Physicians loan and Student Loan - axis of evil or a boon to rural america?

10 years back on an average physicians loan burden when they pass out from college was in the range of 60,000 to 70,000. Now the physicians loan burden has gone up to more than 140,000 on an average!

Most physicians are looking for loans during the start of their careers when they are still not settled in any particular practice and are looking to establish their own practice.

If proper loan options are not available, this can lead to a physician's choice of work place. Its well known that salaries increase as a physician goes to rural and remote areas. However, not every physicians dream of working in such areas and sometimes their debt out of the student loans force them to take up assignments in such areas thus allowing them to make enough to pay off the loans and still make some decent savings so that they can set up their own practices in near future.

Most doctors are looking for loans with low interest rates that enable them to put small or a zero down payment. Also they would not want the creditor to use their student loan debt if they have any in their debt ratio, use future income rather than current or past income, and yet enable them to move in before they start their job.

On one hand it seems that the rising tuition fees and rising interest rates are playing their part in spreading the physician community to the rural areas but at the same time it is also important to note that medicine regarded as one of the best career options and should not be a one that limits a person's choice !

Various Loan Options for Physicians\Doctors

For a physician , the underlying question is not how to get a loan or where to get a loan. (virtually every credit lender is ready to lend credit to a physician) However, the problem is of choosing the right kind of loan and the right kind of lender.

I will try to explain issues that affect a physician's decision on selection of a loan.