An aggressive approach beats a lax one.
Graduate medical school indebtedness averages about $140,000. For graduates of private medical schools, the mean is about $150,000. How do you best whittle that debt down? Should it be your first financial priority, or a lesser one?1
Attacking that debt now may be your best move. Look at the interest rates on checking and savings accounts today. Compare that with the interest on a college loan, usually around 5-6%. Those loans are costing you much more than your savings can earn. The takeaway here: ramping up your student loan payments today will effectively save you money over time. That doesn’t mean you have to live like a student until you hit 40, but it strengthens the argument for living on less than what you earn.