possible or not?

[ArizonaVet480]

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If you were able to graduate med school with around 60K loan debt do you think you would be able to pay this off in your first year as an attending? Just a question curious as to the answers.

 

[eteshoe]

If you don't live like a king and you don't have too many other responsibilities, I would imagine you would on a typical attending's salary.

 

[ArizonaVet480]

Wouldn't it make sense to live like your broke for a year and pay everything you can to loan debt?


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[eteshoe]

Wouldn't it make sense to live like your broke for a year and pay everything you can to loan debt?


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That's my current plan. Though I'm actually broke so I'm just gonna keep living as I currently am until all my debts are paid off. Good thing I'm kind of a cheap bastard.

 

[ArizonaVet480]

Lol we are in the same boat but I think it makes us that much more cautious and prepared to pay off that kind of debt.


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[Stagg737]

Absolutely. Say you make 150k as a first year attending (low estimate), that likely translates to around 100k after taxes. Pay off that 60k in loans and you've got 40k left to live off of, which isn't bad at all especially if it's only for 1 year.

 

[bc65]

You could certainly do it, but there's no reason not to relax a bit and pay it off over 1 1/2 to 2 years. But it's certainly reasonable to pay off at least $50k a year for almost all attendings on a salary. Maybe 100k if you're a high paid specialist.

 

[masaraksh]

Absolutely. Say you make 150k as a first year attending (low estimate), that likely translates to around 100k after taxes. Pay off that 60k in loans and you've got 40k left to live off of, which isn't bad at all especially if it's only for 1 year.

18k retirement contribution tho

 

[Merely]

Yes

 

[Stagg737]

18k retirement contribution tho

Yes, but I was using conservative numbers. Also depends on interest rates and how much your employer will match, though I'd guess you'd be better off putting at least some into retirement most of the time.