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taking a Loan of 750 K for residency, is it financially stable.?

Discussion in 'Financial Aid' started by overseas, Mar 25, 2007.

  1. overseas

    overseas Junior Member
    7+ Year Member

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    hi. I just joined for my dental residency which will last for another 3 years. my mama s not rich enough :mad: so i am opting for a loan for paying up the 3 year expenses -75000 dollars .
    Here, in my country the interest rates for educational loans are veryhigher than elsewhere * a staggering 12 % and morever i have to repay it back within 8 years :(

    I am 30 now ,Single & though i finished my dental school 3 years ago, my savings are less just 300 $ as i had to pay off my fathers debt [he expired several years back, leaving out a huge debt] all these time.

    I was planning to invest in stocks/mutual funds/savings, but i dont think it will be ever possible as i goi for my residency program..What i am worried s that after 3 years, I wont be having any savings & the struggle to pay back this huge amount within this short period ....
    I am literally planning to get married only after say 8 years or atleast when i pay up arnd 80 % of my Debt...bythat time i will be in te 40 s......hey guys & gals dont think I am mad nor laugh at me !!! :oops:
    So when shall I start a Family, Kids house , cars & so on...Will it be just a dream after all ...

    How u guys Survived / SUrviving with your School DEBTS.? are u able to live a normal life without tensions ..:oops:

    regards & waiti for replies ,

    joe
     
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  3. overseas

    overseas Junior Member
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    sorry 75 K
     
  4. studentloanman

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    If you don't, your monthly payment on 75k at 6.5% will be about $850 per month. With you will lower your monthly payment to $475 per month. I have a little savings wheel... If you can save $250 per month and make 8% per year, you will have 375k after 30 years... so you can use your savings from consolidating to pay for you loans AND some of your retirement... hopefully that helps a bit. you can always call me at work with any questions. .
     

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