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I just graduated from a state med school this past May and am in my internship now. I have been receiving "Quarterly interest statements" from Direct Loans mentioning the total unpaid interest. Mind you, I consolidated all undergrad and med school direct loans under the low rate in July 2006 and took out one more direct loan during my 4th year under the slightly higher fixed rate. No private loans here.
My questions is mainly for residents who are almost finished or attendings/staff/practitioners who just finished residency and are beginning to pay off their student loans:
1. Should I pay off some or all of my unpaid interest now? If so how much,
just enough to get at least the tax refund for interest payments?
2. For those who didn't pay off interest during residency and are paying
their student loans off now as a post-residency grad, did the "increase" in your total loans as a result of capitalized unpaid interest really hurt you financially? If so how?
In regards to my earning potential after residency, according to salary.com, a typical physician in my specialty (PM&R/Physiatry) working in the United States earns a median base salary of $188,508, according to our analysis of data reported by corporate HR departments. Half of the people in this job earn between $168,427 and $205,841.
Note my current loan balance with unpaid interest is BELOW the $168,427 mentioned above. I am also not married without any children.
Appreciate your advice. Thanks!
My questions is mainly for residents who are almost finished or attendings/staff/practitioners who just finished residency and are beginning to pay off their student loans:
1. Should I pay off some or all of my unpaid interest now? If so how much,
just enough to get at least the tax refund for interest payments?
2. For those who didn't pay off interest during residency and are paying
their student loans off now as a post-residency grad, did the "increase" in your total loans as a result of capitalized unpaid interest really hurt you financially? If so how?
In regards to my earning potential after residency, according to salary.com, a typical physician in my specialty (PM&R/Physiatry) working in the United States earns a median base salary of $188,508, according to our analysis of data reported by corporate HR departments. Half of the people in this job earn between $168,427 and $205,841.
Note my current loan balance with unpaid interest is BELOW the $168,427 mentioned above. I am also not married without any children.
Appreciate your advice. Thanks!
