DO process questions

[DOmaybe]

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Okay I will be applying in a couple of years and I have a question about the whole process after getting into school.


You go to class for 4 years then start your residence program. But do you get paid for residence programs? I know that it might be a dumb question but I see a lot of $$$ questions about student loans and I was wondering if after the first 4 years of school you start making some money to pay back. How long does it take the "average" person to pay off medical school loans? I will have about $20k in undergrad loans also 🙁

 

[OnMyWayThere]

Okay I will be applying in a couple of years and I have a question about the whole process after getting into school.


You go to class for 4 years then start your residence program. But do you get paid for residence programs? I know that it might be a dumb question but I see a lot of $$$ questions about student loans and I was wondering if after the first 4 years of school you start making some money to pay back. How long does it take the "average" person to pay off medical school loans? I will have about $20k in undergrad loans also 🙁

Residency programs pay you enough to "get by" and pay back a little of loans. One in the real world of practicing, I hear the average payback of loans is $2000/ month, you can do the math depending on your debt and accruing interest.

 

[OSUdoc08]

Okay I will be applying in a couple of years and I have a question about the whole process after getting into school.


You go to class for 4 years then start your residence program. But do you get paid for residence programs? I know that it might be a dumb question but I see a lot of $$$ questions about student loans and I was wondering if after the first 4 years of school you start making some money to pay back. How long does it take the "average" person to pay off medical school loans? I will have about $20k in undergrad loans also 🙁

Medical School = 2 years in classroom & 2 years doing clinicals
--> You are paying tuition & your loans are in deferral

Residency = 3-as many years as your want
--> You are compensated approx. $30-45,000 a year
--> You may defer your loans and wait until residency is complete to
being repayment (you may repay loans in 10-30 years)

 

[Boomer]

--> You may defer your loans and wait until residency is complete to
being repayment (you may repay loans in 10-30 years)

Technically, you can't "defer" while in residency. You can apply for forebearance as well as economic hardship waivers, which are essentially the same as deferment (forebearance is similar in that interest does not compound on your subsidized loans; economic hardship, interest accumulates, then later is capitalized). The other difference is that if deferment is available (i.e.-you're in college/med school/etc) then it is guaranteed. You fill out a paper, and it happens. For the others, you have to give reasons (i.e. "I like to eat, and cannot afford to both pay you, AND eat.") that must meet approval.

Caveat: There are some private loans that still allow deferment while in internship/residency, but this is not the case on Federal loans.