I'm a 24 years old who will be starting medical school soon. I'm fortunate enough to have 170k in savings, but because I'm the resident of a state without any public medical schools it looks as if I will be paying out 280-300k for medical school (which includes cost of living for those 4 years). If you could give me any insights as to how to best manage my current money to minimize my loan repayment time it would be greatly appreciated.
Because I graduated college early and have worked in clinical care/research for the last few years, I feel with reasonable certainty that I will go into one of two related sub-specialties. Of course this is subject to change once I start rotations, but these specialties are not all that competitive and I have >6 years of experience in them, so I feel reasonably certain I will pursue and end up in one of the two. Thus, my plans would be 6-8 years of residency/fellowship, followed by an estimated attending salary of between 200-400k/year. To be conservative, I would like an idea of what a plan would look like based off of something like 7 years of ~50k/yr salary followed by a 200k attending salary.
P.S. I also have a relatively new car (very reliable model) that should be good for at least the next ~6 years. Also, just to be completely clear, I do not currently have any debts of any kind.
Thank you so much for your insights!
Because I graduated college early and have worked in clinical care/research for the last few years, I feel with reasonable certainty that I will go into one of two related sub-specialties. Of course this is subject to change once I start rotations, but these specialties are not all that competitive and I have >6 years of experience in them, so I feel reasonably certain I will pursue and end up in one of the two. Thus, my plans would be 6-8 years of residency/fellowship, followed by an estimated attending salary of between 200-400k/year. To be conservative, I would like an idea of what a plan would look like based off of something like 7 years of ~50k/yr salary followed by a 200k attending salary.
P.S. I also have a relatively new car (very reliable model) that should be good for at least the next ~6 years. Also, just to be completely clear, I do not currently have any debts of any kind.
Thank you so much for your insights!
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