OMFS residency financing

[Sjdbde]

Advertisement - Members don't see this ad

Hey guys,

Very blessed to have matched to a 6-year OMFS program this year. I’m stressed because I’m coming out of dental school with about 500k in debt, and I think that I might have to take out another 100k in loans in the coming years for med school tuition and living expenses. Thinking about compounding interest with my poor federal loan interest rates from recent years is worrying me. Is there anything I can do or will paying off this debt be an extremely difficult battle?

 

[Tutling]

Rap is expected to come out in July. If you make your payments which should be considerably low because you are a resident then the government is not going to charge you interest. On 500k your interest is probably just under 3k a month which will save you having to pay 216k over 6 years.

As for financing med school I have no idea how that is going to work or the pay back for it. It’s a bit of a problem for the 6 years coming up that if the PDs don’t fix will be a huge deal real fast.

 

[omfsing]

Try to moonlight during medical school. You’ll be able to pay your med school tuition and keep your skills up. There’s a bunch of free time in med school.

 

[gigachadomfs]

do you get a stipend during med school?

 

[BYU4you]

Try to moonlight during medical school. You’ll be able to pay your med school tuition and keep your skills up. There’s a bunch of free time in med school.

Speaking from experience, I’m glad I put in the effort to do well in my medical school classes and rotations. You never know if you’ll end up needing those grades and evaluations down the line. That’s in addition to really taking advantage of the opportunity to really learn medicine to the fullest extent you’re given in that position for you and your future patients.

 

[BYU4you]

Rap is expected to come out in July. If you make your payments which should be considerably low because you are a resident then the government is not going to charge you interest. On 500k your interest is probably just under 3k a month which will save you having to pay 216k over 6 years.

As for financing med school I have no idea how that is going to work or the pay back for it. It’s a bit of a problem for the 6 years coming up that if the PDs don’t fix will be a huge deal real fast.

RAP is/was a very manageable option for OMS taking it the full extent of years for payoff. The tax bomb on the initial principal after 30 years of only paying interest without accruing unpaid leaves someone with OMS income a manageable amount assuming expected inflation.

 

[omfsing]

Speaking from experience, I’m glad I put in the effort to do well in my medical school classes and rotations. You never know if you’ll end up needing those grades and evaluations down the line. That’s in addition to really taking advantage of the opportunity to really learn medicine to the fullest extent you’re given in that position for you and your future patients.

You're assuming I didn’t?

I honored medical school and crushed my step exams. Even then, i had plenty of free time to moonlight. Being a successful doctor and entrepreneur also means knowing how to multi-task

 

[BYU4you]

You're assuming I didn’t?

I honored medical school and crushed my step exams. Even then, i had plenty of free time to moonlight. Being a successful doctor and entrepreneur also means knowing how to multi-task

The alternative I suggested was directed towards OP.

 

[BYU4you]

RAP is/was a very manageable option for OMS taking it the full extent of years for payoff. The tax bomb on the initial principal after 30 years of only paying interest without accruing unpaid leaves someone with OMS income a manageable amount assuming expected inflation.

I should add that RAP like IBR caps the payments at 10% but it doesn’t cap the number that can reach.
Potentially, someone with OMS income could end up paying more than the standard 10-year repayment which is the ceiling under IBR. Which may not be the best financial decision, but earning so much you are paying more and faster than the standard 10year plan is not the worst position to be in all things considered.

 

[SaltyCFTR]

Would suggest moonlighting heavily. There were people in my program making over $100k and I know of a bunch that paid off their med school. I think that's rare and we just had really good moonlight opportunities though.