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Debt Free, so am I leaving money on the table?

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  • Debt Free, so am I leaving money on the table?

    Wife is about to finish Fellowship and has several job offers on the table.  Most of them include a significant amount of Federally backed student loan repayment.  But, we've been good during the residency years and have already paid off all of the med school loans (woohoo!).  Now I'm realizing that we may have left money on the table.  So a stupid thought entered my head:  Is there a way we could take out loan now during Fellowship (like the "residency" loan we took out during the last year of med school) that could be paid back for free via these programs, effectively costing us nothing?  Is there anyway to take advantage of this bonus available to us?  thanks.

  • #2
    Negotiate for a higher salary.

     

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    • #3
      I would count my lucky stars and avoid any debt repayment, new loan shenanigans.

      Do what Joseph said.

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      • #4




        Negotiate for a higher salary.

         
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        Wish we could, but not option here.  Jobs are with gov't or similar NFP hospitals with set salary rates, not private practice (we have some of those offers too, and they're *very* negotiable).  The bonuses are negotiable though, which is what we're doing.  For instance, they offer huge relocation payments, but we're DINKS with no furniture, so our relocation costs will be tiny.  We're working to get the reimbursement changed to a straight signing bonus, which shocked them (ha!) but they're trying to get HR to work with us.

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        • #5
          You have the most flexibility without the debt. It would be foolish to abdicate that position.

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          • #6
            You may have lost a few thousand dollars in potential debt repayment, but you have also lost a lot of stress! On the flip side, what you have gained is freedom and flexibility.

            What if the job doesn't work out? What if the group is corrupt? What if one of your parents gets sick and you have to move? What if you have a special needs child who can only get care in another city? What if? What if? What if?

            If you're locked into a group's loan repayment program, this factors into every decision you make about your future. Without this,  you're free to make the best choice for you and your family.

            Your sacrifices to graduate debt-free will prove to be well worth it. Pat yourself on the back for a job well done.

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            • #7
              Yeah just negotiate for a big signing bonus.  They can split it up over a few years if they are not wanting to give it all to you immediately.

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              • #8
                Thanks for the advice all!  I will stay debt free and stop worrying.

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