-
CycleTrack and SDN are teaming up to make medical school admissions more transparent and accessible! Read the announcement to learn how we’re supporting the future of CycleTrack’s free application-tracking tools .
medical school loan repayment
Started by CMVpromoter
Get help with your application
Use all the free resources available to you from SDN: articles, guides, expert advising, forums discussions, and school research.
Another suggestion is to go the IBR route, and work for a public or not for profit entity (like most hospitals, or a not-for-profit that you set up). Then after 120 payments over 10 years, the rest of the debt is forgiven. Oh yeah, most residencies also count toward this 10 year requirement, so if you're in a surgical subspecialty, you should be able to have debt repaid/forgiven prior to completing training.
re: salary info & comparisons: here are a couple suggestions, although I'd bet with the upcoming healthcare changes, it'd be hard to predict how things will go. I've always heard that procedure based specialties like urology or optho pay far more than consult-based specialties like sleep med or primary care. Probably makes sense, how much is it worth for the average patient to do his or her annual checkup, versus repair a detached retina?
http://www.cejkasearch.com/compensation/amga_physician_compensation_survey.htm
http://www.physiciansalary.net/
re: salary info & comparisons: here are a couple suggestions, although I'd bet with the upcoming healthcare changes, it'd be hard to predict how things will go. I've always heard that procedure based specialties like urology or optho pay far more than consult-based specialties like sleep med or primary care. Probably makes sense, how much is it worth for the average patient to do his or her annual checkup, versus repair a detached retina?
http://www.cejkasearch.com/compensation/amga_physician_compensation_survey.htm
http://www.physiciansalary.net/
Look at the terms of your stafford or direct loan, whichever you have. I think when I applied for IBR last year in the fine print it said after 25 years whatever the remaining balance (prinicipal and interest) was forgiven. You have to read the terms of your loan. I know of an attending who had a private loan who had similar terms, however, it also said in the fine print that he was responsible for paying taxes on the money.
Example, he still owed 20K. They forgave it, but he had to claim that 20K as taxable income on his IRS return for that year. I am 95% sure this is NOT the case with federal stafford or direcet loans, but check with your lender.
Example, he still owed 20K. They forgave it, but he had to claim that 20K as taxable income on his IRS return for that year. I am 95% sure this is NOT the case with federal stafford or direcet loans, but check with your lender.
Advertisement - Members don't see this ad
can I pay more on IBR than what they calculate?
lets say they say pay $200 a month, can I pay $500.
ie am I stuck with their payment schedule for 25 years?
lets say they say pay $200 a month, can I pay $500.
ie am I stuck with their payment schedule for 25 years?
If you pay more than what they want you to, you'll lose the benefit of IBR (it'll go toward the interest that the government is already paying for you and not the principle).
Put what you'd pay extra in a high yield savings/checking account or in a CD/bond and pay it in a lump sum as soon as IBR doesn't apply to you any more. Or spend it on H&B.
That's only assuming that you plan on being eligible for the full forgiveness.
Similar threads
