Torshi Posted May 19, 2016 Share Posted May 19, 2016 is anyone able to put a dent in their loans during a residency considering the avg salary across the board? That's my main concern considering it's salary based and the inability to get extra money via pulling extra shifts or doing additional work. I would find the training so beneficial and I'm always looking to learn more, but my concern is still money, more specifically loans.. Curious how everyone goes about it? Link to comment Share on other sites More sharing options...
nds1111 Posted May 19, 2016 Share Posted May 19, 2016 is anyone able to put a dent in their loans during a residency considering the avg salary across the board? That's my main concern considering it's salary based and the inability to get extra money via pulling extra shifts or doing additional work. I would find the training so beneficial and I'm always looking to learn more, but my concern is still money, more specifically loans.. Curious how everyone goes about it? what is the average salary? Always sign up for the IBR. Eventually these mess of loans will be forgiven if you make minimum payments. System can't carry on this way. Link to comment Share on other sites More sharing options...
cop to pa Posted May 19, 2016 Share Posted May 19, 2016 https://studentaid.ed.gov/sa/repay-loans/deferment-forbearance#deferment-eligibility You should qualify for a deferment while in a fellowship/ residency, as long as it's approved. It may be wise to at least to pay the interest while you do so. Link to comment Share on other sites More sharing options...
HMtoPA Posted May 19, 2016 Share Posted May 19, 2016 what is the average salary? Always sign up for the IBR. Eventually these mess of loans will be forgiven if you make minimum payments. System can't carry on this way. Banking on loan forgiveness seems like extraordinarily bad plan. I mean, IBR is a good thing for people who need it, but making minimum payments, accruing ever more interest, and sticking your head in the sand hoping your loans just disappear is foolish. Even more so to suggest that others follow your lead. Link to comment Share on other sites More sharing options...
Moderator LT_Oneal_PAC Posted May 19, 2016 Moderator Share Posted May 19, 2016 Banking on loan forgiveness seems like extraordinarily bad plan. I mean, IBR is a good thing for people who need it, but making minimum payments, accruing ever more interest, and sticking your head in the sand hoping your loans just disappear is foolish. Even more so to suggest that others follow your lead. Agreed. Don't just plan on them disappearing unless you are in an actually program like PSLF, in which case you have to be committed to work for a non-profit (lots of hospitals, but you can't work for team health or whatever other contractor) or government agency for 10 years. Link to comment Share on other sites More sharing options...
fakingpatience Posted May 19, 2016 Share Posted May 19, 2016 At AAPA during the postgraduate talk, the 3 residency directors present said that all the people they knew of that had applied for load deferment during the residency period was granted it Link to comment Share on other sites More sharing options...
Torshi Posted May 19, 2016 Author Share Posted May 19, 2016 does loan deferment include halting interest/loan accruement or no? In other words - will the loan grow in size when "deferring" it for a 12-18 months Link to comment Share on other sites More sharing options...
cop to pa Posted May 19, 2016 Share Posted May 19, 2016 It still accrues interest, you just are not required to make payments. Link to comment Share on other sites More sharing options...
MT2PA Posted May 19, 2016 Share Posted May 19, 2016 does loan deferment include halting interest/loan accruement or no? In other words - will the loan grow in size when "deferring" it for a 12-18 months Pretty much nothing halts interest from accruing. You can defer or go into forbearance and interest will always accrue. Link to comment Share on other sites More sharing options...
tompkbr Posted May 19, 2016 Share Posted May 19, 2016 I'm doing IBR. As mentioned above, deferring will not stop interest from accruing. Better to pay what you can. Link to comment Share on other sites More sharing options...
loliz Posted May 19, 2016 Share Posted May 19, 2016 I just made my tenth student loan payment and I still haven't paid off the interest that accrued while I was in school and during deferment. I can not imagine what amount of money in interest people are racking up by paying the absolute minimum possible in *hopes* that it will be forgiven. You're right nds1111, the system can't carry on this way... there needs to be an expectation that if you borrow money to live on, buy books, iPads, phones, buy cars, etc, you will pay it off. I don't know--- that doesn't actually seem crazy to me. Link to comment Share on other sites More sharing options...
lanime Posted May 20, 2016 Share Posted May 20, 2016 Subsidized loans do not accrue interest while in deferment. Unsubsidized loans always accrue interest... Which are the only loans available to grad students. Link to comment Share on other sites More sharing options...
Torshi Posted May 20, 2016 Author Share Posted May 20, 2016 Ahh... That's the biggest reason for me not to do a residency even though I'd love to learn more in an academic setting. I'm really torn, but now I feel like I could just find a good position as a new grad, work hard & work overtime to pay off loans fast. Link to comment Share on other sites More sharing options...
anewconvert Posted May 21, 2016 Share Posted May 21, 2016 what is the average salary? Always sign up for the IBR. Eventually these mess of loans will be forgiven if you make minimum payments. System can't carry on this way. ...... I thought we'd already covered what a terrible idea this is Link to comment Share on other sites More sharing options...
cinntsp Posted May 22, 2016 Share Posted May 22, 2016 Ahh... That's the biggest reason for me not to do a residency even though I'd love to learn more in an academic setting. I'm really torn, but now I feel like I could just find a good position as a new grad, work hard & work overtime to pay off loans fast. Just pay the interest and you won't having to worry about it compounding. Link to comment Share on other sites More sharing options...
Torshi Posted May 23, 2016 Author Share Posted May 23, 2016 Just pay the interest and you won't having to worry about it compounding. Yea i was thinking of putting down $2-$3K monthly, because most residency salaries I've seen are $54-55 yearly if possible Link to comment Share on other sites More sharing options...
dphy83 Posted May 23, 2016 Share Posted May 23, 2016 That would give you almost nothing to live on, which may work if you are married or have a second income. My best guess would be that about 10k of your salary would go to taxes. I think that paying interest (and maybe not even 100% of the interest) is the most you could hope for during a residency. Link to comment Share on other sites More sharing options...
lanime Posted May 25, 2016 Share Posted May 25, 2016 54k per year is just over 1k per week... Not a lot left over for rent & food if you dedicate that much to student loans. But perhaps you live in a van down by the river (or have other support, in which case I'm guessing you would be less worried about loans and residency salaries). Link to comment Share on other sites More sharing options...
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