GM Law Firm, LLC, Explains the Student Debt Crisis Facing Medical Professionals Today
GM Law Firm, LLC, a consumer advocacy law firm, comments on the rise in medical student loan debt faced by medical professionals as they fight against COVID-19.
BOCA RATON, Fla., May 20, 2021 /PRNewswire-PRWeb/ -- While debt permeates American culture, it has taken a more menacing hold within the education sector. This has been particularly true for those who are looking to step into the medical profession.
According to the Association of American Medical Colleges, the average medical school graduate carries a student loan debt upward of $200,000. This is a number that has nearly doubled over two decades and continues to rise.
Attempting to pay off student loan debt of this magnitude can be daunting. Students that are pursuing a medical degree are often saddled with higher interest rates that begin to accrue interest immediately after graduation.
Without an established client base, medical students find that lower starting incomes simply don't provide a feasible path to a payoff. This results in debt and interest growth that carries over for years on end.
The arrival of COVID only enhanced the struggles that many medical students and physicians face when it comes to debt. Staffing shortages saw new graduates moved to the front lines immediately without the benefit of financial freedom from the debts they owed along the way.
As the vital role of physicians was showcased throughout the pandemic, one thing that was missing from economic relief packages was medical student loan forgiveness. While relief packages temporarily suspended student loan payments and transitioned federal student loan interest to 0% through September 30, 2021, the debt still remains.
The risks associated with being a front-line medical worker in 2021 are extraordinary. Many people in the medical field are calling for debt relief for those who have spent the last year treating the most vulnerable and sick in our society.
As the call for student loan debt forgiveness for medical professionals grows louder, it's important for those who are in the field to understand the legal options that could ease their financial burden. GM Law Firm is proactive when it comes to protecting the professionals who have helped so many in these unprecedented times.
GM Law Firm, LLC is well-versed in debt dismissal strategies and practices that can help to ease the burden of massive student loan debt. For people that are considering consolidation or refinancing existing loans, GM Law Firm can help to make sure they get the best results possible with debt dismissal instead.
GM Law Firm takes time to understand every client's specific situation so that they can create a plan of action that will produce positive results. GM Law Firm can tackle student loan debt with confidence, providing medical students and professionals with the financial freedom they deserve.
About GM Law Firm
GM Law Firm, LLC, is a Florida-based consumer advocacy law firm. We specialize in private student loans, credit card debt, and medical debt. The attorneys at GM Law firm bring decades of litigation experience and a strong understanding of debtor laws. Working with these proven professionals, you will finally have peace of mind and a variety of debt-defense options.
Media Contact
GM Law Firm, GM Law Firm, LLC, 303-800-6186, [email protected]
SOURCE GM Law Firm, LLC
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