I'm so glad I came upon this website. A special thanks to WCI and all the commenters for opening my eyes.
I'm in residency with 2 years total left (this includes a 1 year fellowship). I have $250K, now near $350K with interest, in medschool loans, all government. I'm in the IBR repayment plan (married file sep) with hopes to get payout from PSLF program with nearly 5 years of residency payments under my belt by the time I graduate.
We basically live off of my spouses income and have been saving my residency income for the "in-case" PSLF does not work out or if I get an AWESOME private practive offer of $400,000+ and decide not to stick with PSLF. I use my residency money for just regular living things, cafeteria food when I'm too tired to bring lunch/snacks, clothes when needed (I shop very frugally), and buying things for the kids (we have 4). Our plan for loans is to live similarly off of one income when I'm an attending and pay my loans off within 1.5 years if possible, or stick with PSLF if it's around and functioning and I get an academic job.
That said, ALL that residency money is sitting in a checking out!!! After reading this site, I'm feeling like I should invest it into something that gets some interest, but nothing too risky since I may need all that cash for loans.
Would a savings account or CD be a good option? I was reading about "ladder" CD approach? What would you do with the money? It's to the tune of >90k now.
I'm in residency with 2 years total left (this includes a 1 year fellowship). I have $250K, now near $350K with interest, in medschool loans, all government. I'm in the IBR repayment plan (married file sep) with hopes to get payout from PSLF program with nearly 5 years of residency payments under my belt by the time I graduate.
We basically live off of my spouses income and have been saving my residency income for the "in-case" PSLF does not work out or if I get an AWESOME private practive offer of $400,000+ and decide not to stick with PSLF. I use my residency money for just regular living things, cafeteria food when I'm too tired to bring lunch/snacks, clothes when needed (I shop very frugally), and buying things for the kids (we have 4). Our plan for loans is to live similarly off of one income when I'm an attending and pay my loans off within 1.5 years if possible, or stick with PSLF if it's around and functioning and I get an academic job.
That said, ALL that residency money is sitting in a checking out!!! After reading this site, I'm feeling like I should invest it into something that gets some interest, but nothing too risky since I may need all that cash for loans.
Would a savings account or CD be a good option? I was reading about "ladder" CD approach? What would you do with the money? It's to the tune of >90k now.
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