After 4 years of DO

[DOmaybe]

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I was talking with friends about the next few years and they were asking when a medical student starts paying back the loans they took out for med school. Do you get a salary as a resident? Or is that still considered "schooling"? Sorry for such a dumb question but I am just starting the research on becoming a DO. And it seems that everyone I talk to is only concerned with "debt". But I am more worried about getting all my undergrad done and the MCAT I know that if someone gets into that much debt there must be a way to pay it back!

 

[medic170]

I was talking with friends about the next few years and they were asking when a medical student starts paying back the loans they took out for med school. Do you get a salary as a resident? Or is that still considered "schooling"? Sorry for such a dumb question but I am just starting the research on becoming a DO. And it seems that everyone I talk to is only concerned with "debt". But I am more worried about getting all my undergrad done and the MCAT I know that if someone gets into that much debt there must be a way to pay it back!

You can defer your loans during residency and pay them back afterwards.

 

[DrMom]

You can defer your loans during residency and pay them back afterwards.

And if you don't defer them, then you start paying them back 6 months after graduation. Seems like most everyone defers, though. (although I do know a couple of residents who paid off major portions of their loans by moonlighting a ton after their internship year.)

 

[cooldreams]

And if you don't defer them, then you start paying them back 6 months after graduation. Seems like most everyone defers, though. (although I do know a couple of residents who paid off major portions of their loans by moonlighting a ton after their internship year.)

i think that is pretty close but not quite it... i think it also depends on how much money you have coming in and how much you as to if it might be a hardship on you so as to keep you from haveing to start paying it back so soon.

also there ARE some residency positions where you are NOT paid...

however in both instances, these are not the norm.....

 

[group_theory]

Yes you do get paid during residency. Program varies from one another but the average right now (2004) is around $40k/year with benefits (health/dental/life/malpractice). After residency, you will make more. If you decide to pursue a fellowship, the pay will be slightly better but not much. If you decide to go into private practice or group practice after residency, you will start pulling in the big bucks (how much depend on specialty, region, and demand).


You can choose to start paying off your loans while you are in residency, or you can defer until later if you meet certain requirements. For specific requirements on how to defer, it is best to check with your lender, school financial aid officer, or the financial aid forum on SDN.

For now, worry about doing well in class, taking MCAT, and finishing school. Once you get your acceptances then you can worry about finances 🙂

-group_theory

 

[Idiopathic]

Just to clear all this up:

1) You do get paid during residency, depending on location, it can vary from 38K-50K first year, and up about 1.5K every year after that.

2) SOME fellowships do not get paid. These are often very highly sout after fellowships, and it is fairly rare, but it does happen. (Some fellowships have been rumored to actually make the fellow pay!).

3)Typically, I think loans can only be deferred for three years under traditional deferment policy. There are some hardship circumstances that are taken into consideration, but if you are going to pursue a long residency, be prepared to deal with this.

 

[iatrosB]

One thing to consider as well is that most private loans go into repayment during residency and can have high interest=high payment. If you budget well and are crafty you could probably avoid those though.

 

[nunovits]

Federal subsidized and unsubsidized loans are deferred during residency. Alternative loans, that is beyond the 38,500 that you eligible to take out each year in federal money, has to be paid back as soon as you graduate. the alternative loans accrue interest during med school. so if you go to a med school that costs 33K and that leaves you about 3K (after you have paid your health insurance fee, library, technology fees) you will have to take out alternative loans to pay for living expenses, books, (unless you have parents or a spouse that can support you, or if you can survive on 3K a year!!!)
my advice to you, now as a 4th year student: try not to take alternative loans or if you do, use them conservatively. try to use as much federal money as you are eligible for--and then hope to get a spot in an underserved area where the federal government or some other agency will "forgive" your loans. Alternative loans are NOT forgivable.

 

[DrDad]

good thoughts

 

[LukeWhite]

try to use as much federal money as you are eligible for--and then hope to get a spot in an underserved area where the federal government or some other agency will "forgive" your loans. Alternative loans are NOT forgivable.

Possible clarification: As I understand it, most loan forgiveness programs really aren't "forgiveness"--even your federal loans are private; they're simply backed up and subsidized by the government. Most loan forgiveness programs will pay a certain portion of your loans per year of service regardless of their origin.

 

[glorytaker]

I was talking with friends about the next few years and they were asking when a medical student starts paying back the loans they took out for med school. Do you get a salary as a resident? Or is that still considered "schooling"? Sorry for such a dumb question but I am just starting the research on becoming a DO. And it seems that everyone I talk to is only concerned with "debt". But I am more worried about getting all my undergrad done and the MCAT I know that if someone gets into that much debt there must be a way to pay it back!

You know, in the back of my mind I was thinking abou this. If my debt is going to be approx $200k with a 10 year time limit to pay it back with a rate of about 4%, I would need to pay over $2k per month but during residency, I'll be making about $40k per year. The math just didn't figure out and I kind of knew that deferment was a possibility. I was afraid the loan company would be like, "No, you've graduated so you have to start paying now."

 

[medic170]

You know, in the back of my mind I was thinking abou this. If my debt is going to be approx $200k with a 10 year time limit to pay it back with a rate of about 4%, I would need to pay over $2k per month but during residency, I'll be making about $40k per year. The math just didn't figure out and I kind of knew that deferment was a possibility. I was afraid the loan company would be like, "No, you've graduated so you have to start paying now."

Actually, if you consolidate, you can extend the repayment period to up tp 30 years, so there is not necessarily a 10 year limit.