Residencies and money

[nd_dpt]

What are y'all's opinions on doing a residency when you have a large amount of student loans? I know that the loans can be deferred while you're doing the residency, but the interest is still going to build. I feel like if I don't get a residency where I can live at home with my mom, I can't afford an apartment and living expenses while still making payments on interest.

(I have loans from undergrad and PT school, so it's a large amount of debt)

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[DopaMiners]

What are y'all's opinions on doing a residency when you have a large amount of student loans? I know that the loans can be deferred while you're doing the residency, but the interest is still going to build. I feel like if I don't get a residency where I can live at home with my mom, I can't afford an apartment and living expenses while still making payments on interest.

(I have loans from undergrad and PT school, so it's a large amount of debt)

If you look at it purely from a salary perspective, you are in a position of power with a board certification and can potentially earn a better salary faster.

The year is going to be rough on that end. However if you’re serious about a specialty, you will learn and be exposed to more than you possibly would in most jobs.

I, myself, couldn’t find an open neuro job near me when I graduated. A residency would have served as a way to set myself to move back to the area afterward (no residencies locally) with a more marketable CV.

Residencies are for long term thinkers IMO. We are actually going to interview our NCS resident tomorrow (she just passed her final competency) to discuss our stances on residency (I’m a mentor), pros/cons, struggles of surviving on a reduced salary, etc.

Look for a new episode of Rehab Real Talk to pop up on iTunes and SoundCloud in the next week. It’ll be Episode 03 - Dr. Katie St. Clair. Hope that can provide some more first hand insight!

 

[Sheldon]

I did a residency with a large amount of loans. The desire to get better and play the long-term outweighed the anxiety about loans. Do it while the desire is there. Good luck!

 

[noyceguy]

What are y'all's opinions on doing a residency when you have a large amount of student loans? I know that the loans can be deferred while you're doing the residency, but the interest is still going to build. I feel like if I don't get a residency where I can live at home with my mom, I can't afford an apartment and living expenses while still making payments on interest.

(I have loans from undergrad and PT school, so it's a large amount of debt)

If you have a large amount of debt, then you have yourself a financial emergency. You are broke. I do not recommend that you do a residency and earn a low salary at this time. Instead, you need to work more and pay off this debt burden.

 

[DopaMiners]

If you have a large amount of debt, then you have yourself a financial emergency. You are broke. I do not recommend that you do a residency and earn a low salary at this time. Instead, you need to work more and pay off this debt burden.

Not saying it's a drop in a bucket, but don't ignore the earning potential and your marketability as a board certified specialist. Kind of depends if you're thinking job or you're thinking career, as cliche as that may sound.