First, you should know that the best student loan is the student loan you never have to take out. But if you do need student loans, take out as few as possible and lower your expenses as much as you can. You can manage that by attending the least expensive medical school you can get into (and there are actually some schools that are completely free), living frugally, or applying for scholarships.
Upon completion of medical school, it is best to divide student loan management into two categories—private loans and federal loans. With private loans, minimizing the interest that accrues is key. The best way to do this is to refinance those student loans as soon as you finish school.
For federal student loans, many borrowers enroll into a standard 10-year program for loan repayment—paying off your loan in 120 fixed payments over 10 years. These monthly payments, based on loan amount and interest rate, are much higher than what a typical low-income resident with six-figure debt can afford. That’s when income-driven repayment plans (like IBR, PAYE, and REPAYE) potentially come into play.
There’s also the potential of getting those student loans forgiven through Public Service Loan Forgiveness if you are directly employed by a 501(c)(3), which would be one of the best ways to manage federal loans.
Student Loans 101: Ultimate Guide to Student Loans