Hey everyone,
I'm an M2 at a very expensive school for OOS (~95K/yr COA) and have been building out a loan spreadsheet to really figure out what the damage will be. I have no way of reducing my loans unless I get a bunch of scholarships or get some sort of windfall (both very unlikely). I don't think PSLF will apply here as most physician incomes are too high to qualify now with a 20-year repayment. I'm a little freaked out by the numbers and hoping to get some input as to how I should prioritize to try and keep this large sum in check. Key numbers:
Total med school disbursements: $360K
Average loan interest rate: 5.94%
Total loan value at graduation: $409K
Total payment needed to keep the 409K from growing during residency: ~$2,000/mo
With IBR (~$300/mo), value as a PGY-3: $477K
With IBR (~$300/mo), value as a PGY-5: $529K
With such large sums, should I be dissuaded from certain specialties? I'm interested in EM and the surgical subs, but am too far out to really know what I'll end up doing.
My plan so far is to try and do residency in a Low cost of living area so I can maximize my IBR payments. Once an attending, refinance and aggressively pay down while still living like a resident. Besides looking for employers who offer loan assistance or sign-on bonuses, are there loan forgiveness programs to look at? I'd ideally end up in the West and don't mind being rural, if that matters. Do residents outside of IM or EM moonlight?
I'm an M2 at a very expensive school for OOS (~95K/yr COA) and have been building out a loan spreadsheet to really figure out what the damage will be. I have no way of reducing my loans unless I get a bunch of scholarships or get some sort of windfall (both very unlikely). I don't think PSLF will apply here as most physician incomes are too high to qualify now with a 20-year repayment. I'm a little freaked out by the numbers and hoping to get some input as to how I should prioritize to try and keep this large sum in check. Key numbers:
Total med school disbursements: $360K
Average loan interest rate: 5.94%
Total loan value at graduation: $409K
Total payment needed to keep the 409K from growing during residency: ~$2,000/mo
With IBR (~$300/mo), value as a PGY-3: $477K
With IBR (~$300/mo), value as a PGY-5: $529K
With such large sums, should I be dissuaded from certain specialties? I'm interested in EM and the surgical subs, but am too far out to really know what I'll end up doing.
My plan so far is to try and do residency in a Low cost of living area so I can maximize my IBR payments. Once an attending, refinance and aggressively pay down while still living like a resident. Besides looking for employers who offer loan assistance or sign-on bonuses, are there loan forgiveness programs to look at? I'd ideally end up in the West and don't mind being rural, if that matters. Do residents outside of IM or EM moonlight?
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