Loan Default

[jacksonhole]

I was wondering what happens to our loans if we don't pass STEP 1 or simply don't get a residency?

What if I get hurt and cannot finish my education. Do the loans get cancelled?

I know that Federal Loans have many ways to pay back loans if one gets hurt or decides to do a different profession.

Does the private loan we get allow us to do these programs, like peace corps or become a teacher and get our loans cancelled?

It seems that many people don't finish medical school and some don't get a residency. How can someone pay back this huge debt?

[icesage]

I was wondering what happens to our loans if we don't pass STEP 1 or simply don't get a residency?

What if I get hurt and cannot finish my education. Do the loans get cancelled?

I know that Federal Loans have many ways to pay back loans if one gets hurt or decides to do a different profession.

Does the private loan we get allow us to do these programs, like peace corps or become a teacher and get our loans cancelled?

It seems that many people don't finish medical school and some don't get a residency. How can someone pay back this huge debt?

You are responsible for your loans unless you die. At the time of your death your co-signer will be responsible for a private loan. You are right...it is a huge debt...so that should be ample motivation to study hard and get a residency. If you can't get a residency, try again for one. Keep trying and if you absolutely cannot get a residency and you are faced with this debt and can find no way of repaying it, best thing to do is kill yourself or win the lottery. So the options are
a) study hard and get a residency
b) win the lottery
c) kill yourself

I think most would agree that a) is definitely the best choice.

[DOCplucinski]

you would have to talk to the loan company that you received your loans from...there are many things in the fine print that you just sign and not realizing what you're signing to.

[jacksonhole]

Studying hard has no bearing on whether a residency wants to hire you. You could have the best credentials and still not get a residency.

Also, a person can get hurt prior to a residency and not work.

The person may not want to work in medicine.

Or the student should never have been accepted into medical school in the first place, but was admitted because they had good credit, not because of ability. The person may have been retarded with just good credit.

[DOCplucinski]

unless you're not being smart about obtaining a residency, like applying for only surgery programs when you clearly don't have the scores

there are programs every year that go unfilled...i have absolutely no worries about getting a residency and if you work hard and do well, you will get a spot somewhere.

[jacksonhole]

I see you have not gone through the residency application process yet. I have. Those unfilled spots are filled in less than 1 hour after they are posted. Most of those spots are already "filled" by the programs before the list becomes available to you. The facts are: 1500 US IMGs and 1000 US grads did not match in 2008. Total 2,500 US citizens. Not to mention thousands of non-us citizens that did not match. It is much harder than you think. Even with all three STEPS passed.

[GodzillaBorland]

I see you have not gone through the residency application process yet. I have. Those unfilled spots are filled in less than 1 hour after they are posted. Most of those spots are already "filled" by the programs before the list becomes available to you. The facts are: 1500 US IMGs and 1000 US grads did not match in 2008. Total 2,500 US citizens. Not to mention thousands of non-us citizens that did not match. It is much harder than you think. Even with all three STEPS passed.

I am sure eventually there will be a match for US Citizens who have passed all 3 steps. Can't they build up credentials volunteering at clinics/hospitals etc?

Anyway what is plan B - go to a teaching job at a medical university or hospital. I heard the pay is not bad there.

[jeraldeckman]

I see you have not gone through the residency application process yet. I have. Those unfilled spots are filled in less than 1 hour after they are posted. Most of those spots are already "filled" by the programs before the list becomes available to you. The facts are: 1500 US IMGs and 1000 US grads did not match in 2008. Total 2,500 US citizens. Not to mention thousands of non-us citizens that did not match. It is much harder than you think. Even with all three STEPS passed.


I love doomsayers like you... yeah 2500 go unmatched... and why do you think that is??? Any idea? Possibly due to circumstances that you are unaware of, such as poor scores, poor experience, or inability to prove that they deserve a residency...

[DOCplucinski]

i'm a little confused, you say "i'm wondering what happens to our loans when we don't pass the step" but you say you have gone through the residency application process...?