Paying off student loans

[j0ez0r]

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i know that there is a huge disparity in loan sizes to get students through undergrad and podiatry school. however, is there a site or figure that shows about the rate at which students are able to pay off their loans once they enter the profession. Sure salaries are vastly different across the country and even within the same cities, but im just looking for a reasonable guess. Lets say 125-150k in loans. do govt. loans come in 15 or 30 year? also, is there a penalty for paying off early through this loan program?

 

[j0ez0r]

after doin a couple searches, i made my first visit over to the residents/pod board and found a good thread. gave me some options to think about.

http://forums.studentdoctor.net/showthread.php?t=460935

 

[narkotiks]

i know that there is a huge disparity in loan sizes to get students through undergrad and podiatry school. however, is there a site or figure that shows about the rate at which students are able to pay off their loans once they enter the profession. Sure salaries are vastly different across the country and even within the same cities, but im just looking for a reasonable guess. Lets say 125-150k in loans. do govt. loans come in 15 or 30 year? also, is there a penalty for paying off early through this loan program?

just plan on 1500-2200/month in monthly loan payments and youll be fine.school is gonna cost you 160k minimum, and i am of the opinion that you should student loan the whole thing. pm me if u want free advice about it.

 

[Stafocker]

i know that there is a huge disparity in loan sizes to get students through undergrad and podiatry school. however, is there a site or figure that shows about the rate at which students are able to pay off their loans once they enter the profession. Sure salaries are vastly different across the country and even within the same cities, but im just looking for a reasonable guess. Lets say 125-150k in loans. do govt. loans come in 15 or 30 year? also, is there a penalty for paying off early through this loan program?

http://www.staffordloan.com/

10 years unless you consolidate, then it's 25-30. Find a good company to consolidate with. I don't like Sallie Mae. They are a big scam and charge you fees like no other. They are the biggest provider of federal loans because they give a % back to the school they are out of. Find another company to consolidate with and don't get stuck with them like I did.

The rate has been less than 6% recently, but was at 2% just a few years ago. It's a lot like a mortgage and i'd recommend talking to someone with financial experience.

I'm the typical indebt graduate... try not to copy me:
I've deferred my loans (~170K, max Stafford sub and unsub and perkins). I saved enough for a down payment on a home ($20k), but it's just not enough to live off of. So I can do that for about 3 years, but i need to reapply for deferment every year. The payments are less than $500 (after consolidating) a month, but there's just no way I can pay that now...

I currently make ~$43k (including benefits like free medical/dental, free meals, and GME $1200) or about $2400 month after taxes and pay $1200 each month for mortgage ($800 bank, $400 for taxes!!! wtf!!). The biggest problem i have is with my credit cards... the last 5 months of pod school, there is no more loan money.... i paid everything off on credit. There is a "moving loan" for students that's around 8-10k ppl use to help pay for moving expenses, I recommend getting that instead of what I did.

Everyone says to "Live below your means." I have no idea what that is. I recommend getting married to a sugar momma/poppa. I'm still looking.... 😛

hope this helps, good luck!

 

[j0ez0r]

thank you guys very much for the responses. im sure i will have many more questions as i get closer to drawing out my first graduate loan. so as far as deferring payment, you can do it through a three year residency? what is the penalty assessed with that, if any?

 

[j0ez0r]

narkotiks, i will definately PM you if i have any more big questions, thanks!

this forum has been realllly helpful, glad to see everyone helping each other out. I've received so much info already that I would hate to have to figure out by myself. Hopefully ill be able to help all the future pods/etc. in the future when ive gone through it like many of you are doing for me...

 

[Stafocker]

thank you guys very much for the responses. im sure i will have many more questions as i get closer to drawing out my first graduate loan. so as far as deferring payment, you can do it through a three year residency? what is the penalty assessed with that, if any?

no penalty, just the interested is accumulated, but you can make payments to the interest while in deferment.

 

[sadipagla]

I have already consolidated your undergrad loan with Sallie Mae. Is there anyway I can transfer those loans to other company? What are some good loan consolidation company you guys recommend? Thanks.

 

[AlleghenyPOD]

Anyone doing the 15 year or the 30 year payment plan?