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I hope to do that. I live pretty comfortably now as a student on my cost of attendance. Since a resident salary is about double that after taxes I think I'll be able to make a signifcant dent in my loans during residency. I hope to continue that into my years as an attending so I can get the debt over and done with.
He seems to agree: http://whitecoatinvestor.com/financial-advisors-arent-doctors/
The "pain" you're talking about is non-existent. The difference in forbearance and IBR payments over 7 years for me would be 43.6 grand in interest. Drop in the bucket. It'd be absolutely ******ed for me to decrease my standard of living for 7 years over such a miserably small amount of money.
Yup, yup, yup. I drive a car that cost $4000 that my wife and I bought in cash at the end of M2. For my first two years of med school, we only had one car, but I had to buy another one for rotations. I've now had that car for 4.5 years, and it's probably about 13 years old. The passenger window just came off the tracks though, and I had to disassemble the door to epoxy it back on, but the total cost was $7. I'm planning to flog this bad boy until fellowship or attending-land.
Agree as well.
$44,000 could be over half of a year's net salary as a pediatrician. It is a pretty poor thought process to assume you'll be in a high-paying specialty, and it would be pretty sad if you talked yourself out of doing a specialty you love because you couldn't afford it, because of poor financial decisions as a med student or undergrad.
I have classmates who bought new cars on student loans. Those are still accumulating interest at a rate of almost 7%/year, and the cars are already 5-6 years old, without any payment made toward the principal. That's $1400/year in interest, and it might not be touched until 10+ years after the loan was disbursed.
It's sad pediatricians are paid like dogs, but there's no way in hell I'm going into a specialty where I'm not paid what I'm worth.
Please elaborate on this. I was under the impression that you could.
See this link: https://www.aamc.org/services/first...stponing_loan_repayment_during_residency.html I probably caused some confusion.
I said could be, and I stand by that. The point is that it's pretty crazy to say $43,000 is a "drop in the bucket."
On the list of bad reasons to have children, tax breaks should be very near the top.
You wouldn't pay that much in federal income tax in reality. A single taxpayer making $150k w/ a standard deduction and no dependents would pay $33,661 (22.5%).
