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How long did it take yall to pay off your $200k loans? What did y’all do expedite the process?
Because pharmacy students have no other options. What are they going to do? Go to hairdressing school?Why are our loans the same as doctors?
Because naive students are still willing to borrow stupid amounts of money to pay the overpriced tuition despite the terrible job prospects and work conditions.Why are our loans the same as doctors?
I’ve had a similar path. Yeah, it’s tough thinking, planning, strategizing when to buy/invest in a house/make a major financial move when starting out with that much debt. Patience, persistence, learning some personal finance skills and putting into practice…all very helpful.First thing I did was refinance to lower the interest rate......Got it down from 7.6% to like 4.5% I believe. Unfortunately with the current interest rate environment I don't know how good that would be for you right now. I paid aggressively for a few years to get the principal down (4-5k/month I think). Then refinanced again that lower total amount and got the interest rate dropped again to under 4%. Once the amount got under 100k, I started paying less aggressively because at that point the interest I was paying was not that high and I started thinking about how I can reallocate that money to something better like investing and buying real estate. I started with 230k ish in loans and got under 100k in about 4-5 years. I could have finished all of it in 7 years but instead I pushed my payments out several more years so I could buy a house and invest more. The house has appreciated almost 300k and I have equal that much in investments so I would say a worthy trade off. Had I kept paying aggressively I would probably be debt free now (8 years later) but with no houses or other noteworthy investments. Make decisions that are best for you individually and be open to adjust your plans if situations change. You can pay it all off!
How long did it take yall to pay off your $200k loans? What did y’all do expedite the process?