Need help about loan repayment re: residency!

[superdevil]

hey all,

i have a question about loan repayment for residents. i believe (but please correct me if i am wrong!) that stafford loan repayment is a 10-year term.

ok, so are your loan payments constant from the second you graduate med school? by this, i mean if you are 200k in the hole, can you pay smaller payments as a resident and then pay back the bulk of the loan as a practicing physician? it seems to me like paying back a 200k loan over 10 years with constant payments (incl. interest) would put residents below the poverty line.

would somebody please set me straight!? help!

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[turtle md]

First off, I would recommend consolidating you loans. This moves it to a 30 year payoff period. Do this before 1 July, because the rates will go up after that. Second, you can put your loans into either deferment or forbearance during residency, then you won't have to pay them back until after you are making a bit more money. You can do a search on this forum for consolidation options.

 

[superdevil]

First off, I would recommend consolidating you loans. This moves it to a 30 year payoff period. Do this before 1 July, because the rates will go up after that. Second, you can put your loans into either deferment or forbearance during residency, then you won't have to pay them back until after you are making a bit more money. You can do a search on this forum for consolidation options.

aaaaahhhhh, a 30-year period sounds a bit better. and i think i've heard that you can defer your loans during residency, but perhaps i momentarily forgot. anyway, thanks, and shame on me for not using the search function!