mechanictodr

Dropin' it like it's hot
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First off, I know this is way too far off to really worry about, but I'm currious just the same.

I was noticed that the new repayment policy posted by the AAMC says that during residency you have to pay monthly between $360 and $500 and you can only defer for the first 4 years at which time you will need to come up with about $4000/month for a 10yr repayment plan with $200k borrowed.

So... moonlighting seemed like a good way to get that extra needed cashed saved up for years 5+ of residency/fellowship if I end up in that situation, but I was looking up how to moonlight in Oregon and it seems that it may not be legal. Is this correct? Is moonlighting only legal in some states.

Thanks for any input.
 

thesauce

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First off, I know this is way too far off to really worry about, but I'm currious just the same.

I was noticed that the new repayment policy posted by the AAMC says that during residency you have to pay monthly between $360 and $500 and you can only defer for the first 4 years at which time you will need to come up with about $4000/month for a 10yr repayment plan with $200k borrowed.
Yes, it is a long way off and things will likely change before you reach that point, but I understand your curiosity.

Your subsidized loans can be deferred for 3 years, I believe, through the income-based repayment option that your describing. $4k/mo on a 10yr payoff after that sounds too high. I think it would be more like $2k/mo.

So... moonlighting seemed like a good way to get that extra needed cashed saved up for years 5+ of residency/fellowship if I end up in that situation, but I was looking up how to moonlight in Oregon and it seems that it may not be legal. Is this correct? Is moonlighting only legal in some states.

Thanks for any input.
You can moonlight once you pass step 3 and become licensed in the state you want to work in. Each state has a minimum # of years of post-graduate medical education (usually 1) that you need to become licensed, so you could technically start moonlighting during PGY2. I've never heard of a specific state banning moonlighting once you're a fully-licensed physician, however some residency programs won't let you moonlight outside of the institution.

Hope this helps. Good luck!
 

gutonc

No Meat, No Treat
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I have no idea how you came to this conclusion, but it is patently false. Your program many not permit it and you can't moonlight if you're over 80 hours already, but if you have a license and your PD approves it, you can moonlight.
 

thesauce

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I have no idea how you came to this conclusion, but it is patently false. Your program many not permit it and you can't moonlight if you're over 80 hours already, but if you have a license and your PD approves it, you can moonlight.
Hi gutonc. Who/what statement was this directed to?
 

gutonc

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Hi gutonc. Who/what statement was this directed to?
The OP. Your post wasn't up when I started writing mine. Your information is correct.