How long will it take to pay off my debt?

A

Adapt

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• Mar 6, 2004

• #1

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So I'm going to have to borrow everything for medical school so I'll be about $250,000 in debt. I want to enter into family practice so I figure my salary will be around 120K a year.

Assume I live in an apartment for a couple of years post-residency, have a wife, and have a kid a couple of years post-residency.

I figure I can pay larger loan payments the first couple of years post-residency since I'll live in an apartment without a kid yet.

How long do you think it would take for me to pay this debt off after residency?

 

Fermata

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Physician

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• Mar 6, 2004

• #2

A long time.

There are debt forgiveness programs for those who practice in underserved communities for some amount of time.

I suggest you look into it.

 

Kalel

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• Mar 6, 2004

• #3

Dr. Doan has a nice post on this topic in this thread:
http://forums.studentdoctor.net/showthread.php?s=&postid=1236945

 

A

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• Mar 6, 2004

• #4

Originally posted by Kalel
Dr. Doan has a nice post on this topic in this thread:
http://forums.studentdoctor.net/showthread.php?s=&postid=1236945

Click to expand...

Yes I've read this post awhile ago and even posted in it. Thanks.

So does anyone think I can do it in 5 years if really tried?

 

Olanzapine

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• Mar 6, 2004

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Originally posted by Slickness
Yes I've read this post awhile ago and even posted in it. Thanks.

So does anyone think I can do it in 5 years if really tried?

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I think that you could theoretically do it if you lived like you did as a resident for 5 yrs (living expenses ~20K per year) and you didn't get married or start a family. Or you could always marry somebody wealthy.

 

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• Mar 6, 2004

• #6

Originally posted by Olanzapine
I think that you could theoretically do it if you lived like you did as a resident for 5 yrs (living expenses ~20K per year) and you didn't get married or start a family. Or you could always marry somebody wealthy.

Click to expand...

I see. I would certainly live on 20K per year if it means I can pay off my debt faster.

Your right though. I can do it the easy way and marry a rich girl.😀