Residency Loans??

[Psych2014]

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Have I had my head down for too long? It seemed residency loans were a norm back in 07/08, and obviously we are in a recession/depression/etc., but are there any such animal out there? I'm realizing there's a gap between resident salary and cost of living at some of the places I'm ranking.

Thanks for any ideas.

 

[Psych2014]

Just PM or post below, and I'll get it to you. Basically, several private lenders, one reccomended on UCLA's website, where you pay interest only during residency, then converts to a long term note at end of residency. They are mostly variable interest, limits of 10k/year, another has 35K/year roughly.

 

[babel]

Well, I guess it's good that you found what you were looking for but it sounds a bit scary to me to have to take out loans during residency. Are you supporting a family? What areas of the country are you looking at that would put you in this situation (I'll try to scratch those off my list next year!)?

 

[Psych2014]

Thanks for your concerns babel. It has less to do with area, and more to do with supporting a family of 5. Wherever we go, we'll need supplemental cash flow. It doesn't sound so good, but it's fine. For me, there's more to life than being debt free, or even close. Nobody's upset with my financial status, and I'm doing what I feel God put me here to do, so as I said... It's all good, very good. I am willing to say I may not feel this way about 3-6 years from now, but it's the only road I want and have, so it's irrelevant.

 

[babel]

Well, it certainly sounds like you have a wonderful attitude about the whole thing, so congrats on that! And yeah, supporting a family of 5 on a resident's salary is no joke, I'm sure. I am confident that I can support my single self comfortably (I was supporting myself on roughly a resident's salary right before I started med school), but throwing kids into the mix has got to require some creativity. Keep up the good attitude and hang in there!

 

[Psych2014]

Hey, thanks Babel!! Mid life changes certainly carry their mixed blessings, but again, overall I feel more blessed than mixed, and the learning continues on all levels. I like that.

All the best to you, and enjoy your time immensely.

 

[Psych2014]

I hope these help. The SDN ones are for Oklahoma and connected states only.
http://www.nari-assn.com/benefits.html

http://www.banksnb.com/medical/med_residents/medresidents/residencyfin.asp

http://www.medstudent.ucla.edu/offices/fao/residents/residents/hstaffloans.html