Matte Kudesai

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Path or bust

I like meat
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Attending Physician
Sorry if you know about this already but it looks like we might want to get involved....

Paying back 150K on a resident/fellow salary in the coming economy may be tough...:(


http://www.ama-assn.org/ama/pub/category/print/18024.html
The 20/220 path would be eliminated july 2009 but even then you can still go into forbearance. This is a bad option because interest is capitalized on the principal. Unlike the 20/220 path, with forbearance, subsidized loans will accrue interest. This can turn out to be quite costly. Even then not all of us qualify for the 20/220 pathway as it turns out. You need to have at least $100,000 in loans. :mad:
 
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Matte Kudesai

Matte Kudesai

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You need to have at least $100,000 in loans. :mad:
This is likely the majority of USMD's

The average USGRAD has 140K of debt....

Unless you are MSTP, have generous parents, were ingeniously thrifty at a state school, had serious cash on hand, are an FMG......

Not sure how you can have less than 100k of debt.
 

Path or bust

I like meat
10+ Year Member
Jan 16, 2008
413
20
www.
Status
Attending Physician
This is likely the majority of USMD's

The average USGRAD has 140K of debt....

Unless you are MSTP, have generous parents, were ingeniously thrifty at a state school, had serious cash on hand, are an FMG......

Not sure how you can have less than 100k of debt.


Texas schools have an extremely low tuition (11,000/year). I didn't need to take money out for renting a place for 4 years. Generous scholarships throughout 4 years paid for many things. Hence, the sub 100 club. Many, many, of my classmates from medical school were in a similar situation.
 
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Matte Kudesai

Matte Kudesai

Senior Member
10+ Year Member
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Jun 26, 2004
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Texas schools have an extremely low tuition (11,000/year). I didn't need to take money out for renting a place for 4 years. Generous scholarships throughout 4 years paid for many things. Hence, the sub 100 club. Many, many, of my classmates from medical school were in a similar situation.
Sweet... I am in the same club. Not sure if this is the norm throughout the US. They keep quoting an average of 140K.

I know a few people with close to 200K. Most of these loans should be low interest consolidations(<3%) nowadays... But on a 45K a year salary, depending on where you live and if you have a family... OUCH after 2009!!
 

Path or bust

I like meat
10+ Year Member
Jan 16, 2008
413
20
www.
Status
Attending Physician
Most of these loans should be low interest consolidations(<3%) nowadays... But on a 45K a year salary, depending on where you live and if you have a family... OUCH after 2009!!
Yeah you guys had the nice good rates for loans. It has since changed to 6.89%!!!!!! With no incentives for paying down or consolidating loans.

Things are not looking good for students. Most lenders have bailed out of the lending business because the government has taken incentives away. Schools are having to directly lend to students, cutting the middle man out.