Loans and Residency

[mt]

This may not be the most appropriate place for this topic but, I wanted to get an idea from some of you closer to the real world of medicine (those in residency programs).

I will be starting school next month and am concerned about repaying my loans after medical school. Should I be concerned about paying off student loans after finishing medical school? When medical school is complete I will owe about $160K in loan repayment. With a ~$2000/mo payment will I be able to pay off this debt while still having enough money left over for life (family, home, etc.)? Any of you have any info about repayment programs other than national loan repayment? Thanks for your help.

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[diamondhog]

You will defer your medical school loans while in residency. There are two types of deferments. The first is the economic deferment saying that you cant afford to make the payments on your current income level and the second is if you have a loan dating before 1994 and it has not been paid then you are eligible for a differnt deferment( not sure what its called).

Alan

 

[mt]

I think my question was misunderstood. I am not concerned about the ability to pay during residency. I understand that as a resident I will not be able to pay my loans and can take a deferment. I am concerned about paying my loans after residency. Will I make enough after being boarded to pay a $2000/mo loan payment and still beable to pay for life expenses (family, home, children, etc.)?

 

[PCSOM2002]

MT,

With the average family medicine physician starting out at around $120,000 baseline straight out of residency (higher for some other fields of practice), coupled with the fact that you will be able to moonlight after your first year of residency and increase your income amount substantialy by doing this, not to mention the numerous places who will offer loan forgiveness (partial of some full) to practice in a certain area, I believe you will be able to take care of your loans and provide for your family very nicely. Every resident and doctor I have talked to said that it seems daunting at first, but there is plenty of opportunities out there to make money and pay it off without too much worry.