Paying off loans

[yakuza]

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Questions..

1. What is the best way to pay off our loans?
2. What is the longest amount of yrs we can extend our loans?
3. If I owe ~300k after graduation and extend it for lets say 30yrs, will I be a poor dentist for the first few years??

If I end up paying ~1500-2000 per month in loans after graduation, and on top of that having 40% of my salary taxed, I'll highly consider military.

 

[JamesOSU]

1. Lots of different opinions about this. Some say pay it off as soon as possible, some say stretch that bad boy out as long as possible. One thing someone mentioned that stuck with me was if you extend your loans out, the money you would've put toward loans can be better invested in your current situation (opening practice, buying a house, equiptment, CE) that will more than pay for the interest you accumulate at the same time... thought that was interesting

2. I think 30 years?

3. Yes/Depends, you'll just have to budget and spend wisely. Don't expect to graduate and the next day go buy your new Mercedes!

This is what makes me so happy I have a state school to go to for <200k, probably more like 150k. good luck

Also, I'm not sure what the tax bracket is for 40%, but I don't know that $120,000 is 40%, it might be higher than that (assuming you make $120k coming out of school as an associate somewhere, which might be assuming a bit much)