For reference:
http://www.aacom.org/resources/bookstore/cib/Documents/2014cib/2014cib-36 ATSU-SOMA.pdf
I'm taking a guess here but I believe when they say total indebtedness, they mean the average which includes students who can afford to pay some/all of tuition, living costs, and misc costs and students who can't afford it at all.
I understand what you're saying about the rent. With tuition at 44k/year, rent let's say 1000/month at 12k/year and 48k for 4 years, you come out with 56k (44k+12k) from tuition and rent alone not including misc costs such as food, gas, car maintenance, insurances, books, supplies, etc. At 5k/year from misc costs, you're at 61k/year. 61k/year for 4 years is 244k which is decently close to the calculated 248k.
Even with your numbers, 48k/year for 4 years is 192k and add on the 34k, you're at 226k which isn't that far off from the estimated 248k.
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ALSO, to piggy back on this thread,
- Finish 4 years med school + 3 years residency
- Come out with 350k debt
- Become primary care physician and make 180k/year
- After tax, make 126k/year assuming married in first year of residency (Used:
http://www.adp.com/tools-and-resour...l-calculators/salary-paycheck-calculator.aspx).
- Have 350k loan at the average/normal 6.8% (is this correct if I'm assuming max stafford and grad plus loans?)
- Plan desired months to repay at 60 months or 5 years, the monthly payment would be around 7000/month or 84k/year (Used
https://www.wellsfargo.com/biz/tools/repaymentcalculator).
- 126k-84k = 42k/year take home for cost of living after monthly repayments for those 5 years.
At 42k/year, assume cost of living is around 25k/year with insurance at 10k/year giving me an extra 7k/year I can add to cost of living or save for retirement.
If this info helps, have wife who will make at least 45k/year, each own their own car and fully paid off.
Does this payment plan sound correct? I've been searching through forums and don't think I've missed out on anything. I know there's IBR and PAYE but I haven't looked into those yet..
