Student Debt Poll

[F00T&ANKLE]

I recently read that most medical students will have around $200k in total student loans upon graduation. I find that hard to believe, what boat will you be in?

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[Elevencents]

Hard to believe how? I'll be over $300k.

 

[AlgernonMed]

I think 200k would be the amount of debt at my school if you took the maximum loans out for four years...that said, I'm pretty sure my school has one of the lowest tuition costs in the country.

 

[AlgernonMed]

Hard to believe how? I'll be over $300k.

Probably hard to believe it's so low.

 

[Elevencents]

Probably hard to believe it's so low.

Oh well in that case it's most likely due to family support. I'm amazed at the amount of kids with $50,000 cars on campus.

 

[AlgernonMed]

Oh well in that case it's most likely due to family support. I'm amazed at the amount of kids with $50,000 cars on campus.

Haha same here. BMW's and Mercedes aren't uncommon and the number of students living in luxury condos is staggering. But maybe that's just me thinking that way...

 

[scoKraz4]

$400+

 

[deleted731525]

$400+

Wut? I feel like even the highest tuition is around 60 add 20 for living expenses in a high cost of living area and that should be 320 after 4 years. Are you including interest?

 

[TheBoneDoctah]

If I took out the max loans they offered (tuition and living expense loans) I would be at 300k minimum. The only reason I will be around 200k is because I am not taking out living loans since my wife is working.

 

[scoKraz4]

Wut? I feel like even the highest tuition is around 60 add 20 for living expenses in a high cost of living area and that should be 320 after 4 years. Are you including interest?

Not including interest but i am including undergrad loans. I was just stating my total educational debt.

 

[asdf123g]

If I took out the max loans they offered (tuition and living expense loans) I would be at 300k minimum. The only reason I will be around 200k is because I am not taking out living loans since my wife is working.

i gotta find a spouse before fall..
Around how much is your tuition? The school I am leaning towards is in the 40k-50k range. Add in living expenses and everything according to what the school estimates and I come out to 70-80k per year. Im not sure how this compares to other schools..

 

[deleted731525]

Not including interest but i am including undergrad loans. I was just stating my total educational debt.

Ah I see, I forgot about undergrad.

 

[F00T&ANKLE]

Hard to believe how? I'll be over $300k.

Exactly, I would think its higher

 

[deleted731525]

Exactly, I would think its higher

I think the official stat includes everyone, even those who have their parents/relatives pay or use money from a previous career

 

[TheBoneDoctah]

i gotta find a spouse before fall..
Around how much is your tuition? The school I am leaning towards is in the 40k-50k range. Add in living expenses and everything according to what the school estimates and I come out to 70-80k per year. Im not sure how this compares to other schools..

Same


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[AlteredScale]

We recently found out we are eligible for restricted income living which is like...half the price of what we are paying right now. So whatever money we havel eft we are giving straight back to the FA office.

 

[DO2015CA]

We recently found out we are eligible for restricted income living which is like...half the price of what we are paying right now. So whatever money we havel eft we are giving straight back to the FA office.

What exactly is restricted income living? Like is it restricted living through the school or gov?

 

[hossle12]

So what's THE plan for paying back loans in the 250k+ range:

Payback slowly + invest + live decently?
Payback aggressively + suffer for a few more years?

I understand there's a spectrum, and that personal preference has a lot to do with it. I guess I haven't figured out yet what my preference would be.

 

[Thought Crime Spree]

400.

 

[Rekt]

i gotta find a spouse before fall..
Around how much is your tuition? The school I am leaning towards is in the 40k-50k range. Add in living expenses and everything according to what the school estimates and I come out to 70-80k per year. Im not sure how this compares to other schools..

That's pretty average with the exceptions being LECOM at 31k and AZCOM at like 61k.

So what's THE plan for paying back loans in the 250k+ range:

Payback slowly + invest + live decently?
Payback aggressively + suffer for a few more years?

I understand there's a spectrum, and that personal preference has a lot to do with it. I guess I haven't figured out yet what my preference would be.

Depends how you want to live. I plan to live frugally and pay mine off as quickly as possible. Luckily, my hobbies are cheap, but I'll probably splurge in the area of sending my kids somewhere half-decent for schooling.

 

[TheBoneDoctah]

So what's THE plan for paying back loans in the 250k+ range:

Payback slowly + invest + live decently?
Payback aggressively + suffer for a few more years?

I understand there's a spectrum, and that personal preference has a lot to do with it. I guess I haven't figured out yet what my preference would be.

If you have two incomes in the household you can try and pay if off within 3 years. It's doable but you have to live like a resident.


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[AlteredScale]

What exactly is restricted income living? Like is it restricted living through the school or gov?

It's like section 8 housing but not ghetto at all. Essentially the rule is cannot make more than 35K a year for a couple, only one can be a student, must make at least twice whatever the rent is. So if it's 700, you should make 1.4K a month.

 

[Mad Jack]

Oh well in that case it's most likely due to family support. I'm amazed at the amount of kids with $50,000 cars on campus.

A report from the AAMC a while back showed that roughly a third of kids have medical school completely paid for by their parents. They bring the average waaaaay down.

 

[asdf123g]

A report from the AAMC a while back showed that roughly a third of kids have medical school completely paid for by their parents. They bring the average waaaaay down.

Im guessing these same students are the ones who could afford to have 15 MCAT tutors too

 

[DO2015CA]

I was thinking sec 8. I'd rather pay higher rent

 

[WusUpDoc]

$350k including undergrad

 

[scoKraz4]

So what's THE plan for paying back loans in the 250k+ range:

Payback slowly + invest + live decently?
Payback aggressively + suffer for a few more years?

I understand there's a spectrum, and that personal preference has a lot to do with it. I guess I haven't figured out yet what my preference would be.

Definitely pay them off as fast as possible. If you are smart with your money you wouldn't suffer at all through those years that you are paying them back. You should make plenty of money to invest a little bit, pay off your loans, and live comfortably. You just got a hold off on the three-bedroom house and BMW

 

[AlteredScale]

I was thinking sec 8. I'd rather pay higher rent

Section 8 is complete coverage. This one is just partial reduction for those who are making a lesser amount of money. http://kcloftcentral.com

 

[68PGunner]

$0.00.

No joke.

 

[kenjixshadow]

$0.00.

No joke.

No one cares.

 

[Mad Jack]

12 years, including residency

No joke.

Ftfy.

 

[68PGunner]

Ftfy.

Where does the 12 years come into play? I see 9 years in the worst case scenario, as in 4 years med school and 3-5 years residency.

BTW, I am not taking the HPSP.

 

[Mad Jack]

Where does the 12 years come into play? I see 9 years in the worst case scenario, as in 4 years med school and 3-5 years residency.

BTW, I am not taking the HPSP.

Ah, so you paid on the back end. Well, then you already paid your debt in advance with all the blood, sweat, and tears.

 

[AMEHigh]

So what's THE plan for paying back loans in the 250k+ range:

Payback slowly + invest + live decently?
Payback aggressively + suffer for a few more years?

I understand there's a spectrum, and that personal preference has a lot to do with it. I guess I haven't figured out yet what my preference would be.

Definitely pay them off as quickly as possible. The interest rates on loans these days are ridiculous. I don't mean that everyone needs to live like they're literally in poverty, but paying them off sooner rather than later will save you a lot of money. Paying back $50k per year on your loans can be realistic for many people.

 

[68PGunner]

So what's THE plan for paying back loans in the 250k+ range:

Payback slowly + invest + live decently?
Payback aggressively + suffer for a few more years?

I understand there's a spectrum, and that personal preference has a lot to do with it. I guess I haven't figured out yet what my preference would be.

What are your alternatives for your money? Assuming that your interest rate is 6%, any dollar used to pay back has a guaranteed 6% return. So, your alternative better has a 70-80% of yielding 10-15% in order for it to be worth the risk.

Procrastinating on it just for your lifestyle isn't a smart decision.

 

[yanks26dmb]

Planning to work 10-20 hours extra a week doing locums, extra shifts etc. Figure if I throw this at the debt I can get it cleared in 3ish years without having to cut into my lifestyle.

Anticipating 275k debt.

 

[KP2AZ]

Its amazing how much the COA can add up to more than you ever thought it could be with: rent, food, car, Insurance, utilities. Very Important for incoming students to get their spending habits under control early. People from my school coming out with under 320K are doing well.

 

[DocWinter]

Averages given by the school don't mean anything; take all the students self-supporting/spouse supporting and you have a whole different (and much higher) figure.

My school has something around 20% of the students having physician parent(s). I would estimate the number to be about the same for those that have tuition taken care of by mom and dad.

And yes, the parking lot at my school school has a ridiculous number of Camaroes, Mercedes and other 40K vehicles - usually driven by a person who is about as old as my ride is...

 

[Catfish-Cupcake]

I'm looking at at least $200k. I have read about repayment options, one of the most interesting being making the smallest payments possible and having the rest forgiven at the 20 year mark. The stipulations are that you have to be in primary care and work for a non-profit.

I'm freaked because I'll have loads of debt, and my future-wife will have at least $150k in student loans for vet-school. Sadly, veterinarians don't get paid as much as you would expect.

 

[Postictal Raiden]

I'm looking at at least $200k. I have read about repayment options, one of the most interesting being making the smallest payments possible and having the rest forgiven at the 20 year mark. The stipulations are that you have to be in primary care and work for a non-profit.

I'm freaked because I'll have loads of debt, and my future-wife will have at least $150k in student loans for vet-school. Sadly, veterinarians don't get paid as much as you would expect.

Your total debt is not too high, imo. Between you and your wife, you will be making 300k+. If I were you, I'd refinance the loans at a much lower interest rate and try to pay it off in 2 years. The governmental repayment options are beneficial for those with really high debt:income ratio. This is not the case for you.

 

[AwayFromReality]

I'm looking at at least $200k. I have read about repayment options, one of the most interesting being making the smallest payments possible and having the rest forgiven at the 20 year mark. The stipulations are that you have to be in primary care and work for a non-profit.

I'm freaked because I'll have loads of debt, and my future-wife will have at least $150k in student loans for vet-school. Sadly, veterinarians don't get paid as much as you would expect.

Its forgiven at the 25 year mark (based on current governmental policies). But all the amount that is forgiven is counted as income for you in terms of your taxes. So you would owe a pretty hefty sum to the IRS the year your loans get forgiven. For example, if you get $100,000 in loans forgiven, your income reported to the government will be $100,000 plus whatever you actually made at your job that year. This might push you into a higher tax bracket.

 

[WusUpDoc]

The only forgiveness plan tied to non-profit work is PSLF which is forgiven in 10 years and the forgiven amount is not taxed. BUT, it may not be around for long or loopholes may be closed up. The repayment plans are 20-25 year loan forgiveness, taxable, but not tied to non-profit or primary care.

 

[Catfish-Cupcake]

Its forgiven at the 25 year mark (based on current governmental policies). But all the amount that is forgiven is counted as income for you in terms of your taxes. So you would owe a pretty hefty sum to the IRS the year your loans get forgiven. For example, if you get $100,000 in loans forgiven, your income reported to the government will be $100,000 plus whatever you actually made at your job that year. This might push you into a higher tax bracket.

Wow I didn't know about that last part. That's pretty rough.

 

[QueenJames]

Oh well in that case it's most likely due to family support. I'm amazed at the amount of kids with $50,000 cars on campus.

That just means you got a much better chance to catch you a sugar daddy or sugar momma!

 

[Rekt]

I'm looking at at least $200k. I have read about repayment options, one of the most interesting being making the smallest payments possible and having the rest forgiven at the 20 year mark. The stipulations are that you have to be in primary care and work for a non-profit.

I'm freaked because I'll have loads of debt, and my future-wife will have at least $150k in student loans for vet-school. Sadly, veterinarians don't get paid as much as you would expect.

Definitely do not do any government repayment programs at 200k. Take Ibn's advice and refinance with a lower rate. Live frugally for a couple years and knock that debt out easily. I wish I would only be around 200k. I'll be about 350k

 

[Catfish-Cupcake]

What do you guys think about the National Health Service Corps for repayment?

 

[Captain DO]

I'll be at 220k.

I plan to live frugally and sell my body on the weekends.

 

[NurWollen]

What do you guys think about the National Health Service Corps for repayment?

I'd like to know some thoughts on this too. They have the students-to-service program that looks intriguing.

 

[abolt18]

So what's THE plan for paying back loans in the 250k+ range:

Payback slowly + invest + live decently?
Payback aggressively + suffer for a few more years?

I understand there's a spectrum, and that personal preference has a lot to do with it. I guess I haven't figured out yet what my preference would be.

100% pay back fast and "suffer" on like 70-80K a year until it's paid off. All the while, I'll be maxing out my 401K and RothIRA, as well as investing.

 

[Postictal Raiden]

100% pay back fast and "suffer" on like 70-80K a year until it's paid off. All the while, I'll be maxing out my 401K and RothIRA, as well as investing.

To max out 401k/Roth/investment while living off 70k and still have enough money to "pay back fast", you need an income of 300K+.