Financial freedom is the first step in taking control of your economic future. The sooner you are debt free, the sooner your money can start working for you. According to the FIRST analysis of the Association of American Medical Colleges (AAMC) 2014 data, 84% of Medical School graduates enter Residency with education debt. The median debt for their graduate degree is $180,000, and only 40% plan to enter the Public Service Loan Forgiveness program (PSLF). 

The PSLF program is an excellent way for graduates, especially those with large loans like Medical School graduates, to repay their debt. After 120 qualified monthly payments, the remaining balance of their debt is forgiven. The primary requirements are that you work full-time for a qualifying employer, be enrolled in the program, and follow a unique payment plan. 

However, for the 60% who don't plan to enter the PSLF program, we highly recommend loan refinancing. Here's why: