Okay I'm back on a computer and now see that your question would depend on the type of repayment plan you choose...namely, the length of repayment period. There are some more calculations to figure in if it's a repayment program that's time-limited or based on income level. Give me some info on how you plan to repay and I'll try to come up with an appropriate update to the spreadsheet.
Here is the updated worksheet with repayment figured in. This assumes you pay off all of the loan in X years (I put 10 in for you but you can change it). Which means no government 'forgiveness' or anything like that. Feel free to change any amounts in green highlighted cells for different scenarios...changing other cells may mess up the formulas.
Are you saying that class of 2018 will be eligible for PSLF regardless what congress do in future budgets...
$3,600/month! This is a heck of a monthly payment...
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As of right now the class of 2018 is safe even in the worst case scenario that the budget had passed. I cannot speak for the class of 2020 or beyond but likely they're going to be fine too. PSLF in its current form will not be around forever but it will probably be around for us the way it is now
Read on advanced maternal age.Plenty of people start families around those ages these days. I wouldn't think anything wrong with that unless you have some type of 1950's attitude about life. If I ever have kids I think I would want to be mid thirties anyways and I'm junior UG applying next cycle. Just so I hopefully have most of my loans paid off making sure to pay off as much as I can.
It's all personal preference, if you think you're too old to be having kids in your early forties, more power to you
I just think it's best to introduce more entropy once you've settled the system down a little bit, but that's just the chemist in me talking.
Indeed it is. Makes sense though if you think about it as essentially a mortgage-sized loan at 1.5x the current mortgage rates and paying it off in 1/3 the time of the typical mortgage.
The republicans will kill that bill.
For someone who is going into primary care, $3,600 might be half of their monthly paycheck for a good 10 years...
After taxes, yes. Can't be in this game for the money anymore. There are much easier ways of making much more money than going into medicine.
Gee! I wonder why I did not think of that.
This would be awesome. There is no reason the student loan rates should be more than a T-note. Even 4.00% is significantly more than the current 10 yr T-note, but re-reading that article it seems like the author was the one who put the 4% figure in the headline...the article never mentioned an exact figure.
Wasn't targeting you specifically, just the general public's perception that physicians are super rich people that have no worries in life.
Let's hope that is the case, but I am not too optimistic about increase in physician compensation with the scrutiny that physicians have been getting from the public lately. Everyone thinks physicians are rich, and CMS releasing Medicare reimbursement to physicians will likely make things worst.
this concept is true if we were talking about a loan that did not have compounding interest that is a higher than the inflation of the dollar. If the interest is higher than the inflation of the dollar it means that over time you will be paying more for your loans compared to the relative value of the dollar. this however is not as true if you are part of a loan forgiveness plan like IBR, PAYE, PSLF, where all of your debt will be forgiven by a set date.
The trouble isn't that this information reveals how much doctors earn. The problem is that it's being released to the public completely out of context. An opthalmologist that has several PAs and NPs billing under him with an office staff of 40 that bills 5 million bucks isn't seeing that as personal income. But the numbers just say the doctor's name and how much they billed, not their net income, so people see them and are like, "oh wow, those doctors are making hundreds of thousands, even millions of dollars in take home pay off of the government! Time to make some cuts!"
I don't see how it benefits either student or government to have such high interest rates. The higher the interest, the more debt the government will have to forgive following IBR/PSLF/PAYE. Even if these programs are gutted, borrowers will still not be able to pay off such ballooning debt and once they die, the state will have no one to pass the buck to and the federal deficit will continue to worsen.
