Undergrad Debt....

[Survivior]

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I would like to know those of you who got accepted to med school. What did you do with the debt you had from your undergrad school? did u pay that off before going to med school or what?

Thanks

 

[Ashers]

No, haven't paid it off yet, but since it's consolidated at like 2.75%, I probably won't be paying it off until after I pay off my med school debt since the interest is a lot more.

I also don't have too much undergrad debt thanks to very nice scholarships.

 

[Doctor Bagel]

No, haven't paid it off yet, but since it's consolidated at like 2.75%. I probably won't be paying it off until after I pay off my med school debt since the interest is a lot more.

I also don't have too much undergrad debt thanks to very nice scholarships.

Ditto, except it's all law school debt instead of ugrad debt.

 

[anisocoria]

I've never met someone who's actually paid off their undergraduate debt before medical school. People either have debt that is in deferment, or they start medical school with no debt because of scholarships/parents, etc.

Agree totally, that if debt is ~3% interest, there is no rush to pay it off. Better to apply available funds to ensuring that you don't have credit card debt and to contributing to retirement savings, etc.

 

[lord_jeebus]

It's sitting around accumulating ridiculous interest (mostly private loans unfortunately) and freaking me out

 

[Survivior]

Yeah, I’m worried about how all this will work out. I don’t think I will be able to pay all the undergrad debt within one yr. I’m taking a yr off to work. I have about 50,000 debts to pay after I graduate.

 

[Doctor Bagel]

Yeah, I’m worried about how all this will work out. I don’t think I will be able to pay all the undergrad debt within one yr. I’m taking a yr off to work. I have about 50,000 debts to pay after I graduate.

Unless you make a ton of money, you won't be able to pay that off. Prioritize paying off your debt in this order --

1. credit card debt
2. private loans
3. unsubsidized federal loans
4. subsidized federal loans

And yes, always pay off higher interest loans first. And starting a retirement savings account might not be a bad idea at the expense of paying some of the loans.

 

[Survivior]

Unless you make a ton of money, you won't be able to pay that off. Prioritize paying off your debt in this order --

1. credit card debt
2. private loans
3. unsubsidized federal loans
4. subsidized federal loans

And yes, always pay off higher interest loans first. And starting a retirement savings account might not be a bad idea at the expense of paying some of the loans.

Thanks for the great advice!

 

[MadameLULU]

Moving to fin aid forum