5 Student Loan Repayment Tips for Today’s Innovators

As a pillar of the medical field, nurses work tirelessly to serve patients, support doctors, and comfort families. They provide information, guidance, and answers for individuals seeking solutions and direction. And in the realm of college planning and financial assistance, we aim to do the same thing. We’re MEFA, the Massachusetts Educational Financing Authority, and we’re a proud Living Room Sponsor of this year’s Nurse Innovation & Entrepreneurship Summit and Hackathon.

In our work at MEFA, we help families plan, save, and pay for college with expert guidance and innovative products. We serve families with children of all ages as we assist them, every step of the way, in making college dreams a reality through intentional planning and informative choices. And that includes serving individuals who have completed their college careers and strive to manage their post-graduation finances well.

The majority of college graduates today leave school with some amount of education loan debt, and nurses are no exception. Our goal is to offer guidance and information to help these young professionals manage their loan repayment well in order to reach their personal and financial goals. And just as nurses will be encouraged during this summit to create innovative and effective solutions to improve the healthcare experience, we seek to offer valuable and multifaceted support in our work as well.

As such, we’d like to offer a few tips to those nurses in the workforce working hard to serve patients while managing their finances. Review this list to learn some different ways to repay loans and stay on track with your budget.

  • If you borrowed federal loans for your education and are having trouble with your monthly repayment, know you have options. The federal government offers several repayment plans to help borrowers who need a lower monthly payment. Just keep in mind that you’ll pay more over the long term.
  • Depending on where you work and your current repayment plan, you may have the opportunity to have your federal loans forgiven. Check out:
  • If you decide to return to school for an advanced degree, you may be able to defer your federal loans while you’re in class. View the Federal Student Aid site here.
  • Whether you have federal or private loans, you may benefit from refinancing, which can often provide a lower monthly payment and interest rate. You can learn more about MEFA’s Education Refinancing Loan on our website here.
  • It’s important to pay attention to your credit history as you manage your finances and repay your loans. Our webpage here provides the key facts and helpful resources.

As you consider these options, know that this is just a sample of the guidance available from MEFA. You can visit our website for more information on managing loan repayment and post-graduation money management, and also follow us on Facebook, Twitter, and LinkedIn to receive breaking news, key tips, and links to tools to help you make wise financial choices.

We hope you enjoy your experience at this summer’s summit and hackathon, and look forward to joining you for education and innovation.