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75 K Loan for 3 years residnecy, is it worth?

Discussion in 'Financial Aid' started by overseas, Mar 25, 2007.

  1. overseas

    overseas Junior Member

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    hi. I just joined for my dental residency which will last for another 3 years. my mama s not rich enough so i am opting for a loan for paying up the 3 year expenses -75000 dollars .
    Here, in my country the interest rates for educational loans are veryhigher than elsewhere * a staggering 12 % and morever i have to repay it back within 8 years

    I am 30 now ,Single & though i finished my dental school 3 years ago, my savings are less just 300 $ as i had to pay off my fathers debt [he expired several years back, leaving out a huge debt] all these time.

    I was planning to invest in stocks/mutual funds/savings, but i dont think it will be ever possible as i goi for my residency program..What i am worried s that after 3 years, I wont be having any savings & the struggle to pay back this huge amount within this short period ....
    I am literally planning to get married only after say 8 years or atleast when i pay up arnd 80 % of my Debt...bythat time i will be in te 40 s......hey guys & gals dont think I am mad nor laugh at me !!!
    So when shall I start a Family, Kids house , cars & so on...Will it be just a dream after all ...

    How u guys Survived / SUrviving with your School DEBTS.? are u able to live a normal life without tensions ..

    regards & waiti for replies ,

    joe
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  3. Lesley

    Lesley Member

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    I think, for the most part, there are two types of borrowers. Those that want to pay off the debt quickly, for whom the debt bears a great weight, financially and mentally, and those that are content to manage the debt, devising a payment plan that will not be too stifling with, generally, a longer repayment schedule allowing for a better quality of life during debt repayment. Your dreams can come true. You are going to school to enhance your life and your career. You will have control over what type of repayment plan you choose. When you are done your residency, look at your options, you will have them, and decide what makes you the most happy. Paying your debt off quickly, forsaking some, possibly a lot of immediate gratification, or working out a payment that will allow you a less financially stressful time during debt repayment. Good Luck.
     
  4. Krisss17

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    Why are you borrowing for your residency years? Do they not pay you for residency in your country? If they don't, I can understand, but if they do...why get yourself deeper in debt? Here you borrow for medical school and during residency you are a salaried employee, and once you finish then you pay your student loan.
     
  5. p9142

    p9142 UR out of your element!

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    I think most dental residencies are unpaid.
     

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