Avoid More Med School Debt

Stephanie is a second-year medical student who just got married. They aren't sure if they should wait to begin paying off the student loans or just prevent further debt until she graduates. What would Dave do?

QUESTION: Stephanie in Oklahoma City is a second-year medical student who just got married. She and her husband are working through their debt snowball. They will have their car paid off this weekend, and they aren’t sure if they should wait to begin paying off the student loans or just prevent further debt until she graduates. What would Dave do?

ANSWER: Your first goal by far would be to prevent further debt. Once you’ve got that cash flowed, then begin to work on the existing student loans. Straining to cash flow $40,000 and add no more debt would be a great goal until you get to residency. If you get any extra, I would just build it up to ensure that you can cash flow tuition. Once you’ve completed the tuition or you have enough in the bank to complete the whole tuition program—not this year but the whole thing all the way through—then I would begin to pay extra on your existing student loans.

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