How many years does it take to pay back a 100K debt?

[longhorn09]

How about 100K? or 150k?

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[kami333]

How much do you make?
How much does your spouse make?
Do you have any other financial obligations?

 

[Narmerguy]

How much do you make?
How much does your spouse make?
Do you have any other financial obligations?

More importantly, how long do you want it to take?

 

[DrBowtie]

Standard is 10 years. Extended is 25 years.

 

[ILikeDrugs]

~2000/month for 5 years will cover 100k.

 

[flip26]

12 years, 7 months, 13 days...

 

[mfrizzo3]

12 years, 7 months, 13 days...

6 hours, 4 minutes, 32 seconds...

 

[Elpenor]

How long is a piece of string?

How many OP's are dumb?

 

[masturhu]

How long is a piece of string?

How many OP's are dumb?

Lol the Socratic method... Me like.

 

[rxlea]

OP, there are some good online loan calculators to give you a good idea of how long it would take you...

http://www.finaid.org/calculators/loanpayments.phtml

here is one.

 

[Kb041]

OP, there are some good online loan calculators to give you a good idea of how long it would take you...

http://www.finaid.org/calculators/loanpayments.phtml

here is one.

I just used this cacluator. My projected Stafford debt alone (~ $30,000 per year) will cause me to have a $1300 per month payment if I chose to pay the entire 120K in 10 years. Thats not even counting my grad plus loans.

Med school debt = more than an f-ing mortgage

Guess I'll live in a cardboard box unless I pick a highly paid specialty.

Moral: Go to the cheapest school possible.

 

[rxlea]

I just used this cacluator. My projected Stafford debt alone (~ $30,000 per year) will cause me to have a $1300 per month payment if I chose to pay the entire 120K in 10 years. Thats not even counting my grad plus loans.

Med school debt = more than an f-ing mortgage

Guess I'll live in a cardboard box unless I pick a highly paid specialty.

Moral: Go to the cheapest school possible.

But think about what you will be making as a doc every month. 1300 is nothing.

 

[DrBowtie]

But think about what you will be making as a doc every month. 1300 is nothing.

Please stop. 1300 is a lot of money regardless of your salary. It isn't an inconsequential amount.

 

[Neurocentric]

But think about what you will be making as a doc every month. 1300 is nothing.

1300 a month is definitely something when you're a resident for x amount of years. Residents don't make enough for 1300 to be thrown away like nothing. Just my two cents on that.

OP, there are a lot of variables that will probably determine how fast you can pay back all your debt. Will you defer for whatever reason if need be? What are you expenses? How much will you (and your spouse) make once that time comes? So on and so forth. I would use the loan calculator someone showed, but to be honest, you really won't know how long it will take until you're all done, you can consolidate your loans, and take it from there.

 

[apumic]

6 hours, 4 minutes, 32 seconds...

Yep. This is it. Just rob a bank.....