Has anyone ever used the student loan repayment calculators online? I just tried it out and found it interesting on the amount of recommended income it would take to repay the average dental student loans. According to the websites to repay a $350k loan the recommended income should be above $300,000. Just found this to be interesting.
if your planning to pay off 350k in 3 years... yeh you need to make that kinda cashflow.
As a GP, you won't hit 300k for a long time after graduation (5-10 years +), and many don't even touch it.
But on a more realistic time table... If you were to make 150k a year (for the new graduate, this is very upper limit), you'll have a pretty comfortable time paying off the loan while living comfortably.
Here are some figures (assuming you make 150k income, 350k loan on 6% interest).... Remember, first you subtract 35% to uncle sam, so your left over with about 100k. Now you subtract payments:
-Assuming 5 year repayment, thats 6700 a month (borderline homelessness)
-Assuming 10 year repayment, thats 3900 a month
-Assuming 15 year repayment, thats 3000 a month
5 years is doable if you have a husband/wife who also works and can support the family for those 4-5 years.
