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Check this out http://www.youtube.com/watch?v=kC_RYgkkmcM What do you guys think
While I understand what this video is saying, it's very hard to practice medicine with a high school diploma.
BE MONEY SMART!!!
It is scary to think that I will need to pay about $20,000 a year while in residency just to pay off INTEREST. If I get a residency that pays 50K I will have 30K to support a family.
What does it come down to? When we are in the position to speak up and make changes we need to.
Surely you are joking.
not true. you can take out the unsubbed stafford loans (6.8%) up to the max limit of whatever your school allows. i guarantee it's more than just tuition. the max you can take out is based on the average cost of attendance for students at that institution over the past couple years.On a side note, not all your loans will be earning that 6.8%, only the loans that cover tuition costs. If you take out grad plus loans to cover cost of living, those are fixed at 7.9%.
An even bigger reason to cut your expenses while in school!
not true. you can take out the unsubbed stafford loans (6.8%) up to the max limit of whatever your school allows. i guarantee it's more than just tuition. the max you can take out is based on the average cost of attendance for students at that institution over the past couple years.
for example at nycpm depending on the length of that academic year, you can take out anywhere from 40k-47k. if you want to take out more than that, then you have to resort to the grad plus loan which is fixed at a terrible rate of 7.9%.
FYI for those students who come from economically disadvantaged backgrounds, check out title VII funding like the loans for disadvantaged students. you have to submit your parents' tax forms, but if you qualify you can take a certain amount of money (based on your institution's funding levels) at a fixed rate of 5%
I will need to pay about $20,000 a year while in residency just to pay off INTEREST
You'll almost certainly be on IBR or some variation that takes into account income. .