Student Debt Puts Young Entrepreneurs on Hold

Debt-loaded grads are shelving plans to start their own businesses
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Dr. Steve Sherick wants to build out the emergency-care business he started two years ago, but the $300,000 in student loans he and his wife carry makes it difficult. The 36-year-old physician’s team of seven doctors works under contract at a local hospital in Trinidad, Colo., about 200 miles south of Denver. Sherick would like to hire a full-time office administrator and offer more competitive salaries to entice doctors to work in the rural community. “It deters an entrepreneurial spirit when you already start four steps behind the starting line,” he says. “The student debt increases the risk for an entrepreneur like me and makes it harder to expand a new business, get loans, and hire new people.”

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