So the verdict is in, my last tuition payment went through. The principle amount I took out over 4 years was $220,480 and with interest it adds up to the $253,818.
I'm just going to count my blessings because the first year I didn't take out any money for living expenses since my ex was working and then second and third year I only took out $5,000. This final year I had to take out the full amount since I'm single. Plus I have no undergrad loans. So it could be worse!
I estimate that I'll pay about $300 per month during residency. I'm trying to decide if I should not pay that during the 6 month grace period and put that amount towards my credit card since that interest rate is higher?
June is going to be a rough month since my loan money will be gone and I won't get paid until July, but I'm excited to get the ball rolling with an actual budget and pay check.
Post by illgetthere on Mar 2, 2015 16:48:22 GMT -5
So 210k was one year? I agree to get the CC taken care of, and yep, it certainly sounds like it could be worse. Congrats on getting through 3 years of school with only 10k in loans.
So 210k was one year? I agree to get the CC taken care of, and yep, it certainly sounds like it could be worse. Congrats on getting through 3 years of school with only 10k in loans.
No the total is for all 4 years. For 2 years I only took out 10k in living expenses and the rest was for tuition, which I think is about 40k. But this year I took out the max amount for living expenses since I'm now single.
It is kind of crazy that I remember back before you went to med school and now you are in residency. Time flies huh?
I know! And the crazy thing is I'm on the 6 year med school plan since I went to South Africa for 19 months. If it weren't for that I'd actually be a doctor half way through my residency.
I spent most of my 20s on MM, started when I was 22 and now am 30. However I don't think I was considered a beebee bride, thank goodness!
Wow, I can't believe you're starting your residency! Congratulations and while the loan total is daunting, you'll be able to handle it, I have no doubt.
So 210k was one year? I agree to get the CC taken care of, and yep, it certainly sounds like it could be worse. Congrats on getting through 3 years of school with only 10k in loans.
No the total is for all 4 years. For 2 years I only took out 10k in living expenses and the rest was for tuition, which I think is about 40k. But this year I took out the max amount for living expenses since I'm now single.
Ohhh, that makes more sense. I thought your total loans each of those two years were 5k. Congrats on getting through the school and starting with a real paycheck and budget!
Post by ae123456789 on Mar 2, 2015 18:35:52 GMT -5
Sorry - at least your earning potential should (hopefully) more than make up for it. I started in the range of $170k for student loans so I have an idea of how you feel. 5 years later they are down to about $55k..... you'll knock them down.
Woohoo for almost being done with school, having a residency lined up, and knowing what you have to tackle. I'm curious, is that for a public or private med school?
Sorry - at least your earning potential should (hopefully) more than make up for it. I started in the range of $170k for student loans so I have an idea of how you feel. 5 years later they are down to about $55k..... you'll knock them down.
Woohoo for almost being done with school, having a residency lined up, and knowing what you have to tackle. I'm curious, is that for a public or private med school?
Sorry - at least your earning potential should (hopefully) more than make up for it. I started in the range of $170k for student loans so I have an idea of how you feel. 5 years later they are down to about $55k..... you'll knock them down.
Wow that's really impressive!
Thanks - unfortunately we let retirement savings lag a bit while doing that, but some of our loans were at really high rates (8-8.5%) so it felt worth it to at least get those paid off fast. Now we will probably pay them at a normal rate for awhile to focus on other priorities.
I was listening to the Dave Ramsey podcast the other day (it's my guilty pleasure, don't judge!) and a mom called in about a son with $150K in student loan debt for an undergrad philosophy degree. In contrast, $210K with an MD sounds very doable!
Ouch. You know, it is sort of amazing to me that there aren't more professional services/advising available to help people manage and aggressively handle SLs (and refi options). For young professionals, it's sometimes the biggest piece of your financial picture!
I think Calvin and I started around $260k-280k, combined after law school. (I mean combined total, not co-signed or anything.) I was too scared of the number to add it all up at the beginning like you just did, to know exactly where we started. That was probably not for the best, because for the first couple years I made the minimum payments and just figured the total was so large that attention spent on it was only going to depress me and make me feel hopeless. Not a great strategy for loan pay off.
Eventually (maybe 5 years ago?) I put it all into Mint and actually started tracking interest rates, balances, etc. I started snowballing them by interest rate, and suddenly I started seeing it as lots of smaller, more attainable pieces instead of a quarter of a million dollar mountain that seemed insurmountable on decidedly M/L COL incomes.
We're down to $160k now, so paid off $100-120k in the last 8 years (mostly in the last ~5 years). It does eventually get better!
Just another "it gets better" voice. I've been paying my loans for about 6.5 years. I graduated with $160K - after next month I'll be down to about $65K.
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