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Debt Reduction

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The Complete Business Guide for a Successful Medical Practice

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Abstract

The cost of a medical education is skyrocketing. As of July, 2013, the total federal student debt in the U.S. is $1 trillion. Medical education remains the most expensive post-secondary education in the United States, with over one third of all graduates carrying debt balances of more than $200,000. Young physicians are concerned about the spiraling cost of their educations and how to repay that debt.

This chapter will discuss practical ideas that you can use to control, manage, and repay your debt incurred as a student, resident, or fellow. We provide suggestions offered by the Association of American Medical Colleges (AAMC) and experts in medical education debt management for making repayment as painless.

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References

  1. Chopra R. Student debt swells, federal loans now top a trillion. Consumer Financial Protection Bureau; 2013. http://www.consumerfinance.gov/newsroom/student-debt-swells-federal-loans-now-top-a-trillion/. Accessed March 2014.

  2. Madara J. Letter from AMA executive vice president to Congress. 2013. http://www.ama-assn.org/resources/doc/washington/medical-student-loans-comment-letter-01april2013.pdf. Accessed March 2014.

  3. The Top 10 Student Loan Tips for Recent Graduates. http://projectonstudentdebt.org/recent_grads.vp.html. Accessed March 2014.

  4. Roger B. How to get out of debt and live prosperously. 2013. http://aammweb.com/wp-content/uploads/2013/05/How-to-Get-Out-of-Debt-Live-Prosperously-2013.pdf. Accessed March 2014.

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Author information

Authors and Affiliations

  1. Department of Urology, Touro Infirmary, 3535 Prytania Suite 614, New Orleans, LA, 70115, USA

    Neil Baum M.D.

  2. American Academy of Medical Management, Atlanta, GA, USA

    Roger G. Bonds M.B.A., C.M.S.R., F.M.S.D.

Authors
  1. Neil Baum M.D.
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  2. Roger G. Bonds M.B.A., C.M.S.R., F.M.S.D.
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Corresponding author

Correspondence to Neil Baum M.D. .

Editor information

Editors and Affiliations

  1. Department of Urology, Tulane Medical School, New Orleans, Louisiana, USA

    Neil Baum

  2. PhysicianCareerAdvisor.com, American Academy of Medical Management, Atlanta, Georgia, USA

    Roger G. Bonds

  3. Prostate Disease Center, University of Florida, Gainesville, Florida, USA

    Thomas Crawford

  4. Department of Urology, University of Iowa, Iowa City, Iowa, USA

    Karl J. Kreder

  5. Austin Urology Institute, Austin, Texas, USA

    Koushik Shaw

  6. Department of Urology, University of Florida Shands Health Center, Gainesville, Florida, USA

    Thomas Stringer

  7. Department of Urology, Tulane Medical School, New Orleans, Louisiana, USA

    Raju Thomas

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© 2015 Springer International Publishing Switzerland

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Cite this chapter

Baum, N., Bonds, R.G. (2015). Debt Reduction. In: Baum, N., et al. The Complete Business Guide for a Successful Medical Practice. Springer, Cham. https://doi.org/10.1007/978-3-319-11095-0_15

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  • DOI: https://doi.org/10.1007/978-3-319-11095-0_15

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-11094-3

  • Online ISBN: 978-3-319-11095-0

  • eBook Packages: MedicineMedicine (R0)

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