Paying back my monster loans..........

[pimpdogg]

So when I finally graduate I'm looking to be about 220,000 dollars in debt (Oh my god I hate writing that). Anyway, how the hell does paying that back work? Do I have to start paying back during residency? What are payments like? How does consolidation work? How does any of that crap work? I'm really very clueless and nobody seems to be able to give me any answers.

Thanks.

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[docB]

You should be able to forbare your loans during residency. I din't pay anything until I graduated.

With consolidation you can go to a company and borrow enough to pay off all of your individual loans. You then pay the company one payment and you can often set it up so that the payments are lower (although that often makes the term longer and the overall amount paid more).

You can get info on payment plans and what your payments will be like from your lender. All of mine were through Sallie Mae so it was easy. If you have multiple lenders it will be tougher.

 

[mosche]

One question that should be asked during residency interviews: "Does your program provide financial counseling to your residents?"

Many programs offer financial recommendations/advice to housestaff. Unfortunately, many programs will give you a gratuitious answer; therefore, it is imperative that you also ask other residents about the financial counsel that their program has given them.

FREIDA will give you some indication as to which programs "claim" to give such advice; unfortunately, the FREIDA info. is vague.

One thing that I will tell you: One of the ER physicians at a local hospital in Knoxville assured me that he paid off his loans last year. He is only six years out of residency, and his loans totaled $156,000.00! This at least gives me some hope . Hope this helps you!

 

[16846]

Combining U-Grad, Grad, & Med. School, I will probably be about $300,000 in debt...

 

[InGasWeTrust]

Combining U-Grad, Grad, & Med. School, I will probably be about $300,000 in debt...

DAMN! 300k

I guess you are going to be doing Neurosurg, Rads, or ortho........that number just looks scary..

Good Luck

 

[16846]

DAMN! 300k

I guess you are going to be doing Neurosurg, Rads, or ortho........that number just looks scary..

Good Luck

Nope, psychiatry. If things get ugly, I think I will just file bankruptcy and demonstrate exceptional financial circumstances.