How much GradPlus Loans you take out your first year?

[TallScrubs]

I was wondering how much you current med students took out for your first year?

Thanks

---

Members don't see this ad.

 

[Phlame217]

took out 6k. Not alot, but due to circumstances needed the money and staffords were maxed.

 

[Tekar]

Those were loans??? I thought there was a money tree somewhere and it just fell into my lap. Way more than I wish I could have, but reality trumps ideology.

The point is though, you'll take what you need to take based on the budget required for your particular school. Consider though that interest on loans taken is far better for unexpected expenses than the interest on credit cards.

 

[avatarftw]

0. My rent is 1/2 of what most people are paying and other low lifestyle decisions. You can't do anything about the tuition, but your other expenses are highly variable.

I was wondering how much you current med students took out for your first year?

Thanks

 

[Everglide]

Thankfully none thanks to IS tutition

 

[wannabeOBGYN]

I was wondering how much you current med students took out for your first year?

Thanks

A lot. Upwards of $60k. This year was almost $80k. Don't worry, you'll get the loans. Don't worry, you might pay them back depending on the future of healthcare. Don't worry, we're all in the same boat.

 

[MLT2MT2DO]

A lot. Upwards of $60k. This year was almost $80k. Don't worry, you'll get the loans. Don't worry, you might pay them back depending on the future of healthcare. Don't worry, we're all in the same boat.

80k In addition to your subsidized/unsubsidized loans?

 

[wannabeOBGYN]

80k In addition to your subsidized/unsubsidized loans?

Whoops, my bad. $80k total for the year for everything. I don't remember the breakdown... I think around $36k sub/unsub and the rest gradplus.

 

[Phlame217]

Wow! I took out 36k in stafford and 6k in GradPlus. Cant imagine your amount, but wow.

 

[group_theory]

Whoops, my bad. $80k total for the year for everything. I don't remember the breakdown... I think around $36k sub/unsub and the rest gradplus.

Wow! I took out 36k in stafford and 6k in GradPlus. Cant imagine your amount, but wow.

Wow. $80k/year x 4 years = $320k (for simplicity sake, will not include interest accured while in school so overall final figures will be LOWER than reality)

Assume 7% interest (stafford 6.8% and GradPlus of 7.9% - will round to 7% to make it easy although it really depends on the breakdown)

Assume you pick 30 years to repay back your loans.

That's a monthly payment of $2130/month for 30 years (360 payments) for a total of $766,000 (roughly - some rounding)

If you pick a 10 year repayment plan, that's $3715/month (120 months), and a total of $446k.

If you pick a 20 year repayment plan, that's $2480/month (240 months) and a total of $595k

And this is all assuming you borrow $80k/year, excluding interest accrued while in school, and assuming 7% interest.

If you do income-based repayment (not sure if you will qualify once you become an attending), after 25 years, remaining debt will be forgiven.

If you work for a non-profit organization, you may be eligible for a public service loan forgiveness after 10 years.