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*Official student loan pay off thread*

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  • surferboymd
    replied
    Today I made my last payment! Been waiting to post this!

    2010 - graduated med school 280k debt
    ​​​2010 - 2015 - IBR through training. Also inherited my wife's graduate school loans 140k
    2016 - 420k in student debt. First job out of fellowship. Refinanced loan since I went private and wouldn't qualify for federal forgiveness.
    2018 - paid off wife's loan first for the psychological benefits. With about 260k left with mine
    March 3, 2021 - done!

    It feels so good to get that burden off the shoulders. To those of you who are in the midst of repaying or getting started, keep at it and stay motivated!

    Leave a comment:


  • SerrateAndDominate
    replied
    Originally posted by burritos View Post

    Woah congrats! Wonder what the longest someone has held their debt? Wife is still paying the minimum on 120k on year 20. I think she's under 10k left. Smaller than some of our cc bills which she pays off in full. Whatever, I don't ask anymore.
    That's playing it safe!

    Congrats to the most recent posters. Both great accomplishments.

    Leave a comment:


  • fatlittlepig
    replied
    Originally posted by Medstud21 View Post
    Have been waiting to post in this thread.

    Just made the last payment on my student loans. $425K. Started paying in August 2019. Took about 18 months. Every single extra dollar went to student debt. Huge relief.
    you really R a stud.

    Leave a comment:


  • burritos
    replied
    Originally posted by Medstud21 View Post
    Have been waiting to post in this thread.

    Just made the last payment on my student loans. $425K. Started paying in August 2019. Took about 18 months. Every single extra dollar went to student debt. Huge relief.
    Woah congrats! Wonder what the longest someone has held their debt? Wife is still paying the minimum on 120k on year 20. I think she's under 10k left. Smaller than some of our cc bills which she pays off in full. Whatever, I don't ask anymore.

    Leave a comment:


  • billy
    replied
    congrats to both of you!

    Leave a comment:


  • Medstud21
    replied
    Have been waiting to post in this thread.

    Just made the last payment on my student loans. $425K. Started paying in August 2019. Took about 18 months. Every single extra dollar went to student debt. Huge relief.

    Leave a comment:


  • centrebaseball
    replied
    I feel like I have been waiting to post here for so long.

    Started out with 177K after finishing med school. Tried to keep up with the interest during residency / fellowship but ended up around 185 after fellowship. Finished my last payment this month (31 months total), as well as 10% on a house and a new truck paid off in full. So happy to have this taken care of and thanks to this community for giving some lessons to follow along the way toward our goals! If only corona hadn't delayed our plans by a few months....

    Leave a comment:


  • TXDoc21
    replied
    Originally posted by Codfish View Post
    Finally paid off my student loans this week. I graduated undergrad debt free, but unfortunately attended an extremely expensive private med school. Original principal was 337K, and total payment amount was 506K (169K interest!) When I took out my loans, the Stafford interest rate was 6.8% and Grad Plus was 8.5%. Crazy. Graduated training in the summer of 2018 and refinanced 455K in October, 2018. Knocked out 466K (with interest) in 26 months.

    I distinctly remember our dean, during orientation, telling us not to worry about the cost of attendance. He literally said we would all be rich doctors and would have no problem paying our loans back. What a joke. In bold letters I wrote "max amount of federal loan $$$" on the top of my loan application. It was monopoly money for 10 years of training. I was fortunate to find WCI in 2018, and it changed my life. No doubt I'd still be on PSLF and living beyond my means had I not found inspiration in this community. Thank you all!
    That is quite the shovel. Bravo!

    Leave a comment:


  • Tim
    replied
    Originally posted by Codfish View Post

    Still renting and definitely behind on retirement. I’ll be closer to the 5 year side of living like a resident for 2-5 years. While paying that loan amount, I couldn’t justify retirement saving beyond my 401k and BDR. Not the choice everyone would make, but it worked for me. Taxable starts next month!
    That is the nice thing about taxable retirement bucket, no rules to follow, catchup on your own timeline.

    Leave a comment:


  • Codfish
    replied
    Originally posted by Tim View Post
    Codfish
    Now the real problem. What are you going to do with $215k new free cash flow? Starts next month. That is bumping $18k/mo. Keep using that shovel. Might need to catch up on retirement savings, but strong work regardless.
    Still renting and definitely behind on retirement. I’ll be closer to the 5 year side of living like a resident for 2-5 years. While paying that loan amount, I couldn’t justify retirement saving beyond my 401k and BDR. Not the choice everyone would make, but it worked for me. Taxable starts next month!

    Leave a comment:


  • Tim
    replied
    Codfish
    Now the real problem. What are you going to do with $215k new free cash flow? Starts next month. That is bumping $18k/mo. Keep using that shovel. Might need to catch up on retirement savings, but strong work regardless.

    Leave a comment:


  • Codfish
    replied
    Finally paid off my student loans this week. I graduated undergrad debt free, but unfortunately attended an extremely expensive private med school. Original principal was 337K, and total payment amount was 506K (169K interest!) When I took out my loans, the Stafford interest rate was 6.8% and Grad Plus was 8.5%. Crazy. Graduated training in the summer of 2018 and refinanced 455K in October, 2018. Knocked out 466K (with interest) in 26 months.

    I distinctly remember our dean, during orientation, telling us not to worry about the cost of attendance. He literally said we would all be rich doctors and would have no problem paying our loans back. What a joke. In bold letters I wrote "max amount of federal loan $$$" on the top of my loan application. It was monopoly money for 10 years of training. I was fortunate to find WCI in 2018, and it changed my life. No doubt I'd still be on PSLF and living beyond my means had I not found inspiration in this community. Thank you all!

    Leave a comment:


  • WorkforFIRE
    replied
    Originally posted by bikesandbeer View Post
    Well submitted the last payment on my student loans today. Feels great. Finished surgical subspecialty training July 2018 with $250k (and two car loans). Today we are debt free besides our mortgage (less than 1x income). Net worth at that time was about 40k (spouse was working). I purposely took a hospital employed job due to higher initial salary and help with loan repayment. Glad I did (especially through the pandemic). Net worth now about $925k! Have learned so much from this website and the podcast and POF. Going to take the kids out for some big chocolate shakes tonight after school!
    yes!!! Well done!

    Leave a comment:


  • Tim
    replied
    bikesandbeer

    beerandshakes sounds like a pandemic winner.
    Congrats.

    Leave a comment:


  • bikesandbeer
    replied
    Well submitted the last payment on my student loans today. Feels great. Finished surgical subspecialty training July 2018 with $250k (and two car loans). Today we are debt free besides our mortgage (less than 1x income). Net worth at that time was about 40k (spouse was working). I purposely took a hospital employed job due to higher initial salary and help with loan repayment. Glad I did (especially through the pandemic). Net worth now about $925k! Have learned so much from this website and the podcast and POF. Going to take the kids out for some big chocolate shakes tonight after school!

    Leave a comment:

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