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residency and debt?


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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? 

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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.
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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.

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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.

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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.  

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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.

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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.

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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.

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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.

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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).

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