Debt and Residency

[jofrbr76]

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Does almost everyone get to put off loan repayment during residency? I've heard of something like this, and wondered how common it is.

Right now i'm trying to pick a med school from the ones i'm accepted at, and i'm wondering how much cost should weigh into the picture. Should i go to the school i like best? or to the one that leaves me the least burdened by debt? Anything you can tell me from your experiences will be appreciated.

Joe

 

[smackdaddy]

http://www.studentdoctor.net/forums/showthread.php?s=&threadid=54184
when i was in residency you could defer loans for the first part, and then either begin repayment, refinance, or get a hardship deferment and delay payments. you may have some more options now to forbear payments without accruing interest.

 

[shaft]

Perhaps just as relevant should be your income potential after residency...you should browse around to see what docs in various specialties are getting paid. If you rack up a ton of debt in a private med school, but are dying to be a general pediatrician you might regret it (although you might not); when you have $200k+ in debt and your friends are buying houses and you already have...(it being your education); however if you want to be a leader in some field or become a big name, going to a big name medical school would probably help. If you are not sure what you want to do after med school (and you probably aren't) you should think about it some and decide and try to assess how much the name is worth to you - or how important living in an expensive locale is during medical school versus - feeling trapped by debt and perhaps compelled to enter a specialty that is not your favorite...

 

[harlantubal]

What are acceptable reasons to defer student loan payments during residency?

If one does defer, do the loans continue to accrue interest? I'm thinking probably yes but I thought I'd ask nonetheless. Does it matter if the loans are subsidized or unsubsidized?

-Thanks

 

[blackcat]

some loans can only be deferred while in residency if you have a loan issued prior to some year - i believe ealy 1990s.

the loans continue to accrue interest unless they are subsidized by the government. for these, the gov't pays the interest while you are deferring.