How much loan debt do you expect to be behind at graduation?

[Scaredshizzles]

Just curious how much debt most people are under from undergrad and med school by the time they graduate?

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[Perforin]

Would have been even more for me, but I chose my state school. Which I am kind of regretting because I got into a much better school, but stuck with the state one for money purposes.

 

[MilkmanAl]

I actually calculated how much I'll owe after forbearing through residency, and it's somewhere in the mid 400's, but I can't recall the exact number.

 

[Scaredshizzles]

I actually calculated how much I'll owe after forbearing through residency, and it's somewhere in the mid 400's, but I can't recall the exact number.

I meant mainly just the principal and whatever interest if any has accrued during your schooling until anticipated graduation date. The interest that will accrue after med school, depending on how slowly you plan on paying back, is a different issue altogether. I imagine some people will wind up paying upwards of $600,000 when all is said and done.

 

[ZagDoc]

$160,000 at graduation. $310,000 by the time I start paying it back. Ah, 5 year residencies.

 

[searun]

I attend a private school and thanks to some generous financial aid, I will graduate with about $100,000 in debt. I never thought that I would be grateful for being in one hundred grand in debt, but I am.

I plan on paying the interest during my residency and then attacking the debt aggresively after I have completed my residency.

 

[JJMrK]

Do people typically make payments during residency?

 

[gulnosh]

i m in a government medical institution and m paying anual fee equal to nothing.. and yeah no body pays during residency rather they are paid stipends..

 

[JJMrK]

I meant do residents typically make payments on their debt, or is it deferred?

 

[Scaredshizzles]

I meant do residents typically make payments on their debt, or is it deferred?

I imagine it varies considerable between people. If you're trying to support a family on that one salary, it likely will be impossible. In addition, if you are living in a very expensive city, it might not be possible to pay off much. But single persons with reasonable costs of living do make payments, it is definitely worth it if you can. The days of 2% consolidated interest rates are long gone. You're going to be paying the prime rate of 6-7% at least.

 

[WildcatsDoc]

Anywhere from $208k to $315k for medical school in principal, depending on whether I gain IS residency or not (I have a somewhat special situation that will factor into that). I also have a 16k principal from undergrad. I haven't calculated what interests will be, though I do plan on starting to pay in residency if at all possible (moonlighting anyone). I'm slightly scared to calculate interest...

 

[TMP-SMX]

I meant do residents typically make payments on their debt, or is it deferred?

Unless you forbear and want an extreme amount of debt by the time you finish residency you want to make payments. IBR and other payment plans are options but you should definitely take advantage of the student loan interest deduction for payments made. Deferment is a thing of the past.

 

[JJMrK]

Cool, thanks for the answers.

 

[AD28]

you should DEFINITELY pay off loans during residency. just sign up for IBR to make it easier on yourself. unless you absolutely cannot afford to make the $380ish monthly payments under IBR, you'll just be digging yourself a huge hole if you put your loans into forbearance.