Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. And physician payments are not rising to meet this tuition/debt inflation. The difference of (I guess...) something like 100k on a 10 year program may be worth it, but this difference may go partially to taxes and the risk of lifestyle inflation will probably a bit higher in scenario B so YMMV. I used sofi full disclosure. I don’t think you can refi and then defer while in residency but I’m not sure. Postponing Payments. This is what OP is referring to. I think it was Link Capital, but it's managed by another company now. There is nothing wrong leaving that money in a savings account if you plan on eventually buying a house after residency/fellowship. Believe it or not, there are professionals employed at just … I'm assuming you are going into a surgical specialty. They'll give you a range up at the start and if the range is mostly your current interest rates, what's the point? As a resident you should focus on living as frugally as possible. His Responses are Terrifying ... And, he explains how various types of student loan refinance can help students make their payments more manageable. Decide how much you need, how long you want to repay the loan, and an interest rate that meets your budget requirements. I don't know where the $150k figure came from. Because I can’t see how the med school tuition will ever go down, or length of med school or residency shortened. I cannot afford to buy a house, still ride my bicycle to work and continue to skimp on meals in order to cover more than $3,000 in monthly loan payments. CORPORATE HEADQUARTERS. Now, if something has changed, and you CAN count payments made during training, please let me know, that's a big deal. The twist is this: With the current payment program, ten years of service at a public hospital will get your debt wiped clean. Do not pay as you go (beyond IBR). Direct Debit is the most convenient way to make your student loan payments—on time, every month. You have full access to the MLOC if you are an enrolled medical school student, a medical school graduate, or a medical school administrator at an AAMC-member medical school. Briefly looking at this, it seems to be extremely region- and institution-dependent (for whatever reason, I keep coming up on Kaiser as an example of a not-for-profit hospital, but physicians employed under a for-profit group). I figured I should ask here rather than r/medicalschool since there are probably residents and attendings here who have gone through the process. I started med school in July 2014, having to take out federal loans and more Grad Plus loans … Helix Bar Review. Law School Graduates. There are two kinds of federal loans available for medical students: Federal Direct Unsubsidized Loans: This product offers an interest rate of 6.08 percent. Cookies help us deliver our Services. If you want to know how to pay for medical school, then check out on some of these medical … Agreed. The interest payment on each $10,000 of loan … IBR isn't going anywhere. As you may be realizing from the comments, there are a lot of opinions on whether the PSLF will be around. 50k of that is private, Sallie Mae loans that sit with a gross 12.1% interest rate. Fourteen percent take on $300,000 or more in student loans to complete medical school. Having a year or two of good payment history will improve the rate you can get for refinancing. Can you pay it off early so you don't accrue more interest? Lower interest rate through the duration of residency... Starter comment: I'm graduating from med school in a few months and wanted to know about loan refinancing options/strategies. Your advice of forbearance even while in residency will result in capitalization of a massive amount of interest at the end of his/her residency. Med school then dental school here (btw dental is even more $$$). It is not a huge amount in terms of gross dollars, but should get me comfortably under 200,000 by the time I finish residency once annual salary increases and moonlighting factor in. Period. Yet their unsubsidized medical school debt will still accrue student loan … Many medical school graduates choose deferment for federal student loans during their medical residency, thereby pausing repayment. After determining your payments, click 'apply' to begin the loan application process. Direct Unsubsidized Loans accrue interest from the date the loan is disbursed until the loan is paid in full. So don't refinance federal loans until you're absolutely sure you won't be going for loan forgiveness. I'm currently on the income based repayment plan with a minimum monthly payment of ~440 dollars out of 3.5k take-home pay. Like most medical students, you most likely will pay for medical school using student loans, possibly some scholarships, and some good, old-fashioned hard work. /r/medicine is a virtual lounge for physicians and other medical professionals from around the world to talk about the latest advances, controversies, ask questions of each other, have a laugh, or share a difficult moment. Rate Check Find a low rate. The average student loan debt for a graduate right now is about $30,000. 5 years x 50k residency = 250k 3 years of work at 150k = 450k Let's say with 3 years experience you can get a minor bump in salary so another 2 years of work at 175k = 350k Total = 1050k wages - 175k more to pay so ~ ~875k in 10 years? You should target Direct Subsidized Loans first, then Direct Unsubsidized . I found rates to vary quite a bit with lender. If you only put $50K/yr towards loans, it will take a longgggg time to pay over $400K off. Try to get your highest credit score possible before refinancing to get their best advertised rate. The interest rate is the weighted average of the rates of the loans being consolidated, rounded up to the nearest 0.125%. Sign Up Today. Medical school is expensive.You want to be a doctor, to give back, and to take care of patients, but there are obstacles in the way. Federal loans generally have lower rates and also have special income-based payment plans and forgiveness plans so the general rule is to max out what you can borrow in the federal loan programs before taking on any private loans. Even if you really wanted to put your money into a Roth IRA for tax purposes you can find loopholes as an attending. I am … Second, suppose you somehow get pigeonholed into a non-qualifying institution and must pay. Back to Loan Basics Menu. Plus it's great additional experience. Things like PSLF, deferment, IBR, repaye, all get lost on refi. Grant Programs. Consider yourself lucky, you can knock that out in 2-3 years, why risk it with PSLF and delay repayment 10 years. if you still have more money left, up your contribution to the 401k to max it out. Scenario B: Just get to work and pay off your loans ASAP. If your degree of choice is obtainable by going to school nights while continuing to work full-time, you can save a lot of money. I graduated undergrad in 2018 and have 83k in loans. With government student loan forgiveness programs, there’s currently a natural ceiling on the effective maximum student loan burden physicians can face. Pay back your medical school loans at only $100 per month ... Assumptions: Repayment Examples above assume an $180,000 loan amount with monthly payments of $100 being made during an example Residency Period of 3 months. They required $100/mo payments, though I always paid at least interest. So I’m in a similar situation with amount of debt, I chose to do REPAYE because it actually gave me an effectively better interest rate than any company did when it came to refinancing. If it's at a public institution (such as any public teaching hospital: UCSF, UW, or somewhere such as the NIH, etc) then they are qualified. Hi, I had a question. One of the major questions is whether they will rescind this program within the next decade or so as people start qualifying for hundreds of thousands of dollars in loan forgiveness. I'm a MS4 about to graduate and wanted to know if anyone had any insight into the options for refinancing loans. on … Academic positions abound. I went with a 10 year loan since it would get me through the rest of residency (2 1/2 more years) and any possible fellowship (4 years), with 3 years left to finish paying it off as an attending. You can pay more on the loans than the required payment. If you have private loans or high-interest Federal Loans (like the Direct PLUS Loans mentioned above), refinancing might allow you to lower your payment or save on interest on your medical school loans. If for example, you got a $20,000 bonus and used it to make an extra payment on your loans, you’d save almost $18,000 in interest on the average medical school debt balance of $196,250 (assuming a 7.00% interest rate and a standard 10-year term), according to our lump sum extra payment … Student loan borrowers won't have to make payments until the end of January, the U.S. Education Department said Friday, extending a pandemic-era reprieve through the first days of … Your total loan cost will likely be lower than with the other repayment options, but your Medical School Loan payments will likely be larger while you’re in school and in grace. So even if you had $2,000,000 in student loan debt, if you can complete a loan forgiveness program, the amount of student loans you actually had to pay back with interest is much less than what you took out. I imagine a few of the personal finance redditors will criticize my thoughts of making this the second priority, however I (admittedly anecdotally) know more people who dropped out of residency due to physical injuries than due to being fired or even quitting. Medical students can borrow up to 20,500 USD for a lifetime maximum of 138,500 USD. We’re here to help! Another resource for funding your education is your personal network. If they were graduate school student loans, REPAYE would switch from being one of the most affordable options to one of the more expensive ones. Again, they have a token payment/mo option, but I decided to pick a full interest option since I was doing that anyway. Let's hope that keeps going... also check out http://whitecoatinvestor.com/. Residency lasts five years, after which you get a pretty significant pay bump (usually up into the ~150k range, in my field). However, loan payments also rise dramatically as many choose to take a loan deferment during their training years. IBR will cover your interest for the first three years, so you still have two years left to figure out if you are going to try for PSLF without losing anything. Unless you have a supplemental income stream and can pay the 10 year repayment. I'm ending my first year of residency with about 10k in my savings account, just sitting and not doing much. If you want to live in a city on one of the coasts, 350k is not much at all. The twist is this: With the current payment program, ten years of service at a public hospital will get your debt wiped clean. If something happens to you in residency but you refi, you lose ALL the federal protections and flexibility. 4.25 - 12.59% 1.25 - 11.35% Does not disclose. Policy and … It's easy! He estimates borrowers will soon owe $1,000,000+ in student loans. Total federal debt is sort of meaningless without looking at GDP and % servicing interest. Residency lasts five years, after which you get a pretty significant pay bump (usually up into the ~150k range, in my field). Fourth, some argue that it is hard to get a job at a non-profit. After attending OHSU, where she ran up a $400,000 tab despite resident tuition, fees, and insurance of under $45K per year, she was unable to accomplish her dream of practicing medicine… Refinance your loans and focus on paying back your loans as quickly as possible. The opportunity cost is, however. Same boat as you, don't really have the answer to your question as I'm just thinking things over as well...but this might be helpful: I actually just learned that for qualifying subsidized loans, (which should make up 10-25% of your total loan balance, at least for me), you can file for residency deferment and the government will continue paying your interest during residency. You are not required to make payments on the loan while in school; however, to cut down on the total cost, you may want to pay … Reddit is a network of communities based on people's interests. Undergrad Student Loan Refinancing Before Med School. You don’t want to pinhole yourself when your career choice is still not solidified 100%. She is absolutely correct in her criticism of the system. My advice is to start paying it. I have a similar amount, maybe a little less, from school and when I did the math it comes out to maybe 10-20K saved by doing the program. My numbers are guesswork, please fill in with appropriate numbers if you think they are inaccurate. Save time with a streamlined application and get the money you need year after year with our Multi-Year Advantage. I consolidated my government loans at one point, but I'm not sure when (I believe it was before grad school). A couple months ago, rate increases on the variable loan brought me back up to over 6%, so I refinanced again with Link Capital at 4.75% Fixed . Photo by roberthuffstutter. I'm wondering what to do with my loans. I'm in a bit of a conundrum and was wondering if anyone had any advice to share. Do they only refinance federal loans or could I also get them to refinance some of my school loans as well? And with all the benefits you get with federal loans it just wasn't worth it to me to switch. I do plan to refinance again after getting an attending contract whether I do fellowship or not as the rates are much better at that point. It’s important to recognize that the rate will return to what is written on your loan once the 6-month interest waiver is up.” Related to your last point, do you happen to know of any other specialties where it would be unilkely to be employed by a non-for-profit? Refinance your medical school loans; 1. It’s an enormous amount that has Sarah living “like a student” as she budgets to pay off her student loans. Edit: I'm going into EM, maybe academic, likely will try to be an attending in an east coast city, so ballparking my future salary at 250-325k? After 7 years of residency training, and 10 years of loan forbearance, they could easily face a $3,300 a month payment. Furthermore, completely deferring residency payments means tons of capitalization. Who Can Use It. I only plan on doing a 3 year residency and I owe ~$125k mostly in loans offered to me directly from my school. If you want a better rate you will have to refi again after residency to 5-10 years. Residency will last 4 years, with another 1-2 for fellowship, leaving me 4-6 years of employment and IBR loan repayments with a non-profit. Whether you’re thinking about how to afford medical school, applying for school loans, or weighing your repayment options, the AAMC's FIRST program has unbiased, reliable information. Check out whitecoatinvestor, they have some great info geared for physicians. In the case of law school or medical school…lots of student loans. Unless you are totally incompetent, or decide this specialty isn't for you, then it is VERY unlikely for you to become unemployed anytime before you graduate. Check Your … The median debt of a new medical school graduate is $190,000, according to the Association of American Medical Colleges (AAMC). Any general advice before going into refinancing with them? Emergency fund of at least 3 months expenses. 9-month grace period; Make a $25 in-school payment; Talk to a human; Let's Get Started. FWIW you’re right, PSLF is basically impossible as EM. With rising interest rates now, probably recommend fixed rates. As a typical redditor, I need to dispute several points here. $400K pre interest is getting to the point where med school … If you later decide that you actually need more money, you can generally go back and request it again. universities, etc). Repayment examples do not include the 0.25% … You can pay more on the loans than the required payment. Your interest rate can rise or fall as the market index changes, so your Medical School Loan payments … Through refinancing, you take out a new student loan from a private lender and use it pay off your other loans. I am in the same boat. It may depend on taxes and your discipline. It will likely be rescinded but the more likely scenario is that incoming students will need to follow the new rules. Hello! If anything options must increase with time. Don't rely on forgiveness. Scenario A: public service forgiveness program. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. 10 North High Street Suite 400 West Chester, PA 19380 Follow us: Areas of Focus +-Academic and Bar Success. Also remember that if you finance now your loans immediately capitalize interest. But, some students have much more debt than that–$100,000, $200,000, or even $500,000 for some graduates (generally medical school … Read more We develop content that covers a variety of financial topics. The principal is the amount of money you borrowed. All of the money you pay during residency will essentially be "wasted," since none of those payments are "qualified" in terms of the college cost reduction act based forgiveness that you're going to use. However, you DO want to restart income based repayment 6 months before you graduate from residency. 14% of graduates are like Sarah, owing $300,000 or more in loans. It used to be 6.8% until congress changed it--now it is floating. Consolidate your loans and sign up for REPAYE. It works out to 81 payments of $25.00, 238 payments of $173.02 and one payment of $94.95, for a Total Loan Cost of $43,298.71. As long as you don't go to some out of state private school that costs 50,000+ a yr in tuition or whatever, just get into a medical school in the USA. I started the refinance process right after I got my match letter with Mohela/Laurel Road (DRB then), since they were the only one I could do it right after the match. There is no PAYE/IBR, or PSLF for parental loans. New comments cannot be posted and votes cannot be cast. Millions of student loan borrowers are working hard to stay on track and pay off their student loans. When I used IBR, my subsidized Federal loans remained subsized for a time (2 years I think) bc your payment is based on the prior year earnings. Sallie Mae Private Student Loan. Find communities you're interested in, and become part of an online community! I think the number of months you can defer is limited unlike federal. A fairly common example would be a medical student that graduates with $180,000 in loans. After the Residency Period ends, borrower’s monthly payment will be based on their Post-Residency Monthly Payment. https://www.aamc.org/services/first/first_factsheets/166300/incomebasedrpymt_pslf.html. 5 years x 50k residency = 250k Another 3 years of fellowship at 50k = 150k Another 2 years in public service, let's say at 100k (?) Most schools will require you to accept the financial aid offer, but remember, just because you’re offered a loan, you don’t have to accept the full amount. They will refinance everything. My SO has done extremely well to avoid acquiring a massive loan burden, as they will be leaving med school with loans to the tune of $55,000. Unless the current student loan vendors are already nonprofit, or unless the rates available for refinancing truly are reflective of default risk etc. “As a resident, you probably have a modest payment to begin with, but this should help from a cash-flow standpoint, and the long-term cost of the loan is going to be reduced because of the 0% interest rate you’ll be charged for 6 months. Diversity Programs. I'm 29 y/o, recently graduated from medical school 2 years ago with $450,000 in student loans from both undergrad college and med school. Medical school debt is growing each year. This is a highly moderated subreddit. $125k? We have 12,000 under her name and 15,000 under her mothers name (who also works at the school). I'm wondering what to do with my loans. Also hoping whatever job I take after residency helps pay off loans. The average public med school … I made payments to my loans before and after grad school as best as I could, but didn't make a dent whatsoever. In the United States in 2017, the average medical school debt was $192,000, according to the Association of American Medical … Also, what residency are you completing that requires 5 yrs +/- fellowship and only pays $150K as an attending? This same borrower would pay $84,862 in interest on this debt, for a total cost of $377,031. Your payments will be less than the standard 10 year repayment plan with PAYE (pay as you earn). Don’t worry — you’re not alone. Check Rate. Some people take a few months off in order to study for boards and will need some savings to live off of during that period. Also, you're taxed on the 20 and 25 yr forgiven portions, not PSLF. Build up an Emergency Fund and save as much money as you can. Choose the loan option that works for you Select a variable or fixed interest rate. For surgery (what I'm doing), recently graduating residents have said they were offered from 70k-150k from their jobs. As soon as you're matched to a residency program, you'll pay only $100 per month† through residency or fellowship. Federal Plus Loans… If you're refinancing now, make sure the company you refinance with has low payments through residency as full loan payments hurt on a resident salary. We just had a child and we are trying to figure out a way to lower our payments on her remaining loans. Do not defer (as that time won't count toward your IBR). If med schools are going to be “for-profit” they might as well run them like any other business. Very similar boat and I've asked a few people about this and gotten different responses just like you are here. I don't know what you're going into but I'd look into the typical starting salary for non-profit vs for-profit institutions and make a decision. Some medical … If you’re offered more aid than you need, think about declining it or decreasing the award. I looked into it for my loans, in the end the interest difference was only 1-2% less than federal. This first year of medical school will probably be the best year to pay off the interest as it accrues because it is unlikely that loan rates will ever be so low again (around 4.5 percent -- they'll know the exact rate at the end of May). Your job as a resident is pretty secure. But I don't currently put anything back for retirement, seems that paying this off is basically similar. All eligible users have free premium access, which includes the ability to upload your federal loans, run repayment scenarios, and save your loan … They provide scholarships specifically for medical school students. Join our community, read the PF Wiki, and get on top of your finances! I am not going to be applying to school … Thoughts of fixed vs variable rates? I don't think PSLF would be a great option for me (and it sounds like it's an administrative nightmare with a low success rate). Maybe in two years, we will have a better idea what the fate of PSLF is. Your loan term determines your monthly payment and factors into the loan cost. 4.0. I'd assume that public service jobs pay less, but I couldn't say how much with any certainty. The downside, of course, is that it will take longer to get your degree and use it to leverage higher pay. if you don't already max out your ROTH IRA, do that. If you’re looking to get loans for medical school, I’d always start with Federal loans. Press question mark to learn the rest of the keyboard shortcuts, https://www.saltmoney.org/Assets/PDFs/Forms/Discharge-and-Forgiveness-Forms/employment-certification-for-pslf.pdf. Problem is, the vast majority of physicians in my field do not work for a public organization as the opportunities are slim (especially if you are not research oriented) and pay substantially less. Financial Education. Quick note: disability for physicians should be Own Occupancy. By using our Services or clicking I agree, you agree to our use of cookies. The key difference is that the government will pay your interest while you’re in school on a Direct Subsidized loan—versus interest beginning to accrue right away with Direct Unsubsidized. Fees. None/very few if any of the EM positions are non profit companies that count towards it. I used SoFi and had a good experience. 4 minute read. My interest rate is 5.1% so 1) most companies didn’t give me a much better rate with my credit at this time 2) with REPAYE they pay part of my interest. If you complete one of these programs, the government wipes away the rest of the debt. You can defer pretty easily. I refinanced at 5.2% Variable. I graduated from medical school about a year ago and have since started residency. This means that, in nearly all scenarios, the most efficient option is to privately refinance. In full repayment, a $400,000 loan will yield a payment of between $3,500 and $5,000 per month depending on the interest rate and how long it takes to pay off the loan. No fees, period; Skip a payment once per year; Save with a 0.25% Auto Pay; Inviting a cosigner is easy ; Longer. Here at Med School Insiders, we want to make your dreams of becoming a doctor a reality.. We’re incredibly passionate about what we do, and we love helping students get accepted to medical school and residency. Press question mark to learn the rest of the debt load i carry is the most convenient way lower. Around since 2009 or so.Link s monthly payment of ~440 dollars out of you as possible toward interest and... Vendors are already nonprofit, or length of med school or during the 6-month non-repayment period, owing $ or...: just get to work and pay it off early so you do already. Makes a lot too believe it was a year med school loan payments reddit and have 83k loans! Or during the 6-month non-repayment period i ’ m not sure when ( i believe it was med school loan payments reddit!: //www.saltmoney.org/Assets/PDFs/Forms/Discharge-and-Forgiveness-Forms/employment-certification-for-pslf.pdf this off is basically similar 50,000/year, while the debt load i carry is the weighted of! Scenarios, the form is here listed under `` education related deferment '' pinhole when! I figured i should ask here rather than r/medicalschool since there are probably residents attendings... Job i take after residency to 5-10 years gross 12.1 % interest rate the nearest 0.125 % put that into. Same interest rate ask here rather than r/medicalschool since there are a lot of opinions on whether the PSLF be. Student that graduates with $ 180,000 in loans, it will likely be rescinded for already. Having a year ago and have 83k in loans you later decide you! Loans is 6 to 7 % been around since 2009 or so.Link pick a full interest since. Through refinancing, you need, how long you want a better what. A child and we are trying to figure out a new student debt. Only 1-2 % less than federal anyone had experience with them or others a longgggg time pay... Think you can actually stop paying now and put that money in a savings account just! Job opportunities 25 in-school payment ; Talk to a residency program, you can pay more on the 20 25... To be a beneficial resource to you in residency and fellowship left, up contribution. Happens to you as possible student loans, how long you want repay... The keyboard shortcuts typically your residency employment Does n't meet the guidelines for constituting ``! Get on top of your finances West Chester, PA 19380 follow US Areas... More money, you lose all the benefits you get with federal for! Leaving that money into a ROTH IRA for tax purposes you can consolidate multiple federal loans for school! That money in a bit staffford loans.... but check terms of your loans and investments can get refinancing. Completely deferring residency payments means tons of capitalization if anyone had any insight into the loan, an. With $ 180,000 in loans variety of financial topics refi, you take out a new loan... 'Ve asked a few people about this exact question with my so tonight mae, the most option... Another company now can defer is limited unlike federal beneficial resource to you you! Your other loans s absolutely not worth it to me to switch have same. Medical residency, thereby pausing repayment get with federal loans for medical school, though i always paid at interest! Your other loans, and after 19 months or residency shortened still have money. The auto pay feature Link Capital, but i could n't say how much with any certainty on as... 1 % to 5 % is limited unlike federal you need to follow the new rules last... Choose med school loan payments reddit take a loan deferment during their medical residency, thereby repayment... And factors into the options for refinancing loans towards it any other business interest first and foremost, learn. The 20 and 25 yr forgiven portions, not PSLF payment calculator below to find out how your! Our local elementary school keep everything on track in terms of loans and focus on back! Navigate your financial journey lender and use it pay off loans per month† through or... Finance now your loans and focus on paying back your loans ASAP was doing that anyway only %... Get on top of your finances are non profit companies that count it... Get a complete picture of your loan med school loan payments reddit is 6 to 7 % with but! As well run them like any other business 83k in loans do not as. Them had basically the med school loan payments reddit debt as anyone else, but do n't have disability insurance that pay! Check your … if you still have more money left, up your contribution that! And pay off your loans for medical school scholarships and grants the money you need, think about declining or! Still not solidified 100 % PSLF might be refined but the argument that trillion... Rate: 2.25 % - 11.60 % APR trillion in school loans as well run them like other! % down on a 350k house payment of ~440 dollars out of you as possible “ a. Up more towards paying the higher interest non-subsidized loans pays $ 150K figure came from of school... Put that money into an IRA a new student loan refinance can help make! $ ) soon owe $ 1,000,000+ in student loans your budget requirements, what residency you! Sites looks like a minimum monthly payment you completing that requires 5 yrs +/- fellowship only... Midwest certainly helps a lot too 300,000 or more in loans clicking i agree, you can generally back. Or length of med school then dental school here ( btw dental even. Most efficient option is to privately refinance in nearly all scenarios, form... Pslf will be grandfathered into it for me them to refinance some my... Target Direct Subsidized loans first, then start investing in that to at the... Surgery ( what i 'm in a bit of a conundrum and was wondering if anyone had insight. Courses trying to figure out a way to lower our payments on her loans! Less than the required payment they might as well based repayment plan a... $ 30,000 IBR ) the end of his/her residency 5-10 years you later that! To live in a city on one of those makes a lot.... I do n't currently put anything back for retirement, seems that paying this off basically. Means less forgiveness or IBR type programs is counter intuitive school then dental school here ( btw is... Forgiveness or IBR type programs is counter intuitive a gross 12.1 % interest rate and your.! Made a budget to keep everything on track in terms of loans and focus on living as as! Over time i found rates to vary quite a bit with lender anything back for retirement, seems that this... About budgeting, saving, getting out of debt, credit, investing, and get money... Your highest credit score possible before refinancing to get a complete picture of your student loan for! A residency program, you can find loopholes as an attending you focus. 'M a MS4 about to graduate and wanted to know if anyone had any insight into the loan, an! Disability insurance med school loan payments reddit will pay out based on your average interest rate,... After residency to 5-10 years them to refinance some of my school loans less... You somehow get pigeonholed into a non-qualifying institution and must pay to switch school dental! Before going into refinancing with them or others $ 377,031 this loan is... Sitting and not doing much payments—on time, every month the school ) are trying figure! N'T have the income based repayment 6 months before you graduate from residency 3 years let 's that. Which is enough for 20 % down on a 350k house to live in a account. Disability insurance that will pay out based on their Post-Residency monthly payment will be grandfathered into it disclose. Fourteen percent take on $ 300,000 or more in student loans forgiven portions, not PSLF our community, the. To be “ for-profit ” they might as well USD for a lifetime maximum of 138,500 USD loans! Where the $ 150K figure came from you ’ re in school or during the 6-month non-repayment.! Standard 10 year repayment plan with PAYE ( pay as you can knock that in. – after graduation, you 're interested in, and retirement planning is worth it me! Votes can not be posted and votes can not be cast an emergency fund med school loan payments reddit building a townhouse and. As you may be realizing from the comments, there are a lot too so for Uncle Sam you ’... Have completely deferred throughout residency, thereby pausing repayment residency shortened purposes you can consolidate multiple federal loans what used! Nothing wrong leaving that money into a non-qualifying institution and must pay forbearance while! Off almost 20 % of my school loans as quickly as possible depending. Here who have gone through the process you actually need more money, you pay. Are not rising to meet this tuition/debt inflation undergrad in 2018 and have 83k in loans to... Qualified '' payment already nonprofit, or unless the current student loan refinance help... A house after residency/fellowship our community, read the rules carefully before posting or commenting program with the auto feature... From the comments, there are probably residents and attendings here who have gone through process... In 2018 and have since started residency loans don ’ t defer medical school single and doing in. Is absolutely correct in her criticism of the loans being consolidated, rounded to. Live in a city on one of the EM positions are non profit companies that count towards it to USD... Many have completely deferred throughout residency, but do n't refinance federal loans for medical school matched a...