$540K debt after medical school normal?

[0100010001001111]

Assuming the loans you take are Federal:

Best-case scenario, you go into something high paying, and pay your debt off with very little trouble. Or you do something low paying, with income based repayment, and use PLSF to get it forgiven in 10 years (tax free, and your resident years likely count toward the 10).

Worst case scenario is income-based repayment with REPAYE/PAYE (depending on spouse finances), which takes 10% of your income for 25/20 years, even if your income is zero. (You do pay taxes on the amount forgiven though)

Even if you went into something like Med-Gen, and made 150K a year, after 15k is taken, you still gross 135K. That's financially manageable by most people, and above the median income for professional degree holders.

Obviously, all of that has to be balanced by the time, effort, and desire to be a physician, but that "math" is personal and unique to everyone. But financially, the debt isn't likely to cripple your finances the same way other loans do.

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[AnonymousDoctorGuyPerson]

Assuming the loans you take are Federal:

Best-case scenario, you go into something high paying, and pay your debt off with very little trouble. Or you do something low paying, with income based repayment, and use PLSF to get it forgiven in 10 years (tax free, and your resident years likely count toward the 10).

Worst case scenario is income-based repayment with REPAYE/PAYE (depending on spouse finances), which takes 10% of your income for 25/20 years, even if your income is zero. (You do pay taxes on the amount forgiven though)

Even if you went into something like Med-Gen, and made 150K a year, after 15k is taken, you still gross 135K. That's financially manageable by most people, and above the median income for professional degree holders.

Obviously, all of that has to be balanced by the time, effort, and desire to be a physician, but that "math" is personal and unique to everyone. But financially, the debt isn't likely to cripple your finances the same way other loans do.

Because of programs like PSLF/REPAY, etc., and the fact that for students private loans typically have higher interest rates, I imagine it's a "smart" move to take out more public loans to pay off these private loans?

For example, I'm entering med school with a substantial amount of public and to a lesser extent private loans. Due to my living habits as well as scholarships I do not need to take out anything near the CoA of the med school I will be attending, but if I do I'd have an extra "x" amount I could use to pay off private loans. Unless I'm missing something I assume this is a viable and good thing to do, right?

 

[0100010001001111]

Because of programs like PSLF/REPAY, etc., and the fact that for students private loans typically have higher interest rates, I imagine it's a "smart" move to take out more public loans to pay off these private loans?

For example, I'm entering med school with a substantial amount of public and to a lesser extent private loans. Due to my living habits as well as scholarships I do not need to take out anything near the CoA of the med school I will be attending, but if I do I'd have an extra "x" amount I could use to pay off private loans. Unless I'm missing something I assume this is a viable and good thing to do, right?

This isn't always true, which is why some people will jump ship from the federal loan benefits. A direct plus loan sits around 7% right now, where a private consolidation loan might get closer to 2-3%. If you plan to pay everything off without using any forgiveness/benefits, you probably could get a better deal with private loans, depending on the amounts your batting around. But if you can get a federal loan to pay off a higher interest private loan, it is not immediately obvious to me why it could be a bad idea.

For me, the peace of mind with regard to not being destitute if incomes crash, I lose my job, quit medicine, ect, is probably going to keep me from consolidating privately, but it's a personal decision, and probably requires a financial breakdown and forecast

 

[akinetopsia]

Because of programs like PSLF/REPAY, etc., and the fact that for students private loans typically have higher interest rates, I imagine it's a "smart" move to take out more public loans to pay off these private loans?

For example, I'm entering med school with a substantial amount of public and to a lesser extent private loans. Due to my living habits as well as scholarships I do not need to take out anything near the CoA of the med school I will be attending, but if I do I'd have an extra "x" amount I could use to pay off private loans. Unless I'm missing something I assume this is a viable and good thing to do, right?

I'm not sure what you mean by saying it's a "smart" move to take out more public loans to pay off private loans. That's not really a thing, or possible even, that I know of at the moment. You can always refinance private loans. You can refinance public loans (Direct Unsubsidized Stafford/Direct Grad PLUS loans) with a private loan finance company, but once you refinance public to private, you can't go back & you lose the protections/income-driven repayment programs offered by the Federal government (IBR/PAYE/REPAYE/PSLF).

I'm not a lawyer or a finance professional, but I don't think you can pay off existing private loans with new public loans. When you sign your MPN, you're agreeing to use the distributed funds for expenses included in your school's cost of attendance. Using the funds for something like paying off personal/private debt would be fraud or abuse of student loan funds. Would it be possible the government would not find out if you went that path? Maybe. Why roll the dice and take that risk, though?

 

[AnonymousDoctorGuyPerson]

This isn't always true, which is why some people will jump ship from the federal loan benefits. A direct plus loan sits around 7% right now, where a private consolidation loan might get closer to 2-3%. If you plan to pay everything off without using any forgiveness/benefits, you probably could get a better deal with private loans, depending on the amounts your batting around. But if you can get a federal loan to pay off a higher interest private loan, it is not immediately obvious to me why it could be a bad idea.

For me, the peace of mind with regard to not being destitute if incomes crash, I lose my job, quit medicine, ect, is probably going to keep me from consolidating privately, but it's a personal decision, and probably requires a financial breakdown and forecast

I guess I'm speaking for my case, which is certainly higher. My private loans are ~8.5% and I can't consolidate at a lower rate due to the amount, and my income is alright but I'm a student so it's nothing fantastic.

I'm not sure what you mean by saying it's a "smart" move to take out more public loans to pay off private loans. That's not really a thing, or possible even, that I know of at the moment. You can always refinance private loans. You can refinance public loans (Direct Unsubsidized Stafford/Direct Grad PLUS loans) with a private loan finance company, but once you refinance public to private, you can't go back & you lose the protections/income-driven repayment programs offered by the Federal government (IBR/PAYE/REPAYE/PSLF).

I'm not a lawyer or a finance professional, but I don't think you can pay off existing private loans with new public loans. When you sign your MPN, you're agreeing to use the distributed funds for expenses included in your school's cost of attendance. Using the funds for something like paying off personal/private debt would be fraud or abuse of student loan funds. Would it be possible the government would not find out if you went that path? Maybe. Why roll the dice and take that risk, though?

Well when you take out Grad PLUS Loans for CoA the extra that doesn't go to tuition gets deposited into your account (for living expenses, etc). If you don't need to use all those funds, those funds could be used elsewhere (paying off higher interest loans than the loan that you're using to pay it off), which, to me, seems the same as "consolidating" private loans into public loans at a lower interest rate (if it applies, the private loans I have left are ~8.5% and so would make sense to do).

I did this in grad school. I took out Grad PLUS loans @ ~6.5% and used the extra to pay off private student loans that I had that were 9.5%. Seemed like a good idea, though I'm making sure I'm not "missing" something. I didn't consider it fraud since those loans were out of forbearance, and so payments had to be made, and so was a living expense. I just made slightly larger payments supplemented by my income to have them paid off within the year.

 

[akinetopsia]

I guess I'm speaking for my case, which is certainly higher. My private loans are ~8.5% and I can't consolidate at a lower rate due to the amount, and my income is alright but I'm a student so it's nothing fantastic.



Well when you take out Grad PLUS Loans for CoA the extra that doesn't go to tuition gets deposited into your account (for living expenses, etc). If you don't need to use all those funds, those funds could be used elsewhere (paying off higher interest loans than the loan that you're using to pay it off), which, to me, seems the same as "consolidating" private loans into public loans at a lower interest rate (if it applies, the private loans I have left are ~8.5% and so would make sense to do).

I did this in grad school. I took out Grad PLUS loans @ ~6.5% and used the extra to pay off private student loans that I had that were 9.5%. Seemed like a good idea, though I'm making sure I'm not "missing" something. I didn't consider it fraud since those loans were out of forbearance, and so payments had to be made, and so was a living expense. I just made slightly larger payments supplemented by my income to have them paid off within the year.

Yeah, I know how Direct Stafford and Grad PLUS loans work, and I have the balance to prove it.

If the government decided to investigate, or if someone found out, they could file a complaint to the Department of Education Office of the Inspector General (OIG). Consider yourself lucky that you didn't end up getting investigated, because you committed misuse/abuse and/or fraud. You may want to remove your posts.

 

[DrOngoGablogian]

Yeah, I know how Direct Stafford and Grad PLUS loans work, and I have the balance to prove it.

If the government decided to investigate, or if someone found out, they could file a complaint to the Department of Education Office of the Inspector General (OIG). Consider yourself lucky that you didn't end up getting investigated, because you committed misuse/abuse and/or fraud. You may want to remove your posts.

After reading the MPN, it seems like the point about absolutely having to pay the private loan payments would play ball in court. If a. paying private loans = successfully completing grad school, and b. not paying private loans = not successfully completing grad school, it seems like a prosecutor would have a tough time making the case that such a use of funds does not accurately reflect the miscellaneous/personal expenses/etc line in every school's COA. But I have no idea if there is a precedent for such a case, just spinning some yarn. I mostly specialize in bird law.

 

[calivianya]

I’m going to have as much as the OP, easily. I mean, it’s more than I thought I was going to have to take out (personal reasons, lost my person helping me with my cost of living which sucks and I’m still angry about, but that’s irrelevant at this point). I’m taking out $114k/year right now (getting a dual master’s for fun) and spending every single dime because my rent is awful. No undergrad debt because I worked full time, while taking classes full time, and paid for everything in cash.

However, I am a nontrad and I have worked with some crazy budgets to make ends meet before.

I have lived off of $1200/month after taxes before without needing help from anyone. That’s what $10.50/hr for 40 hours a week looks like. I paid rent and my car payment and I was fine. I did budget down to the very last penny but that’s okay. I usually managed to budget out $50/month to do something fun, so I also went out to drink with friends every now and then.

Let’s assume I live somewhere after residency where my rent/mortgage was less than $1000, which is very reasonable as my mortgage on my home before I went to med school was $650/month. I am pretty comfortable if I have $1000 total to pay car payments, food, utilities, miscellaneous spending, etc. So I could easily live off of less than $2000/month while paying off my loans.

Assuming I took home at least $12000/month after taxes, which I think sounds like probably less than most physicians make, I could throw $120,000/year at my loans. I’d still pay them off in less than five years.

And that’s only assuming I don’t moonlight during residency and throw every single dime that I make over $2000/month at my loans right then, which might chop a year off once I get to be an attending.

$500k+ is an awful, awful number, but it’s not the end of the world.

 

[RangerBob]

Because of programs like PSLF/REPAY, etc., and the fact that for students private loans typically have higher interest rates, I imagine it's a "smart" move to take out more public loans to pay off these private loans?

For example, I'm entering med school with a substantial amount of public and to a lesser extent private loans. Due to my living habits as well as scholarships I do not need to take out anything near the CoA of the med school I will be attending, but if I do I'd have an extra "x" amount I could use to pay off private loans. Unless I'm missing something I assume this is a viable and good thing to do, right?

I knew a few people who did this. Not only were the private loans at a higher rate, but they also often entered repayment while in med school/residency.

As the poster said above, I think technically you’re not supposed to do this. But you’re also not supposed to buy a car, go on any vacations.

 

[strappysandals]

Where was it announced that the loans for 2021-2022 will be 4.3/5.3% also? Trying to make a similar spreadsheet so just curious

 

[Flodaddy]

Assuming the loans you take are Federal:

Best-case scenario, you go into something high paying, and pay your debt off with very little trouble. Or you do something low paying, with income based repayment, and use PLSF to get it forgiven in 10 years (tax free, and your resident years likely count toward the 10).

Worst case scenario is income-based repayment with REPAYE/PAYE (depending on spouse finances), which takes 10% of your income for 25/20 years, even if your income is zero. (You do pay taxes on the amount forgiven though)

Even if you went into something like Med-Gen, and made 150K a year, after 15k is taken, you still gross 135K. That's financially manageable by most people, and above the median income for professional degree holders.

Obviously, all of that has to be balanced by the time, effort, and desire to be a physician, but that "math" is personal and unique to everyone. But financially, the debt isn't likely to cripple your finances the same way other loans do.

OP’s loans will be over $600K by the time they are an attending. If you pay $15K per year towards loans, that loan balance will not decrease, even on REPAYE. OP would pay for 25 years without even touching the loan or old interest and they would have pay taxes on more than $600K of forgiven loans.

Making $150K and paying only the minimum REPAYE payment is not a valid option. I know you were only giving a hypothetical scenario, but still

 

[Meerkat23]

Where was it announced that the loans for 2021-2022 will be 4.3/5.3% also? Trying to make a similar spreadsheet so just curious

The fed puts out an announcement, can be found on some .gov site. It's on other sites too. But they use the same formula every year based on the 10yr treasury bond yield on July 1st of that year.

 

[0100010001001111]

OP’s loans will be over $600K by the time they are an attending. If you pay $15K per year towards loans, that loan balance will not decrease, even on REPAYE. OP would pay for 25 years without even touching the loan or old interest and they would have pay taxes on more than $600K of forgiven loans.

Making $150K and paying only the minimum REPAYE payment is not a valid option. I know you were only giving a hypothetical scenario, but still

Just the running the numbers,

Luckily, interest doesn't compound once you get on a plan. Assuming a 600k principle, and a 7% interest rate (which is high, because no one is taking out only PLUS loans), yearly interest is 42K. If OP was on REPAYE, paying 15k a year, yearly interest would be 27k after his payment. Then, on REPAYE, the government subsidizes half of the unpaid interest, so it becomes 13.5K added a year. Over 25 years, that is 337,500. So at the time of forgiveness he would have to pay tax on around 1 million dollars. At today highest tax rate, that tax bomb would be ~400k.

Worst case scenario: OP makes 150k, takes home 105k a year post tax. Loses 15k for REPAY, and another 16k to save for the tax bomb (400k/25 years). 74k after taxes is equivalent to a ~105k gross salary. It's definitely not what most people here would probably trade med school/residency for, but 1.) That's a personal decision, and 2.) This is worst-case scenario with no raises, and one of the lowest paying specialties in medicine.

Total paid in worst case scenario: 775k for 600K over 25 years. That's equivalent to a 1% interest loan for medical school.

Other things to consider (Because worst case scenario doesn't include pay-raises, or interest on savings):
1.) Pay raises: The 10% REPAYE amount rises with this, but the saved bit doesn't. OP still takes 90% of all pay raises.
2.) Specialty choice: IM could probably expect to gross closer to 250k. Ironically, you end up paying a larger total in the long run, but with the same calculations, OP would expect to be equivalent to a 195K gross salary, or ~131,000 after tax.
3.) Interest rate: Interest on his loans isn't likely to be 7%. A 1% reduction in interest knocks off 50K on the final tax bomb (~2k off what he should save every year).
4.) The portion OP saves in anticipation for the tax bomb can be invested while he waits for it. Even at something like 4% a year, he ends up with 300K after the tax bomb (in 2025 dollars though, so not as great as one might think.)

It's not like 600k doesn't hurt. In my opinion, it hurts a lot. But it is manageable with one of the lowest paid specialties in medicine, with a income that still puts you at nearly twice the average American family. It's probably not the lifestyle a lot of us envision for ourselves in the future, but in reality, if OP was after a lavish lifestyle, he'd probably not go for the worst case scenario.

 

[deleted1005514]

Worst case scenario: OP makes 150k, takes home 105k a year post tax. Loses 15k for REPAY, and another 16k to save for the tax bomb (400k/25 years). 74k after taxes is equivalent to a ~105k gross salary. It's definitely not what most people here would probably trade med school/residency for, but 1.) That's a personal decision, and 2.) This is worst-case scenario with no raises, and one of the lowest paying specialties in medicine.

It's not like 600k doesn't hurt. In my opinion, it hurts a lot. But it is manageable with one of the lowest paid specialties in medicine, with a income that still puts you at nearly twice the average American family. It's probably not the lifestyle a lot of us envision for ourselves in the future, but in reality, if OP was after a lavish lifestyle, he'd probably not go for the worst case scenario.

What specialty is this that only pays 150k a year? Assuming that OP went into FM, he/she would easily make 200k pre-tax per year.

 

[0100010001001111]

What specialty is this that only pays 150k a year? Assuming that OP went into FM, he/she would easily make 200k pre-tax per year.

Medical Genetics in academics last time I looked into it. Really just using that number as a worst case scenario more than anything else. At an academic center, you'd likely qualify for PLSF, and outside of one, I agree that 200k is a more realistic baseline number.

 

[MedDoc305]

Hello all,

I am beginning medical school in the fall and I am coming in with already a massive undergraduate student debt. Having grown up poor, I really had terrible financial literacy. I just wanted to get a college degree and I didn't care how much it would cost. Only after graduating college and working did I gain some sense of how to deal with finances (although, I am certainly still learning).

I created an excel sheet calculating how much debt I will be in after medical school. If my calculations are correct, factoring interest compounding daily, I would end up at around $540,000!! I make several assumptions. First that the low interest rate for 2020-2021 (4.3%/5.3% (direct unsub/grad plus) will remain for next school year as well, but will go back to 6%/7% the last two years. My second assumption, is that cost of attendance for my school will remain the same and I will need to pull the maximum amount of loan that I am offered.

Is this normal and are there others out there that will be or are currently in similar debt? Are there any books you recommend or resources I can read to better prepare myself how to handle this much debt?

Sorry for the long post.

View attachment 308738

Like most have said its very high debt but payable within a few years. Assuming you'll be left with a yearly 200k disposable income, living comfortably on 50k leaves you with 150k to throw at it. 4 Years and you're done. That's if you don't want to go ham and do a ton of moonlighting to kill it in a couple of years. Worst-case scenario medicare4all swoops in and salaries get slashed in half. At that point, you'll just live with paying 10% of your income for the rest of your life and still live comfortably.

Edit: I did want to caution you about going into the military to avoid this debt. I am just starting out med school this upcoming fall and researched HPSP heavily. There are obvious positive perks but there are also very significant negative aspects that are out of your control to mitigate. The recommendation on all military forums is to NEVER do HPSP unless being a part of the military is your primary objective.

 

[thepoopologist]

540k to 600k is an extremely large debt. Did you also take into account that medical school tuition can significantly differ between year 1 and year 4? You also have to pass everything and match, otherwise you'll need to look into living in another country under an assumed name. Where I am 400k salary is 240k post tax. 300k salary is 180k post tax. You don't need to read financial books to know that you have to minimize your loans as much as humanely possible or you'll be paying your loans off until the end of your days.

 

[BunnyMan17]

Like most have said its very high debt but payable within a few years. Assuming you'll be left with a yearly 200k disposable income, living comfortably on 50k leaves you with 150k to throw at it. 4 Years and you're done. That's if you don't want to go ham and do a ton of moonlighting to kill it in a couple of years. Worst-case scenario medicare4all swoops in and salaries get slashed in half. At that point, you'll just live with paying 10% of your income for the rest of your life and still live comfortably.

Edit: I did want to caution you about going into the military to avoid this debt. I am just starting out med school this upcoming fall and researched HPSP heavily. There are obvious positive perks but there are also very significant negative aspects that are out of your control to mitigate. The recommendation on all military forums is to NEVER do HPSP unless being a part of the military is your primary objective.

Just an ever so slight adjustment, 90% of the time I would agree with the bolded statement. From personal experience and chatting with a plethora of HPSP residents (I'm a USUHS MS4) during clerkship, it is okay to consider HPSP with being okay with the idea of service rather than a strong desire to serve if you:
1) Are fairly certain you're interested in a common specialty with a ~4 year or less residency
2) Going to an expensive school and/or have large amounts of undergrad debt
3) Are okay with the idea of GMO if you're Navy. +/- GMOing out.
4) Have a flexible personality
5) +/- Adventurous personailty

For the record most of those residents I mentioned went to expensive (40-70k+ tuition/year) DO schools and went into IM, FM, or anesthesia. Heavy on the latter. They typically intended to do their 4 years then get out, civillian fellowship, go reserves, etc. Nobody that I noticed looked down on them for this.
The math definitely does starts changing if those don't apply, you're wanting something surgical/less common, or have no idea what you want to go into.

 

[9blade]

Some of the responses in here are interesting. Lots of dental students have that kinda debt graduating from NYU or USC and they do fine in life. I know one orthodontist who was 700k in debt just from education and he's doing fine. Hell, my brother went to dental school and then med school and graduated with debt of 500K+ and his wife had 350k+ debt and they're both fine.

Is this debt good? No...but it's not the end of the world. You can still be ok as long as you're not planning on buying new luxury cars every 3 years. Just set a budget and live within your means. If you don't think you can live that frugally to have the debt removed, there's always some loan forgiveness program or the army/air force/navy

 

[Doggeronie]

540k to 600k is an extremely large debt. Did you also take into account that medical school tuition can significantly differ between year 1 and year 4? You also have to pass everything and match, otherwise you'll need to look into living in another country under an assumed name. Where I am 400k salary is 240k post tax. 300k salary is 180k post tax. You don't need to read financial books to know that you have to minimize your loans as much as humanely possible or you'll be paying your loans off until the end of your days.

agreed

 

[thepoopologist]

I'm reading this thread more in depth and this message about 500-700k debt not being the end of the world. No its not the end of the world but honestly the expectation should be higher than these examples of getting by on the least paid specialty. Finishing with that much debt making the same as a mid-level is not a goal anyone should be striving toward, I mean why not become a mid-level if thats the case.

 

[9blade]

maybe you want more responsibility? maybe you just love the job of being a physician. Not everyone who goes into medicine does it for the lifestyle.

 

[RangerBob]

maybe you want more responsibility? maybe you just love the job of being a physician. Not everyone who goes into medicine does it for the lifestyle.

I agree. But a job is much more enjoyable if you know you don't have to do it. As someone who borrowed about $300k for med school, that debt has the power to hang over you and pull you down. Some people do just fine with a lot of debt, and it doesn't cause them any anxiety. Others like me see it as a ball and chain that keeps you stuck where you are--even if you like where you are.

I guess a wife and kids technically do the same as well, but fortunately I've never viewed them as a ball and chain!

I guess we have a lot of things that tie us down... Family, friends, our house/mortgage, retirement plans, medical problems, desire for a country with a (mostly) functioning democracy. Maybe I just counseled myself into not worrying so much about my debt...

 

[thepoopologist]

maybe you want more responsibility? maybe you just love the job of being a physician. Not everyone who goes into medicine does it for the lifestyle.

The pitfalls should be discussed.

Buying a Ferrari can bring a lot of joy, but buying without knowing the maintenance costs can take away from the joy.

 

[radsisrad]

Hello all,

I am beginning medical school in the fall and I am coming in with already a massive undergraduate student debt. Having grown up poor, I really had terrible financial literacy. I just wanted to get a college degree and I didn't care how much it would cost. Only after graduating college and working did I gain some sense of how to deal with finances (although, I am certainly still learning).

I created an excel sheet calculating how much debt I will be in after medical school. If my calculations are correct, factoring interest compounding daily, I would end up at around $540,000!! I make several assumptions. First that the low interest rate for 2020-2021 (4.3%/5.3% (direct unsub/grad plus) will remain for next school year as well, but will go back to 6%/7% the last two years. My second assumption, is that cost of attendance for my school will remain the same and I will need to pull the maximum amount of loan that I am offered.

Is this normal and are there others out there that will be or are currently in similar debt? Are there any books you recommend or resources I can read to better prepare myself how to handle this much debt?

Sorry for the long post.

View attachment 308738

This is an absurd amount of debt. It might be reasonable to attend med school with this kind of debt expected, though I wouldn't. If healthcare reimbursement drops, you will be staggering under a ridiculous load, and you'll be struggling to have a family and any degree of normalcy, regardless.

I'd say that you need to absolutely demolish Step 1 so as to match ortho or NSurg, but I understand that it will be P/F due to political pressures. Probably start ortho research next week and make many, many connections.

 

[PatsyStone]

About a decade ago, I was scared at the prospect of what was going to be a rather hefty amount of med school debt. I almost didn’t go to med school. I understand how you feel.

As an attending now, I view debt somewhat differently than before I started med school. First, it is easy to say “I will live frugally as an attending,” but lifestyle creep is real. On the other hand, someone told me to not be emotionally attached to my debt, and it helped. My debt is just another monthly expense, not a death sentence.

Here are a few things I did that have made this process easier:
1. I told myself I could not fall in love with a low paying specialty. Before you say this sounds like a recipe for disaster, think of the old adage “it’s just as easy to fall in love with a rich man as it is a poor one.” I knew there were a select number of specialties I could go into, and I found things that I loved about all of them. In the end, I ended up in derm. However, I could also have found happiness in radiology or anesthesia
2. I never borrowed the maximum COA
3. I am in an income based repayment program. There are benefits and downsides to IBR, PAYE, and RePAYE. Understand them forwards and backwards, and pick the one that will work well for you
4. I knew I was probably going to do academics and would probably be able to qualify for PSLF. I made sure all of my loans would qualify, and when I was looking for faculty jobs, I asked for the EIN to make sure my job would qualify

Even if you don’t do PSLF, paying your loans at 10% for 25 years plus the tax bomb at the end may still be less than paying the loans in full (depending on your salary). Furthermore, if you do IBR or PAYE, your cap may be relatively low, particularly towards the end of your repayment term due to inflation and steady increases in your income.

The amount of debt you may take on is a lot. However, it can be relatively manageable or may be an ongoing burden. The choices you make will determine which path you will go down

 

[NITRAS]

Look into income-driven repayment plans and loan forgiveness programs, and consider financial advice from professionals

I’m Not sure what professionals you are referring to.
-An insurance agent will say you need whole life insurance
-A broker will say you need to buy their investments
-A car salesman will sell you a car.
-a realtor will tell you to buy a home.
-cardiology from OSH will cath you.

I think there are two ways to go at huge debt. Incredible intensity to destroy it. Or IBR and forget about it.

I think the first one is the right, both moral and financial for most people, but I see the appeal.

 

[RangerBob]

-cardiology from OSH will cath you.