How could someone possibly live as a resident?

[Led Zep]

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A resident, not making a massive salary, with 200K in school loans, seriously how does someone even live while paying back such massive amounts on such low pay....? Obviously a good budget, and knowing that it's worth it, but it just feels like a resident would just have to basically live in a closet somewhere and eat at soup kitchens....

Honestly I would just like to hear from anyone who knows about these things...

I'm not trying to be an a** or anything, I would just really like to know how it's done, I mean obviously people do it

 

[RadioCure]

You make a pact with the devil for sanity and toiletries.

 

[amakhosidlo]

Loans: They enter forbearance or IBR, then (hopefully) start trying to pay them with what they manage to save

The smart/frugal will live on a tight budget (get a roommate, limit spending, etc) to pay as much towards their loans as possible.

Those who don't care...won't. 37-40k isn't exactly 'just scraping by'.

 

[chrisoc13]

A resident, not making a massive salary, with 200K in school loans, seriously how does someone even live while paying back such massive amounts on such low pay....? Obviously a good budget, and knowing that it's worth it, but it just feels like a resident would just have to basically live in a closet somewhere and eat at soup kitchens....

Honestly I would just like to hear from anyone who knows about these things...

I'm not trying to be an a** or anything, I would just really like to know how it's done, I mean obviously people do it

Your loans are not due until after residency. At least that is the way it has worked for my brother-in-law in his third year of residency now. You are still a student when you are a resident even though you get paid.

 

[DrBowtie]

Your loans are not due until after residency. At least that is the way it has worked for my brother-in-law in his third year of residency now. You are still a student when you are a resident even though you get paid.

False. Your loans have a 6 month grace period upon graduation.

After the 6 months you then enter repayment or can apply for forbearance where the interest just churns on the loans.

 

[crazynate]

Loans: They enter forbearance or IBR, then (hopefully) start trying to pay them with what they manage to save

The smart/frugal will live on a tight budget (get a roommate, limit spending, etc) to pay as much towards their loans as possible.

Those who don't care...won't. 37-40k isn't exactly 'just scraping by'.

This, don't start living a 250k lifestyle and you'll be fine. There are families that get by with 40-50k combined household income. And obviously there are extenuating circumstances but for the most part you should be fine if you are willing to live the appropriate lifestyle.

 

[chrisoc13]

False. Your loans have a 6 month grace period upon graduation.

After the 6 months you then enter repayment or can apply for forbearance where the interest just churns on the loans.

Ah that must be what is occurring. I will need to ask him to clarify.

 

[Enoko]

Oh, Scrubs has this topic sooo covered

[YOUTUBE]http://www.youtube.com/watch?v=PV8R-VBcN9Q&feature=related[/YOUTUBE]

 

[Electronegative]

Great thing about residencies is you will be so busy that you won't have time to spend that 40k you make.

 

[Doctor246853]

A resident, not making a massive salary, with 200K in school loans, seriously how does someone even live while paying back such massive amounts on such low pay....? Obviously a good budget, and knowing that it's worth it, but it just feels like a resident would just have to basically live in a closet somewhere and eat at soup kitchens....

Honestly I would just like to hear from anyone who knows about these things...

I'm not trying to be an a** or anything, I would just really like to know how it's done, I mean obviously people do it

I could do it.Im not being cocky buy I once worked two 40/wk jobs (yes 80 hours a week) for 2 years,both jobs paid $9/hr,paid all my bills, took no vacation, they were both nursing homes and anyone who knows cna's dont have the responsibilty but got the stress and grunt work. I took care of my 2yr old child while his mom partied and drank all night😡 and took all my basics online full time while at my night job. I woke up at 5am and day ended at midnight. IT WAS HARD. I feel if I can do that I can do anything. The only reason Im not doing it for as long as a resident does is because my hard work paid off and things are alot better for me now. I a very very strong determind man.

 

[ILikeDrugs]

Become a drug dealer after hours on the side.

 

[LuciusVorenus]

Don't worry too much about 40K. Average US personal income is around 40K, average household income is still only around 50K, so as long as you spend wisely you should be just fine. If you want something to cheer you up, it's around four times the poverty level! 😀

 

[Bacchus]

IBR was mentioned above. Based on your salary, you will be asked to pay a certain amount on your loans. Whatever you do, do NOT apply for forbearance. You need to start paying off interest and principal, not adding to it.

 

[amakhosidlo]

IBR was mentioned above. Based on your salary, you will be asked to pay a certain amount on your loans. Whatever you do, do NOT apply for forbearance. You need to start paying off interest and principal, not adding to it.

Actually, your advice doesn't hold true in certain common situations. For example, if you're married when you graduate, under IBR your spouse's income is factored in to calculate your expected payment. If you married well you could be stuck with a full-fare payment ($1500+) instead of whatever small percentage of 40k. You can and should (from what I gather) make excess payments whenever possible, and both plans allow for that. Which plan is right for you will depend on where you are in life...

 

[PennFranklin]

I could do it.Im not being cocky buy I once worked two 40/wk jobs (yes 80 hours a week) for 2 years,both jobs paid $9/hr,paid all my bills, took no vacation, they were both nursing homes and anyone who knows cna's dont have the responsibilty but got the stress and grunt work. I took care of my 2yr old child while his mom partied and drank all night😡 and took all my basics online full time while at my night job. I woke up at 5am and day ended at midnight. IT WAS HARD. I feel if I can do that I can do anything. The only reason Im not doing it for as long as a resident does is because my hard work paid off and things are alot better for me now. I a very very strong determind man.

Wow...I think thats the definition of perserverence right there.

 

[TexasFight]

I could do it.Im not being cocky buy I once worked two 40/wk jobs (yes 80 hours a week) for 2 years,both jobs paid $9/hr,paid all my bills, took no vacation, they were both nursing homes and anyone who knows cna's dont have the responsibilty but got the stress and grunt work. I took care of my 2yr old child while his mom partied and drank all night😡 and took all my basics online full time while at my night job. I woke up at 5am and day ended at midnight. IT WAS HARD. I feel if I can do that I can do anything. The only reason Im not doing it for as long as a resident does is because my hard work paid off and things are alot better for me now. I a very very strong determind man.

👍

 

[sizillyd]

Oh, Scrubs has this topic sooo covered

[YOUTUBE]PV8R-VBcN9Q[/YOUTUBE]

Oh yes. This is awesome. Also, if you aren't doing so already, you should try to begin living frugally. It will make the transition easier. Plus, you will be able to save extra money!

It's not as bad as you may think. Unless you have a family to support at the same time, then it could begin to be difficult. But the average resident pay is around what a teacher makes, I believe. Many families live off only that salary, as well.