Repaying Loans

[toastmaster]

Hi all,

I have been accepted to 1 MD program and waitlisted at 6 others. I have received my aid package from my one option, and it is $86k a year in loans.

I'm really not sure how paying off four years of this is feasible, especially after interest. Any tips, links, or stories? Hoping for encouragement (if it exists!).

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[order66.exe]

REPAYE+PSLF(if it exists in 10 years)
Refinance loans from private lenders if you go into the private practice (decrease accumulated interest)
Some jobs have loan repayment programs/bonuses that can take a whack at a decent amount out of your debt
Learn to enjoy a frugal lifestyle.
Win the lottery.

 

[DKMA]

AAMC First med loan calculator. Put in your loans and it'll give you a post-residency estimate and what the payment plans will look like.

Repaye will be the best payment plan for you

 

[DKMA]

REPAYE+PSLF(if it exists in 10 years)
Refinance loans from private lenders if you go into the private practice (decrease accumulated interest)
Some jobs have loan repayment programs/bonuses that can take a whack at a decent amount out of your debt
Learn to enjoy a frugal lifestyle.
Win the lottery.

+ Marry rich
+ Have puppies instead of children

 

[fahimaz7]

You're looking at over 300kmcoming out. That is a mountain of debt. If you have another option that is more reasonable, go there! Even if refinancing was an option down the road, the interest on your loans will be over 20k/year while in residency. There's nothing more frustrating than putting half of your attending salary towards loans and looking at spending half your career paying off those said loans.

Not to mention coming up with a 20% down payment on a home, 30k or more to retirement, kids school, car loans, etc.

I'm facing it currently and it sucks.