I am very very frugal with my loan money. Here's how I do it-damhsoir,
Don't you go to Scholl? That is pretty impressive that you are going to spend less than 40k this year at school. Especially since their estimated cost of living is going to be 48k this year for P1s. How the hell did you do that?
$15/month for electricity even in the summer months when you are using the a/c?I live on campus so I only have to pay for electric ($15/month)
When I am tempted to buy new clothes or go out to eat I remind myself that a $40 pair of jeans will be more like $80 when I pay my loans back.
http://www.finaid.org/calculators/loanpayments.phtmlcan i ask, what does a typical monthly loan repayment bill look like? is there a difference in amounts during payback whether your residency vs after residency years? (i've heard that repayment is percentage based off of income and since you make less during your residency years vs afterwards, the amount would change...if this is true)
If you have to claim forbearance then so be it, but you should do everything within your means to avoid doing so. It's extremely costly in the long run. Compounding interest on a principal of close to $200,000 adds up really, really fast.http://www.finaid.org/calculators/loanpayments.phtml
This link is a handy tool for trying to figure that out based on your own situation. As far as payment during residency goes, you have a few options. You can apply for economic forbearance and pay nothing (but accumulate interest), or you should be able to set something up with your lender where you make interest only payments for a couple of years or get on a graduated payment plan where your payment amount increases over time.
Oh, i completely agree. I was just trying to lay out all of the options.If you have to claim forbearance then so be it, but you should do everything within your means to avoid doing so. It's extremely costly in the long run. Compounding interest on a principal of close to $200,000 adds up really, really fast.