repayment offers

[JohnUC33]

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I posted something similar to this in the General Residency forum, but no one responded (so mods please don't close this one 😕 )

Anyways, I'll be starting MS1 in the fall and will be racking up a good ole heaping portion of student loans. I know that there are loan repayment offers out there cause I've talked to a few doctors in my area who go some. I'm just curious as to what others have gotten offered. Like what are the terms of your offers and such? Any help would be appreciated. Thanks

 

[dawg44]

I posted something similar to this in the General Residency forum, but no one responded (so mods please don't close this one 😕 )

Anyways, I'll be starting MS1 in the fall and will be racking up a good ole heaping portion of student loans. I know that there are loan repayment offers out there cause I've talked to a few doctors in my area who go some. I'm just curious as to what others have gotten offered. Like what are the terms of your offers and such? Any help would be appreciated. Thanks

Most of my offers have been to pay off 25,000 per year in the community. That way I'm not tied down paying back for 4 years if I leave early by paying off the entire sum. I'm ortho but I know that there are other offers like that for FP in rural areas.

 

[JohnUC33]

Thanks for the response. Its just good to hear that there are ways to help loosen the chains of that debt that will be around my neck in a few years.

 

[BayesianDoc]

I know someone who took an offer in Santa Fe, NM. They started at 175K and they will never have to make a student loan payment as long as they stay there. This was negotiated so he couldn't refinance his student loans for a 1 year repayment plan.

 

[NYSLicense]

A medical school buddy of mine got an offer in April to join a practice which he did in July.

The offer was for $160K starting with 85K student loan repayment over two years (85 was his loan total)....I wish mine was that low. Anyway, thats an offer that I am aware of.

NYSL

 

[McDoctor]

A medical school buddy of mine got an offer in April to join a practice which he did in July.

The offer was for $160K starting with 85K student loan repayment over two years (85 was his loan total)....I wish mine was that low. Anyway, thats an offer that I am aware of.

NYSL

I could be mistaken, but I think loan repayment plans count as taxable income. Though making $160K, he might be getting taxed based on $205K of income in this case.
This would be something to look into before signing such a contract.

 

[dawg44]

Yes it is taxable income you have to remember that so you aren't suprised come april 15th.

 

[McDoctor]

Yes it is taxable income you have to remember that so you aren't suprised come april 15th.

Thats what I thought.

So how is there any advantage or benefit to having loan repayment in your contract? I'd rather have the money and determine the rate of repayment myself.

 

[Son of a Sailor]

Because it's free money. I am assuming you are regarding the tax on the income, but unless the tax rate is 100% it works in your favor. Also, student loan interest is tax deductible.

 

[OrnotMajestic]

Thats what I thought.

So how is there any advantage or benefit to having loan repayment in your contract? I'd rather have the money and determine the rate of repayment myself.

If you do loan repayment plans in North Carolina, they work it out so that it's tax free (from what I've read) for state tax. Better than nothing.