Trying not to worry about tuition.

[99445]

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Hi all,

I've been accepted to LECOM, turned down an acceptance from UNECOM, hearing from NYIT-COM hopefully this week. I'd choose NYIT over LECOM, but the high cost is holding me back. However, I've recently learned about loan repayment programs. I know someone who just finished residency and got a job that agreed to pay their loans for a three year commitment. How common is this?

 

[chizledfrmstone]

3 years!?

 

[cabinbuilder]

It is common but in return your overall take home salary will be lower than usual. All depends on the location and the contract. I went to LECOM, my student loans were 220K. I was able to consolidate to low interest 3%. I was able to defer payments through residency (net sure if you can still do that).
My monthly payments = 1.5 days pay.

 

[chizledfrmstone]

It is common but in return your overall take home salary will be lower than usual. All depends on the location and the contract. I went to LECOM, my student loans were 220K. I was able to consolidate to low interest 3%. I was able to defer payments through residency (net sure if you can still do that).
My monthly payments = 1.5 days pay.

If you don't mind me asking, why was your student debt so high? That was like almost 15 years ago so I would have thought tuition was much lower.

 

[baxt1412]

Why are you trying NOT to think about tuition? It should have A LOT to do with your decision unless you're sitting on hundreds of grand in the bank. There is no guarantee such a program will be around when you graduate or things may fall through. Or you may not qualify for the requirements for that program (there may be a specific selection process/applying, certain residency required, location required that you loathe, etc).

 

[sameharu1991]

Hi all,

I've been accepted to LECOM, turned down an acceptance from UNECOM, hearing from NYIT-COM hopefully this week. I'd choose NYIT over LECOM, but the high cost is holding me back. However, I've recently learned about loan repayment programs. I know someone who just finished residency and got a job that agreed to pay their loans for a three year commitment. How common is this?

There are few state/national programs that ask you to serve in certain areas (mainly rural, underserved areas) for loan forbearance/repayment. I am not sure about non-government related ones. But, I think you need to be careful and learn the conditions of the program. Some people had great experiences and some people not so much (in case as baxt1412 mentioned, things can be drastically different in couple of years), so it might take some effort and time looking into.

There is nothing wrong in wanting to go to a school that you think can help you get to a better place. Even if that means taking on couple more grands a year in loan. It really matters per person.

 

[cabinbuilder]

If you don't mind me asking, why was your student debt so high? That was like almost 15 years ago so I would have thought tuition was much lower.

That's just what it is. No, the tuition wasn't lower. I had to take the max due to family of 4.

 

[j4pac]

As long as you match into residency...and don't get kicked out of residency...you will be able to pay your loans. You don't find many physicians on welfare.

But yeah...if LECOM is significantly cheaper than the other program and you don't find a huge dropoff in education...might as well have that extra cash on the side.