you don't have to freak out
you don't have to, and I doubt that most people pay off their student loans immediately because you have the option to make payments
1.) generally, the minimum monthly payment for a student loan is manageable (especially on a pharmacists' salary) and when you select the terms of your repayment plan, you can opt for a shorter (with higher monthly payments) or longer plans (with lower monthly payments)
2.) student loan interest rates are generally pretty low, so if you can save up some money, the interest you earn can take a good chunk out of the interest you owe (and in some cases will outperform the interest you owe, and pay back into that initial principle)
3.) student loan interest is tax deductible (granted interest earned also increases your taxable income, the increase in interest return often makes it worth it)
4.) carrying a balance and making monthly payments is good for your creditm and with most companies, you can opt for auto-debiting, so your student loan contributions are made automatically from your bank account, and you don't have to even worry if the payment is made on-time
5.) if you're worried about not making enough money if the economy goes sour, just think of how much worse it would be without the degree where your margin for disposable income is, not only smaller, but exaggerated by the economic circumstances 🙂
going to pharm school will b the first time im moving out on my own so the living expenses + tuition is what scares me...!
