Lessons in financial health and debt management for young physicians: loan consolidation programs, loan deferments, and tax savings.

Weinberg • Special communication M educational debt can be a daunting task for a young physician in the United States. Tuition continues to rise at public and private schools across the country. Higher tuition typically necessitates increased borrowing. In the 2002 Medical School Graduation Questionnaire: All School[s] Report, the Association of American Medical Colleges reports that the mean debt load for an indebted medical student graduating from a private medical school was $118,546, or $86,630 for those graduating from a public medical school.1 The Association of American Medical Colleges further reports that the mean debt load of graduating medical students in the United States was $99,089, nearly a 5% increase from the previous year.1 This article will familiarize young physicians and medical students with debt management strategies, specifically direct and federal loan consolidation programs, available loan deferments, and tax incentives—as well as the effect of lengthy repayment schedules on total interest accrued.