Repaying student loan debt is a topic that raises a lot of questions and concerns for medical residents — and for good reason. The number of young doctors in financial peril has grown considerably in recent years. This is no surprise, considering two factors: how easy it is to get sizeable credit from financial institutions to finance a medical education, and the limited financial planning education medical students receive in university. Planning repayment of significant debt requires particular care and daily discipline to achieve financial health.
In this article, discover how to manage debt
- during residency
- in practice
- how to keep it simple
- should you open a tax-free savings account (TFSA)?
- things to remember
Reprinted with permission from the Canadian Medical Association 2012 New in Practice Guide, courtesy of MD Physician Services.