mrmilad

10+ Year Member
Jun 7, 2007
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Pre-Medical
I applied as an international student, got into SUNY Upstate MD program, but now I have to get private loans for tuition and I just don't know how the hell I can pay all this money off in the long run... I am 24 now, so I will probably be done with everything by the time i'm 35-36... probably be like 500,000 in debt by then... I do want to go into a surgical field, but how do you pay off that much money!? I know this is what I want to do but **** I am scared....
 
Feb 10, 2010
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just a pre-med, but from what has been discussed, many doctors continue to live like residents for a few years following completion of their residency in order to keep costs down and pay off their debt ASAP. When you consider the resident's budget (obviously less than 40k/year), cutting your debt on a ~250k salary (for a surgeon) seems doable. I guess it varies based on whether you have a family with kids though.
 

mrmilad

10+ Year Member
Jun 7, 2007
693
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Pre-Medical
Don't plan on getting married till 38-39 but you don't really plan things like that out now do you.
 

searun

10+ Year Member
5+ Year Member
Jul 31, 2006
3,153
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Resident [Any Field]
If I were financing med school entirely with private great white shark loans, I would be scared too. Your feelings are rational.
 

LuciusVorenus

Bad Medicine
10+ Year Member
7+ Year Member
Apr 14, 2009
2,952
614
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Medical Student
http://usdebtclock.org/mortgage-loan-calculator.html

whatever it shows your monthly payment as, just hope you make more that 12 times that per year :/

EDIT: Hey, if you only took out 250,000 at 8% interest (random guess) for 30 years, it actually doesn't look all that bad...
just 12,000 a year?
 
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Oct 13, 2008
5,316
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Resident [Any Field]
http://usdebtclock.org/mortgage-loan-calculator.html

whatever it shows your monthly payment as, just hope you make more that 12 times that per year :/

EDIT: Hey, if you only took out 250,000 at 8% interest (random guess) for 30 years, it actually doesn't look all that bad...
just 12,000 a year?
This is kinda like the potential ability to pay off your house in 5 years instead of 30 and thinking that 30 wasn't so bad... Financing is a complicated game! I'm not saying one is better than the other, just noting it.
 

tncekm

MS-1
10+ Year Member
Jul 18, 2006
3,616
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Medical Student
I applied as an international student, got into SUNY Upstate MD program, but now I have to get private loans for tuition and I just don't know how the hell I can pay all this money off in the long run... I am 24 now, so I will probably be done with everything by the time i'm 35-36... probably be like 500,000 in debt by then... I do want to go into a surgical field, but how do you pay off that much money!? I know this is what I want to do but **** I am scared....
Don't worry. Good 'ol Obama just passed a bill that will limit your payments to 10% of income that you make above poverty + 50%. And, after 20yrs your debt is forgiven. So, if you do a surgical residency you'll probably pay about $200/month for 7 years, then another $2k/month for 13 yrs meaning that you'll probably only pay back $360k on a loan that was $500k before interest (and would have probably maxed out at about $1,000,000). So, thanks to the federal government, the American tax payer will float about $700,000 of your debt! Yay socialism! :rolleyes:
 

agirl

10+ Year Member
7+ Year Member
Apr 3, 2007
164
0
141
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Pre-Medical
deleted.


I applied as an international student, got into SUNY Upstate MD program, but now I have to get private loans for tuition and I just don't know how the hell I can pay all this money off in the long run... I am 24 now, so I will probably be done with everything by the time i'm 35-36... probably be like 500,000 in debt by then... I do want to go into a surgical field, but how do you pay off that much money!? I know this is what I want to do but **** I am scared....
 
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