lower interest rates. Try and make the minimum payment until you pay off other loans. Then ensure that your emergency fund is sufficient; that way, if you find yourself out of work, your family will have resources. Once you have a 6-month emergency fund in hand, go ahead and pay these off.

4. Make more money!

When you’re in debt and currently working, you are in a unique position. As a locum tenens provider, you have the opportunity to pick up additional shifts and even be paid more than you would in a permanent position. A MedCare Staffing recruiter can help you to get the best rates for your services. Being able to work evenings, nights, or weekends, that provides even more opportunities to earn more money.

With locums positions, you have a chance to be more flexible with your scheduling and shifts. Whether you’re trying to make an extra loan payment or you’re building an emergency fund, take advantage of these options. You can choose when you want to work and pick shifts at a better rate. Being able to get out of medical student debt is worth working a little extra.

Once you get out of debt, you will feel such a great sense of relief. When you finally make that last payment, go and celebrate!

Who are we? MedCare Staffing is a small, veteran-owned, family-oriented team. We start every day with gratitude because we LOVE what we do! We are a team on a mission to make a positive difference in the lives of our clients and providers.

What we do: We place Physicians, Dentists & Advanced Practitioners in Locum Tenens, Contract Positions and Permanent Jobs

To contact MedCare Staffing, call 888.474.3380 or visit or website by clicking here!

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Top Three Locum Tenens Myths

MedCare Staffing — Mon, 10 Feb 2020 19:13:00 +0000

You may be asking yourself what can a full or part-time career as a locums clinician do for you? Well, it can offer quite a lot. It all depends on what you are looking for in a medical career, with the flexibility of hours, travel, and pay; you have a multitude of options. You also have a chance to help facilities in need of short-term or long-term help with your unique skillset and attributes.

But yet, with all of these benefits, there are still many myths and misconceptions surrounding locum tenens work. These myths can often cause people to turn away from the idea of locum tenens work. We here at MedCare Staffing want to help dispell the top three of the most pressing myths out there.

1. You’ll Only Find Work in Busy Places. Wrong

While there are plenty of locums positions with an exhilarating patient workload, and a fast-paced environment, not every assignment will be like this. This is true because facilities of all types use locums to fill their temporary staffing issues.

When finding the right fit for you, the most important thing to keep in mind is that the relationship with your recruiter is a two-way street. If working in a busy place is a concern for you, talk to your recruiter and take some time to discuss other potential options. The diversity of facilities that we work with here at MedCare Staffing can help in your search for what work environment will suit you best. If something a little more slow-paced is what you’re looking for, then we have plenty of rural locations that would be perfect for you!

2. You’ll Have to Work Full-Time. False

While many of the locums healthcare professionals choose to pursue it as a full-time job, that’s not the only way to experience locum tenens work. What makes this field so accessible is the fact that you can make of it what you want. If you choose to work as a locums provider on holidays or pick up extra shifts here-and-there, you have the option to do so. You are not confined to work as a locum tenens professional full-time.
You can use part-time locum tenens work as a way to supplement your income and sharpen your clinical skills in an environment different from your full-time workplace. If you’re looking for part-time or full-time locums has plenty of both to offer.

3. Patients Won’t Want to Trust You. Myth

The main reason this myth exists is due to the rare patients that insist on being seen by a clinician they know. And while this may be true, it doesn’t happen often, and most patients are content with their needs being met. As a locums professional, you will inevitably experience some trepidation when starting work in a new clinic. Still, the truth is most patients won’t be upset seeing someone who isn’t their usual clinician. And those patients that do can usually be won over with openness, honesty, and clear communication. Some locums opportunities are less about recurring visits and more about one-off care, like walk-in clinics and hospitals. This issue is rarely a major one, and there are always ways that you can work around it if it does show up.

Do you have any questions about locum tenens? Feel free to contact us anytime! We would love the opportunity to answer any of your questions.