How long will it take to pay off my debt?

[Adapt]

So I'm going to have to borrow everything for medical school so I'll be about $250,000 in debt. I want to enter into family practice so I figure my salary will be around 120K a year.

Assume I live in an apartment for a couple of years post-residency, have a wife, and have a kid a couple of years post-residency.

I figure I can pay larger loan payments the first couple of years post-residency since I'll live in an apartment without a kid yet.

How long do you think it would take for me to pay this debt off after residency?

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[Fermata]

A long time.

There are debt forgiveness programs for those who practice in underserved communities for some amount of time.

I suggest you look into it.

 

[Kalel]

Dr. Doan has a nice post on this topic in this thread:
http://forums.studentdoctor.net/showthread.php?s=&postid=1236945

 

[Adapt]

Originally posted by Kalel
Dr. Doan has a nice post on this topic in this thread:
http://forums.studentdoctor.net/showthread.php?s=&postid=1236945

Yes I've read this post awhile ago and even posted in it. Thanks.

So does anyone think I can do it in 5 years if really tried?

 

[Olanzapine]

Originally posted by Slickness
Yes I've read this post awhile ago and even posted in it. Thanks.

So does anyone think I can do it in 5 years if really tried?

I think that you could theoretically do it if you lived like you did as a resident for 5 yrs (living expenses ~20K per year) and you didn't get married or start a family. Or you could always marry somebody wealthy.

 

[Adapt]

Originally posted by Olanzapine
I think that you could theoretically do it if you lived like you did as a resident for 5 yrs (living expenses ~20K per year) and you didn't get married or start a family. Or you could always marry somebody wealthy.

I see. I would certainly live on 20K per year if it means I can pay off my debt faster.

Your right though. I can do it the easy way and marry a rich girl.