Pay off med student loans?

[BDB4U]

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[CambieMD]

Is it common at all for gas positions to pay off med student loans? I would really rather someone else pay for my loans eventually, but one of my loans has a relatively high interest rate that is concerning to watch compound. If the likelihood of an employer paying it is low, I would start paying it sooner rather than later. Thanks.

Can you refinance your med school loans and get a better interest rate?
I would suggest that you pay your quarterly interest, whenever you can. I did that and kept my med school debt from ballooning. I am now down to 28k from 100k.
I make sure that I pay extra every month.

You may find someone willing to pay off your med school debt but it will come at a price.You may end up stuck in a location that you do not want to be in because you now have an,"obligation." Nothing is free .

Cambie

 

[Pilot Doc]

I would really rather someone else pay for my loans

I can understand this sentiment, but there is no magic pot of loan money laying around. Any employer is going to set your salary based on cash out of their pocket compared to what you bring in. Want great benefits and more vacation? Sure - you'll be paid less. Ditto for loan repayments. I suspect most employers would be willing to pay off your loans. They'd probably even pay off every red cent the very first year - if you'll work for $20K. There are some potential tax benefits, but it's not a slam dunk.

Bottom line - you will pay them now or pay them later, one way or another. Don't let the possibility of "loan repayment" influence your choice.

(The only possible exception I would think of is the military IF you want to join the military already.)

 

[Tenesma]

1) consolidate/re-finance your student debt

2) while it may be a business expense for the practice hiring you ---- the debt payment made by the employer is considered taxable income, and you will have to pay tax on whatever assistance they give you... so just remember if they pay off 100k in debt, you then have to write a check to IRS for 30k... which is still a lot cheaper than the 100k you originally owed, you may not want to go down that road

3) MOST employers don't have the cash to pay off student debt --- and many that do will have claw-back provisions if the contract is terminated (ouch).

4) MOST employers who offer unbelievable benefits usually have problems - scratch a bit deeper to find the true story

5) I paid my high-interest student loan off as quickly as possible (it was at 11% !!!!), but haven't made ANY effort to pay off the remainder of my debt (3.25%) except for minimal payments....