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40k undergrad debt
Started by Monika12
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The average medical school debt is well over 100k, something like 25%+ will have 200k in debt. While nothing to sniff at, if you can't emotionally/mentally handle being in 40k of debt, you should consider doing something else.
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deleted407021
It was a suggestion. Also, he has the right because you asked a question on a public forum. $40k in debt is tiny compared to med school debt.
You asked on an anonymous internet forum about starting medical school in debt. Were you not expecting people to give you opinions about it? Why else would you make a post like this?
Why I think that my opinion could be of interest... I've gone through medical school. I took on a large debt load as did my wife. I've done my homework on our finances which are very similar to many if not most medical students. How will statistics on how many students have pre-med school loans change what you do?
No where in my post do I judge you. This is my opinion. If you are stressing out about 40k in undergrad loans, the financial burdens of medical school will seem overwhelming and will hurt you long term.
This also begs the question why you are paying off loans while in medical school... but okay... If you just want people to tell you what you want to hear rather than their honest opinions, then you really shouldn't go into medicine.
No loans. Had a trust fund. Now having the Navy pay for medical school, however I didn't join the Navy JUST to pay. I really love the Navy.
I'm also a nontrad...
I'll be out of school 3 years if i am accepted next cycle. My loans go back into deferment if that's the case
This is the reason for mimelim's response, which I think is reasonable given the above statement.
Not sure about Stats, but the majority of my pre-med/med student friends will go into/did go into med school with undergrad debt. I will be one of them, their loans, as well as mine will go into deferment while a full-time student, as ciestar said.
Sure they'll gather more interest, but I won't be able to make payments while in school and I don't know of anyone who would.
@Monika12 from your post it sounds like you're still in school. I don't know if you're planning a gap year or anything but if you do, one thing I would recommend is to work, live frugally, and try to pay down the loan as much as possible before med school and deferment. Less total debt = less interest earned while in deferment.
40k? In the grim darkness of the far future, there is only debt repayment.
lol what did i just read
What gives anyone the right to tell you anything about your life besides your OPTING to post asking for opinions on a public forum.
I'm more curious as to how you accumulated 40k in debt(does that include interest?); the federal limit for undergraduate Stafford Loans is $31,000 for a dependent student.
Regardless, as long as you handle your money smart, you can pay that off when you have a job. As long as you are in schooling of some sort, your loans should stay in deferment.
So, how you should pay these bad boys off is in the following priority;
Private Loans > UG Stafford Unsubsidized > UG Stafford Subsidized.
You also have Income Based Repayment, which is available to those who graduate with public service degrees like medicine and the like.
If you were already considering going to the military, the three main branches do have scholarship programs to attract physicians and other health professionals to their ranks. I wouldn't suggest doing it for the money, though. The military is its own special beast and unless you have a more soul-affirming reason to be in the Armed Forces, you'll probably regret the decision. There's several options with the military; but you'll probably want to talk to a recruiter who is more well-versed in this. They're a special kind of recruiter as well, so they're less likely to be the ball-busters in the main office.
However, you could pay this back on your own. You can do it without anything crazy, just with careful planning.
Best of luck! 🙂
Regardless, as long as you handle your money smart, you can pay that off when you have a job. As long as you are in schooling of some sort, your loans should stay in deferment.
So, how you should pay these bad boys off is in the following priority;
Private Loans > UG Stafford Unsubsidized > UG Stafford Subsidized.
You also have Income Based Repayment, which is available to those who graduate with public service degrees like medicine and the like.
If you were already considering going to the military, the three main branches do have scholarship programs to attract physicians and other health professionals to their ranks. I wouldn't suggest doing it for the money, though. The military is its own special beast and unless you have a more soul-affirming reason to be in the Armed Forces, you'll probably regret the decision. There's several options with the military; but you'll probably want to talk to a recruiter who is more well-versed in this. They're a special kind of recruiter as well, so they're less likely to be the ball-busters in the main office.
However, you could pay this back on your own. You can do it without anything crazy, just with careful planning.
Best of luck! 🙂
Finances are clearly not the only or main reason you should consider something else besides medicine. And no, it isn't because you overuse exclamation points.
You're not including those of us who have that limit raised because we were denied the parent plus loan, and the federal perkins. All of my 52k debt is federal.
Thank you!!!
I have state and private loans, no federal because I'm not eligible.
Not because of the exclamation points?? Ohh thank you, I was worried about that too!!!!!! I feel better now.
You're also a non-trad, if memory serves me right. The ceiling is higher for non-dependent students; but for some reason I thought the OP was traditional.
Ouch about being denied Federal Perkins, though. Sorry, that sucks.
I've never heard of state loans; I didn't know that was a thing. Huh, I guess you learn something new every day.
I know you thought that they were being malignant, @Monika12. For some people, though, the thought of being in debt is stressful enough to detract from their performance in schooling and in work. However, there is no reason to be abrasive. The majority of the people here are pre-meds and we're all shooting for the same thing. So don't get all riled up; the particular member you're disagreeing with is a surgical resident, so they've seen it firsthand. ^^;
You misunderstood me! I'm only 23, so I was a "traditional" student all through undergrad. My parents have no money or credit so I had to apply for the Parent Plus loan every year, and then get denied, to get my limit increased. I then was eventually awarded the Perkin's loan on top of that.
You're right, I should not react negatively to a comment.
There is more to a person than a question on a thread and I don't think he should be telling people to do something else because they are worried about how to repay a loan, worrying is part of life and I don't think anybody with a loan would be zen and not worry about it . Anyway, sorry surgeon (don't know how to tag people here 😀 )
op is a toxic troll.
I'm a resident now. I did other stuff between college and med school. As a med student, I deferred federal and private college loans without issue. Check with your lenders about private loan deferment/forbearance. Many don't have an issue with it, since it's more money for them later (i.e. capitalization ftw...on their end at least).
Hopefully. Thanks for your comment 🙂
That kind of language is unnecessary and uncalled for. Please keep this civil. If you have a problem with the advice you don't need to comment.
Sensitive?
It's you who will get banned. Not me.
As a reminder, please keep all of your replies on topic and professional.
