winterallsummer Posted November 4, 2011 Share Posted November 4, 2011 Hello, I am sitting on around 50K of undergrad debt and expect PA school to cost me somewhere around 100-120K. Can anyone in different or similar shoes tell me how long it takes to pay off the debt? Or how much you pay per month? Thanks in advance as always. Link to comment Share on other sites More sharing options...
mstarks42 Posted November 4, 2011 Share Posted November 4, 2011 +1! I'd love to hear a response. I'm in almost exactly the same boat with the same figures. I know it's worth it in the end, but being 165k down has me a little shell shocked! Link to comment Share on other sites More sharing options...
Moderator ventana Posted November 5, 2011 Moderator Share Posted November 5, 2011 20 years. Consolidated Debt loan repayment is pretty attractive if u have huge loans Link to comment Share on other sites More sharing options...
HopefulPA Posted November 5, 2011 Share Posted November 5, 2011 As far as the debt after graduation this is what I did: During PA school I was probably had reduced my living expenses to about 25K/yr. Once I graduated and started working said I would try to keep to that same budget (well maybe I went up to 30K/yr I went on a trip, bought a nice TV etc... ) I kept a roommate. But I did not buy a house, new car etc. Trust me that first job you are still learning allot and it will go by pretty fast (when you get in PA school you'll see how fast it goes by). But after a year 1 year you should be able to pay off at least 40% of you school loans. So some food for thought? Would I preferred no roommate, more vacations etc.... sure but the 1 yr went by fast and I don't have a big debt hanging over my head. Owe 100K PA school debt. Earning 80 K living expenses=30K That is 50K that could go toward that debt. Keep in mind if you pick up a contingent side gig that first year (3-4 shifts a month ~20k/yr) and you can lower that debt number even more and you were doing what during rotations 60-80 hrs a week???? So maintain your same budget and hours in the hospital/clinic for just one more year and the debt will melt away. Link to comment Share on other sites More sharing options...
HopefulPA Posted November 5, 2011 Share Posted November 5, 2011 BTW- I paid off my PA student loans in 1 yr but only had less debt than you. Link to comment Share on other sites More sharing options...
alleycat Posted November 5, 2011 Share Posted November 5, 2011 I had paid my undergrad loans off many years prior to PA prog. took 2 1/2 yrs to get prereqs + program = 156,000 in debt. I paid off all friends and family first, about 18,000. and paid 800 a month at same time on commerial bank graduate loan of 42,000 principal, and the Feds 87,000 principal. I still owe over 100,000 on these latter two. my last payment to the Fed will take place the year I turn 90 years old. I suggest you enroll in NHSC, either upfront as scholar or in a loan repayment work location. I have never lived large since graduation. good luck.:heheh: Link to comment Share on other sites More sharing options...
TXPA23 Posted November 5, 2011 Share Posted November 5, 2011 I have 75 thousand in debt...two loans: one at 6% and the other at 6.25%...my plan: 1700 a month for 4 years. The minimums on the loans are 200 and 515 for 10 years. I still go on vacations and bought myself that sports car that I always wanted, but I take a lot of extra shifts! Link to comment Share on other sites More sharing options...
mainiac Posted November 5, 2011 Share Posted November 5, 2011 I had paid my undergrad loans off many years prior to PA prog. took 2 1/2 yrs to get prereqs + program = 156,000 in debt. I paid off all friends and family first, about 18,000. and paid 800 a month at same time on commerial bank graduate loan of 42,000 principal, and the Feds 87,000 principal. I still owe over 100,000 on these latter two. my last payment to the Fed will take place the year I turn 90 years old. I suggest you enroll in NHSC, either upfront as scholar or in a loan repayment work location. I have never lived large since graduation. good luck.:heheh: I'd agree! I pay about 1600/mo for my loans & unfortunately I still owe my undergrad. (not included)I t makes it tough to survive without a S.O. or a 2nd job! When I went to PA school, I knew the debt would be heavy, however I didn't care! Now I just have to pay! Hopefully I can manage an increase in salary. Cause I do wanna go on Vacation! I did buy a new car 2 years ago; as mine was 8 years old & on its last leg; but practical, good gas mileage, no sport car in the budget... Link to comment Share on other sites More sharing options...
winterallsummer Posted November 5, 2011 Author Share Posted November 5, 2011 Thanks for the advice, keep it coming please. Yes I am definitely going to try to do the 3 year 100K loan repayment but I also know it is highly competitive. For those of you paying long term (i.e. til 90 years old) how much do you pay a month? Link to comment Share on other sites More sharing options...
quarternote Posted November 5, 2011 Share Posted November 5, 2011 My loans were 65k. 30 yr repayment is 600 a month. Good luck! Link to comment Share on other sites More sharing options...
Guest Paula Posted November 6, 2011 Share Posted November 6, 2011 My debt was only $23,000. I paid for school with some cash and a few scholarships. My program was a B.S. and tuition was affordable then, in 2001. I worked in an under served rural area and applied for a state payback loan for a 3 year commitment. The state paid 75% of my loan so it was paid off in the three years. If you live in a state or near an Indian Health facility that offers loan payback, go for it. I am still working in a rural and underserved tribal clinic. The rewards are great. Now, I am just starting my Master's, paying for it with some CME money and savings. The cost is about $10,000 and I won't take out a loan. Link to comment Share on other sites More sharing options...
winterallsummer Posted November 6, 2011 Author Share Posted November 6, 2011 Ideally I would like to do the HRSA for 2 years, that's 60K. I can live on 40K a year for two years, so that's 80K... 140 total. Which maybe pays me off or leaves me with ~30K which I can then knock out in 3 years. How competitive is the HRSA loan repayment program? How competitive is it if you are willing to move to any major city (not the boonies though)? Link to comment Share on other sites More sharing options...
dhageremtp Posted November 7, 2011 Share Posted November 7, 2011 Four words...National Health Service Corps Link to comment Share on other sites More sharing options...
winterallsummer Posted November 8, 2011 Author Share Posted November 8, 2011 HRSA is the same as NHSC, no? Looks the same to me. Are there any other non military loan repayment programs? Link to comment Share on other sites More sharing options...
brazilbrowneyes Posted November 8, 2011 Share Posted November 8, 2011 I second that question and wonder if it would be tactful to send out a letter of interest to prospective sites (NHSC) even if they don't have a CURRENT position available. There's only 17 available CURRENTLY in the whole nation, but I won't graduate until a year from now. NHSC is first priority, but things aren't looking good... Link to comment Share on other sites More sharing options...
alleycat Posted November 25, 2011 Share Posted November 25, 2011 $800/mo:sadface: Link to comment Share on other sites More sharing options...
KMD16 Posted November 27, 2011 Share Posted November 27, 2011 HRSA is the same as NHSC, no? Looks the same to me. Are there any other non military loan repayment programs? Yes. They're the same. Link to comment Share on other sites More sharing options...
dhageremtp Posted December 7, 2011 Share Posted December 7, 2011 HRSA - Health Resources and Services Administration (HRSA) NHSC - National Health Service Corp The NHSC is a Federal government program that is part of the U.S. Department of Health and Human Services (DHHS). Specifically, the Corps is administered by the Health Resources and Services Administration (HRSA), Bureau of Clinician Recruitment and Service (BCRS). There are more than 17 NHSC jobs available. Follow this link: http://nhscjobs.hrsa.gov/Search_HPOL.aspx Search for the loan repayor sites. You will find lots of sites, some in good locations, some in less desirable locations. The choice is up to you. The loan money is on top of your negotiated salary. For me I make 85k base salary + call time on top of the 60k for loan repayment for two years. I plan to resign on for another contract year and have my entire student loans, undergrad and PA school, paid for in 3 years. Link to comment Share on other sites More sharing options...
xxbowiexx Posted December 7, 2011 Share Posted December 7, 2011 I graduated with ~50k in loans. Undergrad loans already paid off. I'm planning to pay off all of my loans in 1-2 years. Started from August of this year till now i've put nearly 15K in and owe 36-37K. Maybe by this time next year i will have most of it paid off. Then, onto house payment. :) Link to comment Share on other sites More sharing options...
brazilbrowneyes Posted December 8, 2011 Share Posted December 8, 2011 HRSA - Health Resources and Services Administration (HRSA)NHSC - National Health Service Corp The NHSC is a Federal government program that is part of the U.S. Department of Health and Human Services (DHHS). Specifically, the Corps is administered by the Health Resources and Services Administration (HRSA), Bureau of Clinician Recruitment and Service (BCRS). There are more than 17 NHSC jobs available. Follow this link: http://nhscjobs.hrsa.gov/Search_HPOL.aspx Search for the loan repayor sites. You will find lots of sites, some in good locations, some in less desirable locations. The choice is up to you. The loan money is on top of your negotiated salary. For me I make 85k base salary + call time on top of the 60k for loan repayment for two years. I plan to resign on for another contract year and have my entire student loans, undergrad and PA school, paid for in 3 years. Well, the day that I made this post there were 17 OPEN (not "approved sites", but sites that actually had openings) spots. Today there are 31. In case you don't believe me: 1. Alaska- 2 jobs 2. Arizona- 1 job 3. California (northern)- 2 4. Connecticut- 1 5. Florida- 2 6. Georgia- 2 7. Hawaii- 1 8. Kentucky- 3 9. Michigan- 1 10. New Mexico- 1 11. New York- 2 12. North Carolina-2 13. Oklahoma- 4 14. South Dakota- 1 15. Texas- 4 (1 in San Antonio, 3 on the border of Mexico, Texas, and New Mexico...SCARY. I'd rather NOT have loan repayment than relocate my family there). So yes, I went state by state and that's the entire market (as far as NHSC) is concerned. It'll be tough as a new grad to get what you currently have (which would be our DREAM option) of $85K plus NHSC. But again, doesn't look good. Link to comment Share on other sites More sharing options...
olsambo Posted December 8, 2011 Share Posted December 8, 2011 What about taxes? 80k means you go home with 50-55k right? Or are there some breaks for paying back loans? Link to comment Share on other sites More sharing options...
Hoosier1 Posted December 8, 2011 Share Posted December 8, 2011 Also investigate other forgiveness options. I believe there is one that will forgive your loans after 10 years if you work for a non-profit. You need to make the payments for those 10 years. There are also other goverment programs like the income contingent payment plan. Your monthly payment is based off a percentage of your income and after 20 years any remaining balance is forgiven. Link to comment Share on other sites More sharing options...
winterallsummer Posted December 8, 2011 Author Share Posted December 8, 2011 The one difference between most of you guys and me is amount of debt (some of you are up there with me). I worked full time (never less than 36 hours a week) all through undergrad and did my first year and a half at a community college. Unfortunately I had to take summer classes each semester, coupled with no financial help whatsoever... so I owe 60-80K (gotta find the exact number because many are in PLUS loans), even living very modestly. Such is life. For PA school I am debating between two places I was lucky enough to get in, one in Philly and 60K, the other in NYC and 80K. How much would you let the money in this situation influence your decision? Selling my car sort of balances out, but the end result is I will probably owe around 200K when everything is said and done and you count undergrad with PA. I would love to pay it off within 5 years (I think that's reasonable). Are there jobs that offer loan repayment? i.e. 80K salary and say 20K repaid each year? I too am worried that NHSC is so competitive, I cannot rely on it. My plan is to live on 40K/year and pick up an extra gig. If I can get loan repayment on top of that through my work I may be able to get rid of the debt sooner than later! What do you guys think? Thanks again for everyone who has offered advice. Link to comment Share on other sites More sharing options...
Chica724 Posted December 10, 2011 Share Posted December 10, 2011 So I was lucky in that my parents paid my entire undergrad...so went into PA school with zero debt (no credit card debt, education loans, car loans, nothing.) I went to a private school for PA school and graduated in Dec. 2009 with about 110K in debt with varying interest rates from 5% up to 8.5%. So 10k of that is perkins loan which gets cancelled over 5 years as long as you work full time as a PA for 5 years. So that left me with 100k. I started paying my loans off while being very frugal right after I graduated since I started working right away, but my father was appalled at the 8.5% interest rate that I had for some of my loans and took out a line of credit on his house for 70k at 4.3%. So I paid 70k to the loan companies and now I pay my father $2020 a month for three years (this gets taken out monthly from his bank account.) My last and final loan payment to my father will be in May 2013. I also still had a bit over 7k left by the time we did this with the loan companies. So my boyfriend gave me 7k to pay back to him at of coarse 0% interest and I made the last payment to him this month. So that means I would have paid off a bit more than 100K (due to interest) in 3.5 years after graduating. If I had gone to a public school, I would be debt free already since that would have only cost me about 60k total. I make a bit over 90K a year after bonuses and after taxes only take home a bit over 60k. So the only way to pay my dad $2020 a month is to be frugal. Even while paying my loans off in 3.5 years after graduation with the new 4.3% interest rate, I calculated I will still pay a whopping $14k in interest for all of it in the end. That's enough to buy a car! Link to comment Share on other sites More sharing options...
Dan Kemp Posted December 11, 2011 Share Posted December 11, 2011 I'll have 70-80k when I graduate and I have every intention of paying it back in 2 or 3 years. I certainly won't let it take longer than 5. My current housing arrangement costs me about 6,000 a year and I will be staying here until it's all paid back. Link to comment Share on other sites More sharing options...
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