DEBT MANAGEMENT
Medical graduates are known to have a larger loan than other graduates, which means it is even more crucial that a repayment plan is established as soon as possible and steps are taken immediately to manage your income in a prudent way. These steps can be to pay off high interest debts first such as credit cards and bank overdrafts. After this, it should be an informed decision whether to 'pay debt or invest?'
Some people dislike debt so much
that they will want to pay additional repayments to pay off long-term debts
such as student loans sooner than required even though investing that money
elsewhere could give them a better financial return. The question is, how much
are you willing to give up to be debt-free sooner?
There are certain times in which early repayment of loans is advisable and there are certain times when this would not be.
If you can invest at a higher rate than you borrowed then you should do so.