1. SDN Mobile is now free on iTunes and on the Google Play Store. Enjoy!
    Dismiss Notice

how easy is it to pay off your med school loans?

Discussion in 'Medical Students - DO' started by titan, Aug 23, 2001.

  1. titan

    titan Senior Member
    7+ Year Member

    Joined:
    Aug 1, 2001
    Messages:
    148
    Likes Received:
    0
    Let's say you pay $25000-30000 a year in tuition and $12000 in living expenses. If all you use are loans, will this prove very cumbersome in the future or is $150,000 in loans payed off with relative ease as a doctor? Thanks.
     
  2. After 4 years of medical school and one year of internship you enter residency which pays about 30-40K, you keep this salary for 3-7 years depending on speciality. During this time the $150K of loans have now multiplied into $300K which takes most doc's 10-15yrs to pay off. The monthly payment is between $800-1200 depending on if you paid interest while in school or defered it. Because of this burden I would urge you to consider National Health Service Corps (NHSC) or Military Scholarships that pay for all 4 years of medical school plus offer stipends of $1100/mo. This substancially cuts down on needed loans. I am a NHSC scholar and have only needed to take out minimal additional loans.
    :) Diane
     
  3. Atlas

    Atlas Senior Member
    10+ Year Member

    Joined:
    Feb 27, 2001
    Messages:
    844
    Likes Received:
    4
    Status:
    Fellow [Any Field]
    Diane,

    Sorry but I'm gonna have to respectfully disagree with you. I've never heard of a physician in $300k worth of debt. That's an outrageous figure. 200k is more like it. Also, many of the monthly repayment plans that I've been quoted have been anywhere around $1,500-$3,000/mo for 10 to 15 years. That's my 2 cents.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  4. Thank Atlas for the update. $300K is the estimated amount of payback with interest I was refering to not the actual sum borrowed. Especially with new loans not being fixed at 6%, the interest adds significantly to the payback.
     
  5. DO/MBA

    DO/MBA Member
    7+ Year Member

    Joined:
    Aug 23, 2001
    Messages:
    95
    Likes Received:
    0
    At the current interest rate and the approximate cap of stafford loans, the amount borrowed per year is a maximum of 38,500 (stafford only). Calculating all varibles including such mundane things as subsidized vs. unsubsidized and applying for a reprieve of 12 months and the grace periods of 6 and 9 months. You will be paying back about 2,250 per month for ten years with interest compounding monthly.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...

Share This Page