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Paying back loans in EM

Discussion in 'Emergency Medicine' started by cowboy2007, Feb 28, 2007.

  1. cowboy2007


    Aug 29, 2006
    Was just wondering what the average salary is and how much malpractice premiums are right out of residency? i'm curious how long/how fast it'll take to pay off ~200k in loans. any help would be appreciated
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  3. Apollyon

    Apollyon Screw the GST Physician Lifetime Donor Classifieds Approved 10+ Year Member

    Nov 24, 2002
    As far as malpractice, if you're an independent contractor, you'll have to pay it yourself, but every state is different (sometimes remarkably so). As a member of a group or hospital employee (such as academic faculty), the group or hospital should pick up the cost.

    As far as the loans, with the modular nature of EM shifts, you can work your butt off and make a big dent, but you also don't want to burn yourself too early - it's a balance. And, when I say "burn yourself", I don't mean "burnout" - I mean going from what you love to dreading each day, because you're physically tired. I don't mean losing desire or the fire for why you did EM. I know that sounds vague, and I hope I conveyed the difference.
  4. cowboy2007


    Aug 29, 2006
    thanks for the input, i got what you were saying :thumbup:
  5. trkd

    trkd 10+ Year Member

    Dec 23, 2002
    San Diego
    One attending told me that if you can live like a student for a few more years instead of buying a fancy car and house the day after residency, you can pay it all off in a few years and kick back after that. That is my plan. :D
  6. EctopicFetus

    EctopicFetus Keeping it funky enough 10+ Year Member

    May 3, 2004
    My plan is this.. I will live as if I am earning 80K per yr (a little less than double what i make now), some of this money will go to CMA (like CYA), disability, life insurance etc. Then that will leave roughly 100K pre tax all this money will go to pay off my non federal debt while I make the min payment on my fed debt. I consolidated all the fed debt at 3.3% which will go to about 2% or 1.8% after 36 payments. then I will pay as slowly as possible and save. You can really make a big dent in your loans this way. Think of it like doing a 4 yr residency..
  7. la gringa

    la gringa Senior Member 10+ Year Member

    Oct 14, 2004
    esse quam videri
    those of us who finished school in 05 were able to consolidate at 2.875%... i'd be a damn fool to pay that off early!!! you can't get ANY long-term loan with that low of an interest rate... now, my smaller private loan and credit cards and first to go, and i'll keep my 2002 car runnin' for a year or 2 after residency since it is the last car i'll own that i didn't have to pay for!!!!
  8. NinerNiner999

    NinerNiner999 Senior Member 10+ Year Member

    Nov 4, 2003
    Where it's at.
    As long as your investments earn more than your student loan rate, invest as much money as you can and consolidate your loans over 30 years, paying the minimum payment each month. Set all of this up so you never have to see this money and you will never worry about your loans or your retirement. This is very easy to do...
  9. Dakota

    Dakota Senior Member Physician 10+ Year Member

    Sep 5, 2005
    I'm so sad that my loans are at 6.8% . . . boo! (I guess in relatity that's not bad considering med students don't put up any collateral, but it is awful compared to the utopia of student loans that I just missed out on).
  10. deejayshakur

    deejayshakur Member 10+ Year Member

    Aug 1, 2002
    ditto. we just really missed the boat somehow.
  11. EctopicFetus

    EctopicFetus Keeping it funky enough 10+ Year Member

    May 3, 2004
    Agreed. it makes it a lot less painless this way and allows for saving of a fair bit of money. Why would I pay off loans at 2% when I can earn 5% or more without any risk. Over a few years 15 or so. I could simply use the interest on the money I saved by not paying and then pay off the loans with the interest. :thumbup:

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