Student loan payoff scheme

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
F

fauxden

Full Member
10+ Year Member
Joined
Dec 6, 2010
Messages
321
Reaction score
90
Well I guess I should say I need a scheme. Just curious how much debt you came out of school with and how quick you paid it off. I'm looking at approximately 70k when I graduate. Depressing to say the least
Members don't see this ad.
 
fauxden said:
Well I guess I should say I need a scheme. Just curious how much debt you came out of school with and how quick you paid it off. I'm looking at approximately 70k when I graduate. Depressing to say the least
Click to expand...

probably around 205k , planning on putting about $4000/month towards it to pay off within 5 years
 
Only 70K? Wow I wish I was gonna have only that much.

I'm not sure how much I'll be paying monthly yet.
 
Members don't see this ad :)
To me, "scheme" has a shady, underhanded connotation to it, so I'll answer thusly: make minimum payments while you work for a year or so, save the rest of it while still living in "poor student" mode. Next, use the money you've earned to flee to a south american country and enjoy the affordable ocean front property while leaving your debt behind.
 
Ackj said:
To me, "scheme" has a shady, underhanded connotation to it, so I'll answer thusly: make minimum payments while you work for a year or so, save the rest of it while still living in "poor student" mode. Next, use the money you've earned to flee to a south american country and enjoy the affordable ocean front property while leaving your debt behind.
Click to expand...

So you say that you're going to....run away?

[YOUTUBE]http://www.youtube.com/watch?v=wnRSXhe7Jf4[/YOUTUBE]
 
I had $40k in student loans, paid it off in 3 months. I didn't have to pay until after the 6 month grace period after graduation, so I had time to make some money to pay it off. I worked a ton of over time to pay it off.
 
rx2010 said:
I had $40k in student loans, paid it off in 3 months. I didn't have to pay until after the 6 month grace period after graduation, so I had time to make some money to pay it off. I worked a ton of over time to pay it off.
Click to expand...

You made $6600/every 2 weeks after tax? What company is that? Let me join!
 
Momus said:
You made $6600/every 2 weeks after tax? What company is that? Let me join!
Click to expand...
Right!

I'm picking up rare OT retail shifts right now, working part time at a hospital, and going to school so that my loans will be deferred and payable on my own terms. Since I can't deduct student loan interest anymore, at least I can avoid paying subsidized loan interest while further educating myself.
 
I would kill to have only 70k in debt. I think 70k is pretty reasonable for becoming a pharmacist.
 
Momus said:
You made $6600/every 2 weeks after tax? What company is that? Let me join!
Click to expand...

I think he/she meant 9 months because of the grace period, but 3 months of actual mandatory payments. Seems more reasonable :)
 
mustang sally said:
I would kill to have only 70k in debt. I think 70k is pretty reasonable for becoming a pharmacist.
Click to expand...

70K is not bad at all. I'm hoping to come out with 70-90K (depends on a few things) and pay it off in 3-5 years.
 
Members don't see this ad :)
wonger86 said:
I think he/she meant 9 months because of the grace period, but 3 months of actual mandatory payments. Seems more reasonable :)
Click to expand...
It makes a lot more sense that way! So, he really worked for 6 months and then paid it off over the next 3 months.

I wish I was that fast. I've paid about 20K towards
debt so far.
 
Pharmacy Kid said:
I'll have ~$115,000 and plan to pay it off in 3 years.
Click to expand...

Impossible.

And by impossible I don't mean mathematically, I mean conceptually. Don't box yourself in like that. You just are not going to pay $40K a year toward your loans. Even if you work Walgreens and gross $120K its only $80K net if you don't put any money away in your 401K (which by the way you should). It's just a hard to pill to swallow to put every other dollar away like that. You're going to want to go Hawaii, you are going to want to take a special lady out for a night on the town, I mean it. This is coming from someone who still drives a 2001 Hyundai Elantra. You need an emergency fund. You need to start a 401K.
 
Last edited:
pharm B said:
Has anyone had luck with their employer paying down a portion of their loans as a bennie?
Click to expand...
Haha.No.

I have not heard of anyone aside from IHS doing that in my area. I did get a signing bonus though, which even then was uncommon compared to 2005ish.
 
PharmDstudent said:
It makes a lot more sense that way! So, he really worked for 6 months and then paid it off over the next 3 months.

I wish I was that fast. I've paid about 20K towards
debt so far.
Click to expand...

At least, you are making the right progress! And your house is cheap too; at this rate you'll be debt free in less 5 years!

Many here are so ignorant that they can't imagine saving $50k/year. I can easily live with $1200/month.

As Buffett said "You only have to do a very few things right in your life so long as you don't do too many things wrong."
 
awval999 said:
Impossible.

And by impossible I don't mean mathematically, I mean conceptually. Don't box yourself in like that. You just are not going to pay $40K a year toward your loans. Even if you work Walgreens and gross $120K its only $80K net if you don't put any money away in your 401K (which by the way you should). It's just a hard to pill to swallow to put every other dollar away like that. You're going to want to go Hawaii, you are going to want to take a special lady out for a night on the town, I mean it. This is coming from someone who still drives a 2001 Hyundai Elantra. You need an emergency fund. You need to start a 401K.
Click to expand...

At first glance, it seems insane. But I plan to end up in this situation. Sign on for $30000 ($ I'll assume ~20000 post-tax) for 4 yrs . I'll put $10000 toward loans and the other $10000 toward a rainy day fund. With loan repayment at $20000 per year it'll be $60000 total. So $10000 + $ 60000 = $70000. Which leaves $45000 to be split over three years with actual salary money.
 
Pharmacy Kid said:
At first glance, it seems insane. But I plan to end up in this situation. Sign on for $30000 ($ I'll assume ~20000 post-tax) for 4 yrs . I'll put $10000 toward loans and the other $10000 toward a rainy day fund. With loan repayment at $20000 per year it'll be $60000 total. So $10000 + $ 60000 = $70000. Which leaves $45000 to be split over three years with actual salary money.
Click to expand...


well the biggest flaw in that is that you assume, for some bizarre reason, that you will get a sign on bonus...
 
Pharmacy Kid said:
At first glance, it seems insane. But I plan to end up in this situation. Sign on for $30000 ($ I'll assume ~20000 post-tax) for 4 yrs . I'll put $10000 toward loans and the other $10000 toward a rainy day fund. With loan repayment at $20000 per year it'll be $60000 total. So $10000 + $ 60000 = $70000. Which leaves $45000 to be split over three years with actual salary money.
Click to expand...

It's a very good plan. I also share it. A problem you may run into would be actually getting an IHS site that has a priority score to be considered for the LRP. My place scores a 90 so I'm covered, but it is something that you need to take into account.
 
dginrit said:
It's a very good plan. I also share it. A problem you may run into would be actually getting an IHS site that has a priority score to be considered for the LRP. My place scores a 90 so I'm covered, but it is something that you need to take into account.
Click to expand...

Yeah, a lot of people are losing sight of the fact that your site has to have a certain priority score. Some people that are looking into IHS are just assuming they'll get it if they get commissioned. I know that some I haven't checked the scores, but students previously have said that some more local IHS sites don't have a high enough score. So, you get the bonus but no LRP.
 
I have about 125k or so. I am planning on paying 2500-3000/month and paying it off in 4-5 years. That is the plan at least we will see how my plans work out as far as what I will be doing post-graduation....working for 40k/year or working for 100-120k/yr...time will tell
 
Momus said:
At least, you are making the right progress! And your house is cheap too; at this rate you'll be debt free in less 5 years!

Many here are so ignorant that they can't imagine saving $50k/year. I can easily live with $1200/month.

As Buffett said "You only have to do a very few things right in your life so long as you don’t do too many things wrong."
Click to expand...
I haven't yet gotten paid by my second employer, so there's still hope! :)
 
Pharmacy Kid said:
The U.S. Public Health Service Commissioned Corps offers a new $30,000 accession bonus for pharmacists who sign a 4-year active-duty agreement.

http://www.usphs.gov/articles/SigningBonus2.aspx
Click to expand...

Why wouldn't you have just signed on with the Navy in the first place- then they'd pay for everything + stipend, and you're only required 3 yrs of active duty post-graduation?

I'm drawing out a financial schedule right now, roughly how much are you guys spending per month on living costs? Do you rely on loans for that, or were you able to grab a work-study/intern position that you could afford with school?
 
I'm hoping to have ~40k in loans, at least less than 50k.

Depending on what I end up doing after graduation depends on when I get it paid off.

If i went retail immediately I bet I could get it paid off in about a year. I'd work my butt off during the 6 months of grace period before interest and payments have to be made and then start throwing down the cash after 6 months. I don't know what I'll end up doing though, so it really depends.

Residency would really mess up that plan since you don't get paid nearly as much from what I understand :(
 
wonger86 said:
I think he/she meant 9 months because of the grace period, but 3 months of actual mandatory payments. Seems more reasonable :)
Click to expand...

That's correct, I paid it in 3 months after my grace period ended, so I had 6 months to save up before my first payment, so I it was 9 months.

My tuition was about 100k for pharmacy school, maxed out the subsidized and used the money I made from work and borrowed from family to pay off the rest of my tuition.
 
Clavulanic said:
Residency would really mess up that plan since you don't get paid nearly as much from what I understand :(
Click to expand...

The ashp residency directory lists all the stipends, so you don't have "wonder if you understand". Stipends range from 35-50k for most part.
 
megandupe said:
Why wouldn't you have just signed on with the Navy in the first place- then they'd pay for everything + stipend, and you're only required 3 yrs of active duty post-graduation?

I'm drawing out a financial schedule right now, roughly how much are you guys spending per month on living costs? Do you rely on loans for that, or were you able to grab a work-study/intern position that you could afford with school?
Click to expand...

The armed forces has its pros and cons. The two biggest cons for me are that it's harder to be promoted in the armed forces than the PHS, and that wherever they send you, you have to go. You at least have a choice in the PHS.

The biggest reason I am applying to the PHS is that it will allow me to practice amb care without a residency. If I can find that anywhere else, I'll apply to those places.
 
cycloketocaine said:
Yeah, a lot of people are losing sight of the fact that your site has to have a certain priority score. Some people that are looking into IHS are just assuming they'll get it if they get commissioned. I know that some I haven't checked the scores, but students previously have said that some more local IHS sites don't have a high enough score. So, you get the bonus but no LRP.
Click to expand...

I know site scores over 70 have priority. But do you know the difference between a 70 vs an 80 or 90? How much more likely would you get loan repayment by going to a site of 90 over going to a site of 70?
 
You must log in or register to reply here.
Next unread thread

Similar threads

K
  • Locked
Student loan forgiveness ruled unconstitutional
Replies
44
Views
2K
confettiflyer
confettiflyer
K
  • Locked
Court halts Biden’s student loan forgiveness
2
Replies
58
Views
3K
Mad Jack
Mad Jack
JustFillIt
PSA - The student loan forgiveness application takes about 3 minutes to complete. (Link inside)
Replies
8
Views
782
WorthlessOxygen
WorthlessOxygen
mentos
13 Democrat Congressional reps pushing student loan forgiveness owe about $1,500,000
2 3
Replies
107
Views
4K
WVUPharm2007
WVUPharm2007
I
Student loan and kids
Replies
9
Views
2K
thecoolpharmboi
T
Top