By Dr. Aaron Neufeld, OD
Optometry students who take out an average of $200k in loans will likely be in debt for the next 20 years of their lives.
Sadly, many students pay the minimum amount payment for 20+ years, hoping government will pay or forgive their loan after 20-25 years. The cost of optometry school has doubled in the past 10 years, while optometry salaries have remained relatively stable.
Refinancing, loan consolidation, and loan forgiveness can be very confusing and overwhelming. It is vital for students to have a solid game plan, and we hope these steps get you started in the right direction.
Step 1. Know how much debt you have.
- National student loan data system (NSLDS)
Step 2. Know the types of loans.
- Private loans
- Federal loans
Step 3. Decide which route is best for you.
- Tuition reimbursement program
- Federal loan repayment plans
- Loan forgiveness program
- Standard payoff with refinancing
Watch Dr. Neufeld’s video explaining these four options by subscribing to the Online Success Center.