Loan Repayment Plan for Resident Advice

[NatureVitC]

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Hi everyone, just wanted some quick advice: I will be a PGY-1 resident starting in July making $50,000/year. I do not plan on doing PGY2. My student loans are around 25k. Which loan repayment plan would you recommend? My options are standard, graduated, revised pay as you earn, and pay as you earn. Thank you so much

 

[Dred Pirate]

no payment plan, just pay it off in your first year after school

 

[Dred Pirate]

and be thankful you only have 25k in loans - good for you

 

[zelman]

no payment plan, just pay it off in your first year after school

That doesn’t seem realistic. I’m sure it’s not $50k take home pay.

 

[PolarPop]

That doesn’t seem realistic. I’m sure it’s not $50k take home pay.

It’s not, but with that amount of loans and that salary the monthly payments on any of those plans are going to be $200-300 a month which is easily manageable.

So it doesn’t matter which one you pick really. Even if you quit or get fired from residency you can apply for REPAY to bring payments down lower than that as long as you don’t refinance.

 

[Dred Pirate]

That doesn’t seem realistic. I’m sure it’s not $50k take home pay.

I meant after they finished residency - there is zero reason for the OP to have any student loan debt 2 years after graduation (1 year of residency, 1 year of working as a "real" pharmacist"

 

[zelman]

I meant after they finished residency - there is zero reason for the OP to have any student loan debt 2 years after graduation (1 year of residency, 1 year of working as a "real" pharmacist"

Oh, yeah. For sure. But I don’t think that answers their question.

 

[Dred Pirate]

Oh, yeah. For sure. But I don’t think that answers their question.

I guess I would just go with the standard - no paper work, and start digging away at the balance.