In the U.S. News & World Report article “What’s the Easiest Way to Repay $200,000 in Medical School Loans?” by journalist Maurie Backman, readers get a clear, practical look at how new doctors can manage, and eventually conquer, the heavy debt burden that often comes with medical school. The piece explores budgeting, repayment plans, refinancing considerations, and small but impactful strategies to help medical professionals pay down their loans without dragging the process out for decades.
Our Chief Investment Officer & CEO, Steven Rogé, contributed insights drawn from his work teaching financial wellness to medical students. He emphasized the importance of building a simple, realistic budget early in residency, keeping fixed expenses low, and preserving some room for a starter emergency fund to avoid taking on additional debt. Steven also encouraged borrowers to make thoughtful use of income-driven repayment plans, maintain a resident-level lifestyle even after income rises, and adopt small, consistent habits, like automatic extra payments and gradually increasing contributions with each raise, to meaningfully shorten the payoff timeline. He rounded out the discussion by stressing caution around refinancing: it can be a smart move once income stabilizes, but only if borrowers are certain they won’t need federal protections such as forgiveness programs.
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R.W. Rogé & Company, Inc. is an independent, fee-only financial planning and investment management firm serving clients locally and virtually across the country, with Long Island, New York, and Beverly, Massachusetts office locations. R.W. Rogé & Company, Inc. was founded on a “client first” culture and proudly commits to acting in your best interest as a fiduciary. We have helped clients Plan, Achieve, and Live® the life they want since 1986. To learn more about how we do this, as well as our process, explore our detailed overview of services and approach.
