Health care professionals, including medical students, residents, and attending physicians, are grappling with substantial student loan debt. A recent survey of 229 medical professionals found that more than three-fifths (61%) have medical student loans in excess of $100,000. The survey, conducted by SoFi, highlights the financial strain that many health care workers face due to their significant debt burdens.

Debt Load and Professional Status

The survey found a correlation between debt load and professional status. Among medical students, 66% owe more than $100,000, while 74% of residents and 88% of attending physicians carry six-figure debt. Other health professionals, including nurses and dentists, also have significant debt, with 89% owing at least $50,000.

Many of these borrowers are facing high interest rates, with 85% paying rates between 5.00% and 10.00%. The vast majority of respondents (86%) have at least some federal loans, and roughly 7 out of 10 (69%) say their student debt is comprised entirely of federal loans.

Refinancing as a Solution

Refinancing at a lower annual percentage rate (APR) can often ease the process of paying down longstanding loans. Almost 3 in 10 (29%) of survey respondents say they want to refinance their student loans to pay off the debt faster, while about 1 in 5 (22%) would do so to reduce their monthly payments. However, refinancing with a private lender means losing important federal benefits, such as income-driven repayment and access to Public Service Loan Forgiveness.

Despite these potential drawbacks, many borrowers believe that refinancing will save them money in the long term. Almost 9 out of 10 (88%) report being somewhat or very confident that refinancing their student loans now will enable them to save money in the future.

Original reporting: KTVZ (Central Oregon) — read the source article.