Hi,
I am in a dilemma in that I have 2 DO acceptances but would really prefer an MD and am debating whether I should complete a postbacc year in a program that has >90% success rate in gaining admission to the affiliated MD school. My issue with this is that I would be 25(versus 24 as a DO) when I become an MS-1 and I am probably looking at nearly 400k in debt counting my undergrad loans, postbacc loans, and the 4 years of OOS cost of attendance I would have to pay to the medical school.
I have been distressing about this decision for a long time now and recently found out about the IBR plan and the additional benefit of the public service loan forgiveness option. After reading through some of the threads on this forum it appears that many of you believe that the PSLF option will be unsustainable within the next 10 years. Is that really true? What then? Would the 25 year forgiveness option that is standard with IBR still be viable? Even so, I would have to pay all of the taxes on the entire loan amount at the end of the 25 year period within that same final year. Even with 400k(and 6.8-7.9% interest including stafford and grad plus loans) can I expect to have paid it all off on the IBR plan before the 25 year period if I end up pursuing a lower paid specialty such as in primary care?
Is there some way to get locked into the IBR plan straight from medical school so that even if the government decides to do away with it or change certain agreements, I wouldn't be affected since I had already signed up for the plan and could be 'grandfathered in'?
I was really hoping that the IBR plan could turn out to be a saving grace and still allow me to achieve my goals of an MD without overburdening myself with so much debt that it wouldn't make any financial or professional sense(versus settling for the DO and starting on an attendant's salary a year earlier) leaving me miserable. I apologize if my questions are naive but this is the first time I'm contemplating what my education loans are going to end up costing me. Thanks so much in advance!
I am in a dilemma in that I have 2 DO acceptances but would really prefer an MD and am debating whether I should complete a postbacc year in a program that has >90% success rate in gaining admission to the affiliated MD school. My issue with this is that I would be 25(versus 24 as a DO) when I become an MS-1 and I am probably looking at nearly 400k in debt counting my undergrad loans, postbacc loans, and the 4 years of OOS cost of attendance I would have to pay to the medical school.
I have been distressing about this decision for a long time now and recently found out about the IBR plan and the additional benefit of the public service loan forgiveness option. After reading through some of the threads on this forum it appears that many of you believe that the PSLF option will be unsustainable within the next 10 years. Is that really true? What then? Would the 25 year forgiveness option that is standard with IBR still be viable? Even so, I would have to pay all of the taxes on the entire loan amount at the end of the 25 year period within that same final year. Even with 400k(and 6.8-7.9% interest including stafford and grad plus loans) can I expect to have paid it all off on the IBR plan before the 25 year period if I end up pursuing a lower paid specialty such as in primary care?
Is there some way to get locked into the IBR plan straight from medical school so that even if the government decides to do away with it or change certain agreements, I wouldn't be affected since I had already signed up for the plan and could be 'grandfathered in'?
I was really hoping that the IBR plan could turn out to be a saving grace and still allow me to achieve my goals of an MD without overburdening myself with so much debt that it wouldn't make any financial or professional sense(versus settling for the DO and starting on an attendant's salary a year earlier) leaving me miserable. I apologize if my questions are naive but this is the first time I'm contemplating what my education loans are going to end up costing me. Thanks so much in advance!
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