Got you beat at 265k
Ugh that sucks considering the compounding interest that will happen.Got you beat at 265k
Got you beat at 265k
Well, some schools don't release those until after April 30th, so...Good grief, the wait for financial aid packages is almost as bad as some of the other parts of the application process.
Good grief, the wait for financial aid packages is almost as bad as some of the other parts of the application process.
I definitely need to make one of those school decision threads soon. At least get some outside opinions. 
EVMS is the only school I know of that does this, but the vast majority of people get nothing anyway. I joked with my friend being a financial aid person at a school with minimal aid seems like the easiest job ever. Just link to federal loans.
Miami and WVU don't either...
Yayyyyy! So excited for you!
I don't know about WVU but I meant more generally in that EVMS is the only school I know of that keeps you in the dark until after May 1. Miami has already given out all merit scholarships for ex.
I guess it depends on your total debt vs income, which calculates a monthly payment plan, which may or may not leave anything remaining after 10 years. Sounds like something to just keep in the back of your head and check out once we make it to that stage.
And Miami only gives out merit scholarships before May 1st. All other financial aid packages won't be handed out until the summer. Also, in our fb group, @baxt1412 said UNMC doesn't give financial aid packages until late May. This is not an uncommon phenomenon, it seems.
I don't really get the PSLF, I need to read up on it more. After 10 years the remaining balance is forgiven, but wouldn't I pay it off in 10 years anyways?
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Or live frugally during residency and as an attending by spending below your means....then it won't matter what specialty you go into. Of course, going into a higher-paying specialty will quicken the process, but one isn't screwed just because they became a PCP with $300k+ debt.
PSLF is a vague program that says people working for universities/certain non profits (which most hospitals one would do residency/potentially practice are) will have their debts forgiven after 10 years. As an ex a neurosurgeon does 7 years residency and then 3 years at a hospital and his 800k of debt vanishes (say he went to Chicago illinious "90k a year" medical school).
As you can imagine it will likely be axed before it pays out once it hits the press neurosurgeons are having their loans paid off.
As for paying off your loans in 10 years, well it's possible if you don't go into primary care that's for sure. Otherwise it can be complicated. You can make small or large payments, it's just that if you aren't paying the interest the loans will spiral on you.
You can always postpone it until you get to that stage, but in the financial world it is comical how huge of an advantage planning is. Ex 10k a year for 5 years after your child is born would be enough to buy that kid a Ferrari upon graduation from college (or pay off his loans...you know, whatever works haha)
I urge anyone considering primary care to do loan calculations and see what is realistic. I've defermined that it simply isn't financially feasible for me to do so with my likely debt load, and the same may be true for you.
PSLF is set to be capped at 57.5k soon...which as we all know is a drop in the bucket. IBR's tax bomb can be 2/3 of the original principal (a 200k tax bill is really not something you want to wake up to one day) Etc. Etc. it can be done, but it requires shrewd planning. Unfortunately unless we all become neurosurgeons we will need to engage in financial planning to some degree in our lives...or pay off loans until we are 60
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Your numbers are confusing me lol, but I get your point.
Miami office told me we would know in April... where do you get the info that it's in the summer? They are not the most organized of schools so it is totally possible they told us both different things.
I read their financial aid website, and I believe a current Miami student posted in the Miami app thread that incoming M1's typically don't find out their whole aid package until orientation?
Yeah I remember something about that, but I thought it was you don't receive loans as in they don't hand you the dollas. If I don't know by april 30th it's like a gamble choosing a school... I don't expect anything anywhere but it's the "what if's"
It is easy in your low 20's to say "I will just live like a resident 10 more years nbd" until you are in that spot in your thirties and all your peers have houses and established careers and families and spending money and they are like, "dude I thought you were a freakin doctor" and you're like
getting beat by loans all day still driving the same honda civic from undergrad.
I was told by the financial aid office that need based loans (not need based grants) weren't going to be decided on until closer to matriculation. I want to call back and double check that though ... mainly because I don't want it to be true
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That sounds more correct. Of course, I'm still waiting to get off the alternate list lololol. The waiting game sure does suck.I was told by the financial aid office that need based loans (not need based grants) weren't going to be decided on until closer to matriculation. I want to call back and double check that though ... mainly because I don't want it to be true
You're waiting for a train... a train that'll take you far away. You know where you hope this train will take you, but you can't know for sure.... Yet it doesn't matter.... Now, tell me why?
Is that supposed to be from a movie or book or something? I'm still gonna wait just like thousands of other applicants across the country for the next 2 months.
If anything it has gotten harder. I can't believe that we have to decide in exactly 4 weeks, someone hold me!!
Yeah I remember something about that, but I thought it was you don't receive loans as in they don't hand you the dollas. If I don't know by april 30th it's like a gamble choosing a school... I don't expect anything anywhere but it's the "what if's"
It is easy in your low 20's to say "I will just live like a resident 10 more years nbd" until you are in that spot in your thirties and all your peers have houses and established careers and families and spending money and they are like, "dude I thought you were a freakin doctor" and you're like
his numbers look right to me, except 300k and 120k are two extremes. And he calculated what appears to be ~6.7% int and a 6 year residency. (PV 450k, int 6.7, t 12, pmt 0, FV=481,000 which is the 31k/yr int. Then 300k at the same ~6.7% pv 300k, int 6.7, t 72, pmt 0, FV=448,000 post residency)
Most will fall somewhere between all of this, which is still terrifying. My goal is to stay under 200k in loans.
Gut feeling I'll end up at Northwestern... but still making a final decision.
