How much debt can you pay off during residency?

[apoptosis123]

Couldn't find any solid answers to my question from searching the forums. I am probably going to graduate med school with around $25-30k in debt (boo-hoo, I know) and I was wondering if it is possible to pay this off during a 4 year residency. I probably won't even have to take out a loan until third year so I don't know much about financial aid at this point, just wondering if I'll be able to start my career debt-free.

Thanks

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[JacobMcCandles]

Couldn't find any solid answers to my question from searching the forums. I am probably going to graduate med school with around $25-30k in debt (boo-hoo, I know) and I was wondering if it is possible to pay this off during a 4 year residency. I probably won't even have to take out a loan until third year so I don't know much about financial aid at this point, just wondering if I'll be able to start my career debt-free.

Thanks

Too many factors here. Will you be single? Will you be in a two income household? Will you be married but the only income? Will you be in a high cost of living? What are your other expense?

If you're single, in a decent cost of living area, and have some good financial sense, it will be easily doable.

 

[apoptosis123]

Tough to predict all of those things since I'm just an MS1, but I'll most likely be single and won't have any major expenses. I may be in an area with a high cost of living but I am willing to live frugally during residency. Thanks for your input.

 

[ledoc]

wow that's pretty sweet. i don't know if you'd be able to pay them off outright cause 30k is still a chunk and residents don't make much. but you definitely will be able to pay it off in no time once you start earning a doctor's salary. how are you paying for your first 2 years of med school if you don't mind me asking?

 

[DrMidlife]

just wondering if I'll be able to start my career debt-free.

Strange thing to put your focus on. What difference would it make?

 

[JacobMcCandles]

.

 

[Colbert]

Look into income based repayment and public service loan forgiveness. You can pay down loans and be debt free in 10 years. All depends on how much you have in loans and what field you go into (more advantageous for a future pediatrician with $300,000 than a plastic surgeon with $25,000).