Tackle Student Loans

With the average debt for medical students now exceeding $200,000—and including undergraduate loans, the average student loan debt for doctors is $250,995—many physicians find themselves seeking effective strategies for debt repayment. Locums work offers a valuable opportunity to maximize income and expedite medical student loan repayment.

 

Balancing medical student loan repayment with other financial priorities can be challenging, especially as the pandemic student loan pause has ended. While the standard federal student loan repayment period is 10 years, many physicians find that it can take even longer to pay off their loans. 

 

Even with regular repayment, the high interest rates on student loans can be staggering. A $200,000 medical student loan can double over ten years, and the average physician may ultimately pay between $135,000 and $440,000 in total for their medical school loans plus interest.

 

For those looking to alleviate the burden of medical student loan debt, locums work provides a viable solution to accelerate repayment without compromising other financial goals.

 

 

While physicians typically earn a high income, these earnings are often preceded by 3-8 years of comparatively lower incomes during residency and fellowship. Locums work allows physicians to earn higher rates, enabling faster medical student loan repayment.

 

Locums assignments generally offer higher pay than full-time W-2 roles because facilities utilize locums to address specific, often urgent, staffing needs and are willing to pay a premium for immediate coverage.

 

The rates physicians earn through locums depend on various factors, including specialty, location, and type of assignment. However, locums work typically offers higher hourly rates compared to permanent practice positions. Experienced consultants at Marlab Locums can help physicians find assignments that provide the highest rates based on their experience and specialty.

 

Short-term locums assignments present an excellent opportunity to earn additional income, especially for physicians newly out of residency, those still completing fellowship programs, or those bridging the gap between completing a program and starting a new job. Short-term locums allow physicians to use their full-time income for everyday expenses and apply their locums earnings toward paying off medical student loans.

 

Short-term locums assignments can range from occasional weekend shifts to providing coverage during holidays when regular staff are on vacation—these shifts often pay time and a half, making them particularly lucrative.

 

In addition to supplementing income without affecting permanent employment, short-term locums work is advantageous for early-career physicians, offering valuable experience across various practice settings.

Marlab Locums consultants are dedicated to helping physicians strategize their medical student loan repayment. By providing income projections based on potential locums assignments, consultants help physicians understand how much they can earn and how quickly they can reduce their debt.

 

Physicians can use these projections alongside student loan calculators to create realistic repayment timeframes, ensuring they consider all relevant expenses, including taxes—since locums physicians are typically 1099 employees responsible for their own tax payments.

 

The timeframe for loan repayment will vary depending on specialty, expenses, travel availability, and the time commitment to locums work. However, many physicians find that supplementing their income with locums work allows them to pay off debt faster than expected. For example, earning an additional $5,000 per month through locums could enable a physician to pay off $200,000 in student loans in just over three years.

 

Once a realistic budget and repayment timeframe are established, Marlab Locums consultants can identify assignments that align with the physician’s financial goals.

 

Locums work offers more than just financial benefits. It provides flexibility, allowing physicians to choose assignments that fit their lifestyle and career goals. Locums work also offers professional growth opportunities by exposing physicians to diverse healthcare environments and patient populations.

 

Beyond financial gain, locums work allows physicians to maintain a healthy work-life balance, travel, and gain experience in various practice settings. This flexibility and variety can lead to personal and professional fulfillment, making locums a compelling career choice for many physicians.

 

Medical student loan debt can be a significant burden, but locums work offers a practical and rewarding way to accelerate repayment. With higher earning potential, flexible scheduling, and opportunities to gain diverse experience, locums work can help physicians achieve financial stability and freedom.

 

  

Marlab Locums is committed to supporting physicians in achieving their financial and career goals. Contact us today to learn more about how locums work can fit into your career plan and help you manage your student loan repayment. Let our experienced consultants assist you in navigating the locums landscape, securing high-paying assignments, and reaching your financial goals more quickly.