Loan Repayment/Forebearance

[Cotards_delusion]

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Hey all,

Now in last year of residency, starting to look for jobs. Most programs I have looked at offer at least 50K loan repayment. I have 34K in loans currently, but my monthly payments are around $380. I am currently on a 10 year graduated term, and was looking into my options. I think I will either need to switch to a longer term (25) to decrease my payments to ~185 but another thought I had was to just enter into forebearance, stop paying, let the interest accrue but then have it paid off by my future employer regardless. Are there obvious downsides to this I am missing?

 

[ThoracicGuy]

Hey all,

Now in last year of residency, starting to look for jobs. Most programs I have looked at offer at least 50K loan repayment. I have 34K in loans currently, but my monthly payments are around $380. I am currently on a 10 year graduated term, and was looking into my options. I think I will either need to switch to a longer term (25) to decrease my payments to ~185 but another thought I had was to just enter into forebearance, stop paying, let the interest accrue but then have it paid off by my future employer regardless. Are there obvious downsides to this I am missing?

If you are getting an attending job, the difference in monthly payments between $185 and $380 is minimal to your bottom line.

 

[mvenus929]

Is the issue that you can't afford the $380 now?

 

[Cotards_delusion]

Is the issue that you can't afford the $380 now?

Yeah, I’m trying to save now. I had initially went with a 10 year plan to limit the interest with the understanding things would be tighter now but what’s the point if my future employer pays them off anyways?