How much debt realistically paid down during residency?

[X.O.]

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Ive moved back home during intern year and pretty much saved every penny since I started (~15k so far or 85% savings rate). My personal life outside of work has been pretty nonexistant. It kind of sucks that even with such severe deprivation, I barely will scratch my debt. I graduated with 270k in loans and it's killing me being effectively destitute for another half a decade at least.

Anyone have inspiring stories of getting this monkey off their back? Im going into a specialty where the projected annual gross starting is at least 1x my student loan debt so I wonder if it's even worth the hassle of economizing and pinching pennies to such an extent. My efforts to make money on the side this year has been futile (about an extra ~2.5k getting bank account opening bonuses, sermo payouts, and getting paid for a sleep study)

I think I could save 20-30k a year but jeez does i suck and I don think I can do it. Residency is too painful as it is without any consumption. I wish i can borrow from my old geezer self when money isnt going to even matter then 🙁.

 

[alwaysaangel]

Ive moved back home during intern year and pretty much saved every penny since I started (~15k so far or 85% savings rate). My personal life outside of work has been pretty nonexistant. It kind of sucks that even with such severe deprivation, I barely will scratch my debt. I graduated with 270k in loans and it's killing me being effectively destitute for another half a decade at least.

Anyone have inspiring stories of getting this monkey off their back? Im going into a specialty where the projected annual gross starting is at least 1x my student loan debt so I wonder if it's even worth the hassle of economizing and pinching pennies to such an extent. My efforts to make money on the side this year has been futile (about an extra ~2.5k getting bank account opening bonuses, sermo payouts, and getting paid for a sleep study)

I think I could save 20-30k a year but jeez does i suck and I don think I can do it. Residency is too painful as it is without any consumption. I wish i can borrow from my old geezer self when money isnt going to even matter then 🙁.

I don't have an inspiring story but I have to agree with you that its not worth it. Whats the point living as a miser?

I originally thought I would start trying to pay down my loans in residency but its just not realistic when you're pulling 3k/month.

Are you planning on working in an academic hospital or county hospital? Public Service Loan Forgiveness is an option that might make you feel better.

I am likely planning on teaching so I figure I will be able to take advantage of it. You make 120 on time payments (10 years) including the lowered payments in your first 3-5 yrs of residency on income based repayment(as you are a public service employee then as well) and they forgive the rest.

So if you paid the income based repayment for 4 years (approx 400/month lets say) then they would forgive the rest 6 years later. Saving you your monthly payment during standard repayment (say 3000/month) minus what you actually paid for 4 years of residency.
3000-400=2600*12*4=124,800

Pretty darn good savings and it doesn't require living like a pauper. Just requires working in a "public service" job for several years after residency.