460k in Student Loans - Help!

[rightonn_dude]

Bonjour!

Looking for some advice here as residency comes to an end. I'm an CA3 Anesthesiology Resident. I just checked my student loan status and saw that I'm in the black hole $460,000. FOUR HUNDRED SIXTY THOUSAND DOLLARS. It's terrible. Horrible. HORRENDOUS. So much for that shiny Rolex and speedy 911 I was planning on getting as a personal reward when this hell is all said and done.

I'd like to get this paid down ASAP and looking to you gurus for any advice. I signed a contract for 400k, with the potential to take more call to make some extra cheese, which I'll be doing as much as I can. Hopefully, with a decent amount of call (which sounds horrible, probably 70 hour weeks) I can pull north of 450k. If I forego my vacation, maybe even more via locus or selling it in my group.

Potential Plan
Work like a dog (
Live like a resident =((((
Max retirement accounts
Cut a stupid steep check every month
Hopefully get this ****storm over with in a 4 years


Any advice other advice would be much appreciated. Thanks in advance.

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[MD Financial Services Scott]

Looks like you have good grip on what your going to need to do.....live like a resident, work like a resident and get that behind you. Plenty of my clients have just acted like that was some other bill and 15-20 years later still paying on it and not one of them have ever said "I sure am glad I did not get that paid off by now". You will get it, just stay focused! Finally don't let someone talk you into an investment that eats capital or some life policy that is cash value....that is the last thing you need right now.

 

[WholeLottaGame7]

Bonjour!

Looking for some advice here as residency comes to an end. I'm an CA3 Anesthesiology Resident. I just checked my student loan status and saw that I'm in the black hole $460,000. FOUR HUNDRED SIXTY THOUSAND DOLLARS. It's terrible. Horrible. HORRENDOUS. So much for that shiny Rolex and speedy 911 I was planning on getting as a personal reward when this hell is all said and done.

I'd like to get this paid down ASAP and looking to you gurus for any advice. I signed a contract for 400k, with the potential to take more call to make some extra cheese, which I'll be doing as much as I can. Hopefully, with a decent amount of call (which sounds horrible, probably 70 hour weeks) I can pull north of 450k. If I forego my vacation, maybe even more via locus or selling it in my group.

Potential Plan
Work like a dog (
Live like a resident =((((
Max retirement accounts
Cut a stupid steep check every month
Hopefully get this ****storm over with in a 4 years


Any advice other advice would be much appreciated. Thanks in advance.

You can do it. It'll hurt but it'll be over with. Say you bust your butt and make $500/yr (makes the math easier and not unreasonable if you pull a bunch of call). Say maybe $300K after taxes? $50K/year for retirement accounts, say $60K/year living expenses, that gives you a little under $200K/year disposable to put towards your loans? 3 or 4 years is not impossible.

High interest credit card debt first, then highest interest loans, then work your way down. Keep us updated!

 

[ThoracicGuy]

Bonjour!

Looking for some advice here as residency comes to an end. I'm an CA3 Anesthesiology Resident. I just checked my student loan status and saw that I'm in the black hole $460,000. FOUR HUNDRED SIXTY THOUSAND DOLLARS. It's terrible. Horrible. HORRENDOUS. So much for that shiny Rolex and speedy 911 I was planning on getting as a personal reward when this hell is all said and done.

I'd like to get this paid down ASAP and looking to you gurus for any advice. I signed a contract for 400k, with the potential to take more call to make some extra cheese, which I'll be doing as much as I can. Hopefully, with a decent amount of call (which sounds horrible, probably 70 hour weeks) I can pull north of 450k. If I forego my vacation, maybe even more via locus or selling it in my group.

Potential Plan
Work like a dog (
Live like a resident =((((
Max retirement accounts
Cut a stupid steep check every month
Hopefully get this ****storm over with in a 4 years


Any advice other advice would be much appreciated. Thanks in advance.

Like has been said, continue to live like a resident. Contribute to your 401k and ira in full. Put a significant amount to loans each paycheck. You'll eat at that loan. Read @sweetlenovo88's thread for inspiration.

 

[abolt18]

Also, consider refinancing those loans with a private lender, as many of them will blow your current rate out of the water. I agree that allowing yourself 5K a month (60K/yr) to pay all the other bills and live off, then max out retirement and throw every single extra penny at the loans.

Ok at least this is my plan. And 5K a month is what I'll be doing with my family of 5. It's twice what we live off right now. You could definitely spend a lot less if you're supporting only you.

12 Things To Know About Student Loan Refinancing

 

[mostwanted]

Bonjour!

Looking for some advice here as residency comes to an end. I'm an CA3 Anesthesiology Resident. I just checked my student loan status and saw that I'm in the black hole $460,000. FOUR HUNDRED SIXTY THOUSAND DOLLARS. It's terrible. Horrible. HORRENDOUS. So much for that shiny Rolex and speedy 911 I was planning on getting as a personal reward when this hell is all said and done.

I'd like to get this paid down ASAP and looking to you gurus for any advice. I signed a contract for 400k, with the potential to take more call to make some extra cheese, which I'll be doing as much as I can. Hopefully, with a decent amount of call (which sounds horrible, probably 70 hour weeks) I can pull north of 450k. If I forego my vacation, maybe even more via locus or selling it in my group.

Potential Plan
Work like a dog (
Live like a resident =((((
Max retirement accounts
Cut a stupid steep check every month
Hopefully get this ****storm over with in a 4 years


Any advice other advice would be much appreciated. Thanks in advance.

Anesthesia attending here. Reanalyze your priorities. A shiny rolex, 911 or any other extravagant purchases are out of the window and will make you a lot less happier than being debt free. (Read MrMoneyMoustache blog)
I would recommend setting aside at least 50% of each paycheck towards loans. Make an excel sheet with all the different loans and their interest rates. After that consider refinancing. Key is to hit the principal hard.

If I was in your position I think I could have reasonably paid this off in 4 years. I would likely put 60-70% per check towards loans, drive a reliable, used car. Reward yourself within reason after every time you pay off 100k. And you will still have double your resident's salary Don't listen to these financial advisers etc suggesting buying a massive home to take a bigger tax deduction, be smart and patient.