Rule of Thumb Debt Calculator

[RationalOptimist]

Is there a rule of thumb for the monthly student debt payments when you finish residency?

Say - $X per month for every $100K in debt?

What about $250K in debt? $500K?

I hope I won't hit 500K, but my school is expensive. = (

Thanks a million, docs. I am nervous about this debt thing, but I really want to be a physician so I can help people - so I think it is worth it.

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[Postictal Raiden]

Is there a rule of thumb for the monthly student debt payments when you finish residency?

Say - $X per month for every $100K in debt?

What about $250K in debt? $500K?

I hope I won't hit 500K, but my school is expensive. = (

Thanks a million, docs. I am nervous about this debt thing, but I really want to be a physician so I can help people - so I think it is worth it.

Depends on your repayment plan. If you are doing the standard 10-year repayment, and the the rate of your loans is 6.8%, each 100K of post-residency debt will cost you $1151/month. So repaying 500k will cost you $5755/month for 10 years

Under IBR/PAYE, your monthly payments are calculated based on your income, regardless of how much you owe.

 

[MedWonk]

Should probably just merge this thread with the cross-posted one in allo.

 

[Buckeye1992]

I think refinancing will be big with a lot of us.

 

[67552931811]

I think refinancing will be big with a lot of us.

Yup. Planning on refinancing with SoFi or a competitor for hopefully less than 5%. Then, live like a resident for 3-4 years and decimate my debt load

 

[Buckeye1992]

That's my plan.

 

[KarmaIsTruth]

Yup. Planning on refinancing with SoFi or a competitor for hopefully less than 5%. Then, live like a resident for 3-4 years and decimate my debt load

How does one refinance?

Banks offer physicians refinancing options?

 

[abolt18]

How does one refinance?

Banks offer physicians refinancing options?

www.whitecoatinvestor.com has a bunch of companies that refinance specifically for doctors. You'll see them in his ads as well as some of his articles when he writes about refinancing.

(just wanted to throw in, i just clicked on the link and his most recent post from today is actually about refinancing)