How will you pay your loans?

Discussion in 'Pre-Medical - MD' started by Prospective Doctor, Oct 6, 2002.

  1. Prospective Doctor

    10+ Year Member

    May 20, 2002
    Likes Received:
    It is often asked during a medical school interview that "How will you pay your loans?" Is this a trick question? I mean you pay the loan through the income you generate as a doctor. Please let me know if there is something I'm missing here.

    Thanks a lot!!
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  3. po' boy

    po' boy Senior Member
    10+ Year Member

    Jan 12, 2001
    Likes Received:
    Attending Physician
    Locum Tenens programs, baby. $6-7000 for a couple of weeks work in understaffed areas during late residency/after residency.

    Also, CONSOLIDATE your loans in May (after the entire year's loans are disbursed and you can see what the the new T-bill and interest rates will be, and consolidate before they take effect if they go up...they've never been as low in history as they are now).

    And hey, if you stretch your repayment over 30 years instead of 10, you can take advantage of having the extra cash in your pocket to invest. Scoring 8.5% return (the stock market historical average) while paying 3.5% interest on your loans means you'll actually make money, instead of trying to pay off in 10 and living like **** the whole time as a result. And once you start making bank after residency, you can often prepay your debt without penalty, if you want the monkey off your back, as most do.

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