January 30, 2004 at 5:41 am #52262
:twocents: Is there any one out there that is afraid of loan repayment once we finish medical school? Please someone tell me it is not as bad as people make it out to be. I just do not want to be a brand new broke physcian with all my assets going to repay this large sum of money. :censored:January 30, 2004 at 6:03 am #52264bekagainParticipant
I share your fear. My parents think debt is a swear word 😮 so I have this about going into debt. It was actually something that kept me from pursuing medicine for awhile because I knew the debt would be avoidable. But the more sure I become about pursuing medicine the more I try not to think about the debt. I am most afraid that I will get throught med school/residency and not want to practice. I have heard about so many people in that position and I always imagine that the worst will happen. :rolleyes: But I am trying to take things one day/week/month/semester at a time and evaluate how much I want to do medicine. I try not to think about the money because it really puts a damper on my excitement. I am way too much of a realist. :boggled:January 30, 2004 at 6:23 am #52265drsoonParticipant
Hi you two- I agree- I just went to my Student Loan Debt managment seminar yesterday- EEEEPPP!
But, here’s one ray of hope that I got from it:
Once we graduate from Med School, there is a 6 month grace period during which we don’t have to pay anything. Then, if you don’t get work right away, or you can’t manage payments because you spent everything moving to the town where you got your dream job :goodvibes: just call your loan company and work out a Forebearance that will extend your Grace period until you can start payments.
It’s not exactly a complete loan waiver- but it’s something!January 30, 2004 at 9:23 am #52267MarilynParticipant
I do think the loan companies are good about forebearance. I know when we couldn’t pay on my husbands student loan one year we just called them and they did a forebearance for a year, it was no big deal at all. But then again it was only for a $2,000 loan….lol
I think (someone correct me if Im wrong) that we have to start paying them back even just a residents making $33K a year. Now that freaks me out.
Both me and my husband take out student loans evry semester and I really dont even like to think about it or know how much we are going to owe. But on the other hand, we make so little money ($20K a year for a family of 4) that we simple could NOT get by without the loans….so I see no choice and just dont worry about paying them back until the time comes. If we didn’t take out the loans I would be working at burger king for $6 hr and not be able to even go to school.
But ya, I do understand your fear.
MarilynJanuary 30, 2004 at 9:34 am #52269PremedRNParticipant
My fear is totally not med school. It is UNDERGRAD!!! Think about it, if one goes to med school and becomes a doc…the debt can be paid, and you still could live comfortably…but if one didnt get in, who has lots of undergrad debt, and couldnt become a doc, they probably will have a harder time paying back the 30-35000 of undergrad while still living comfortably.
I do worry though about being a resident and paying out the ying-yang on such a low salary compared to the debt 😮 but at least it is just a little bit more than a few years, and you can see the light at the end of the tunnel!January 30, 2004 at 4:45 pm #52271AmatallahkParticipant
I too think about the debt and I am only a pre-med with a hefty undergrad student loan (went to a private undergrad school vs a state university). I live on the East coast and a lot of states have agreements that if you practice in their state for a designated period of time (ex 3 years) they will repay a portion of your loan. I don’t know the specefics but maybe you all can look into it…I mean it is another option. Some people are against this idea because it limits where you can practice for a while…but I really don’t mind free money…well technically it’s not free but you get my point. A lot of these programs want you to work in underserved communities, which I don’t mind either because I was born and raised in an extremely underserved community…And just think about it…3 years isn’t that long..some have 2 year agreemements….Check out different states’ website…most states without medical schools offer this type of arrangementJanuary 30, 2004 at 5:54 pm #52273
Thank you for that useful information. I will definetly look into that as one of my options.January 30, 2004 at 7:39 pm #52275PremedRNParticipant
At my state’s med school, there is an oppportunity to sign a contract with Clarion Health that post training you will work for them for 3 years in exchange for payment of med school. This sounds good. The hospital I work at now is a Clarion Health partner. Some other schools may offer this too.January 30, 2004 at 8:05 pm #52277M-AParticipant
I’m currently struggling with my UNDERGRAD student loan debts, which has been a nightmare. But the debt for medical school doesn’t seem as scary, since you know you’ll be able to pay it off someday.
M-AJanuary 30, 2004 at 9:09 pm #52279DrWuStar*Participant
i believe during residency, you can get an “economic hardship” deferrment. i think the criteria is that if loan payments are more than 10% of your income, you can defer. there are also graduated repayment plans where you pay a lower amount for a certain length of time, and then pay slightly higher amounts later. i did this with my undergrad loans, and it was a lifesaver. when my loans first went into repayment, i simply could not keep up. they lowered my monthly payment by about $100 a month, which was a huge help. the idea is that it gives you time to establish yourself and hopefully start making more money. i have found student loan companies to be very understanding and helpful about repayment options, which makes sense when you consider that the longer you stretch out your repayment, the more money they will make off your loan. i get scared about med school debt too, but really, i think we will all be fine.January 31, 2004 at 6:19 am #52281
To all :wave:
I have loans from undergrad. My suggestion to all of you who are new to loans pay the interest if possible when placing the loan on deferment. It goes sky high with all that extra interest :tired: . i learned that part the hard way. :banghead:February 2, 2004 at 7:41 am #52283bltParticipant
I have about $30-35,000 from undergrad. I did 4 years of undergrad and 1 year grad at a private school(in the US). My first year out of school I did AmeriCorps, through which you can earn about $5,000 toward your loans. I consolidated all my undergrad/grad loans and applied my AmeriCorps educational award.
My next payment isn’t due until 2005, but I’m back in school, taking out more money, of course (but school is much less expensive here than in the States, so it won’t add too much to my undergrad debt)…the kicker is that I accrue about $7 in interest charges a DAY!! I try to make some payments as I can, but it’s difficult right now.
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