Hello I am new to the forum and probably like everyone else concerned about my loan repayment options. I have completed my family medicine residency and am completing a sports medicine fellowship by July. My loan status as of now is as follows:
Loan 1: 42K DIRECT SUB CONSOLIDATION LOAN @7.125%
Loan 2: 350K DIRECT UNSUB CONSOLIDATION LOAN @7.125%
By July I will have made roughly 48 on time payments (minus 1 or 2 for forbearance months while renewing my repayment plan). I have had trouble finding positions within sports medicine and am now deciding between the following 2 positions to choose between:
A hospitalist position at a nonprofit hospital which pays 190K yearly
A position in private wound care that pays fee for service with salary fluctuation advertised as 200-300k yearly
The hospitalist position would allow me to continue making PSLF payments and afford me to have investable income
The private position would have me pay down my loan about 100k yearly, live as I am now for 3-4 more years, and allow me to be debt free as soon as possible (I would assume my income would be on the higher end as I'd be working full time).
I know it sounds ridiculous, however I am afraid of what would happen if the PSLF program was to be nullified as my yearly interest would be almost double my yearly payments. For example if the program were to be stopped when I had 1 yr of payments remaining I would have paid about 95K and had about 164K interest accrued in the 5 yrs I would have worked as a hospitalist. That means over a 1/2 million in loans to repay and I'd be 5 yrs older.
I guess my question is how much faith should I put in the PSLF vs finding a for profit job? at what difference in salary does it make financial sense to work for a for profit company and how does one calculate this?
Loan 1: 42K DIRECT SUB CONSOLIDATION LOAN @7.125%
Loan 2: 350K DIRECT UNSUB CONSOLIDATION LOAN @7.125%
By July I will have made roughly 48 on time payments (minus 1 or 2 for forbearance months while renewing my repayment plan). I have had trouble finding positions within sports medicine and am now deciding between the following 2 positions to choose between:
A hospitalist position at a nonprofit hospital which pays 190K yearly
A position in private wound care that pays fee for service with salary fluctuation advertised as 200-300k yearly
The hospitalist position would allow me to continue making PSLF payments and afford me to have investable income
The private position would have me pay down my loan about 100k yearly, live as I am now for 3-4 more years, and allow me to be debt free as soon as possible (I would assume my income would be on the higher end as I'd be working full time).
I know it sounds ridiculous, however I am afraid of what would happen if the PSLF program was to be nullified as my yearly interest would be almost double my yearly payments. For example if the program were to be stopped when I had 1 yr of payments remaining I would have paid about 95K and had about 164K interest accrued in the 5 yrs I would have worked as a hospitalist. That means over a 1/2 million in loans to repay and I'd be 5 yrs older.
I guess my question is how much faith should I put in the PSLF vs finding a for profit job? at what difference in salary does it make financial sense to work for a for profit company and how does one calculate this?
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