Hey infohunter,

Thanks....oh the total amount of debt, every person that ever looks at my credit report probably passes out from the pages upon pages of student loans! I know I did the first time....

I can tell you exactly because I just looked at it the other day. I'm about 110,000. Some of my classmates are a bit more because I did not take out all of those extra private loans. That figure accounts only for the stafford subsidized and un-subsidized loans. The average for most students, at least in my class was about 100,000-180,000. I went to ross between 1999-2002 so I don't know how much different it is now. If I was paying my loans back, the total cost per month is about 1200. (hahaha more than my mortgage) But, obviously since I'm a resident and soon to be fellow, that's not going to happen any time soon.

Don't worry about it though, it's sort of the norm. One of those "necessary evils" that most of us endure. That's how I look at it anyway....but ask me again when I start paying it back!

rossgrad:

So we can defer payment till after residency? SWEET!

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MS 3-RUSM
CLASS OF 2009

yea, you can defer, or I would never be posting here, I would be too busy delivering pizzas in mytime off from the hospital!

Jim,
my understanding of deferment is that we can only do it in 12 month increments, not the entire length of our residency. Can you confirm this?

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2006 Basketball National Champions + 2006 Football National Champions + 2007 Basketball National Champions
God must be a Florida Gator fan because everyday at sunset the sky turns orange and blue!!!

Its great to be a Florida Gator!!

the interest rate is a rip off.

can you consolidate loans while in deferment?

yes, you can consolidate only your federal loans like the staffords, not the private loans. Then once you have consolidated, you can defer thoughout residency. Consolidate first then defer.

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2006 Basketball National Champions + 2006 Football National Champions + 2007 Basketball National Champions
God must be a Florida Gator fan because everyday at sunset the sky turns orange and blue!!!

Its great to be a Florida Gator!!

Hey guys,

Yes, you can only defer in 12 month increments. There is two types of deferment, economic hardship...which is can actually be a tough one to get because they only look at your income and your student loan debt, they don't look at every day expenses. (which they should of course) Then you get I believe a maximum of five years for residency/fellowship deferment so....

If you want to do an IM subspeciality ie a total of 6 years after med school like myself, I needed only to qualify for economic hardship for one year then the remaining five years could use the other types of deferment. I did manage to qualify for two years of economic hardship because I am paying off under grad loans, not a lot of money but enough to make me barely qualify.

And yes, you can consolidate while in deferment.

Anyway, that's been my experience. I am by no means an expert and I'm sure there is a lot more information out there. But, it seems anyway that is what myself and the majority of my friends have been doing.

Rossgrad:

Just wondering if you accumulate more debt during residency and fellowships or can you actually live on what they pay you at the hospitals?

Thanks!!

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When you become my age you will realize all of the hard work and studying was worth the effort.
"60 years young" another 60 to go if my doctor sons keep me alive with free prescriptions!!

my loans are all consolidated(well, the fed ones), and at less then 2%. as fro living during residency, well, I have run up other debts...buying a house, and a new car. but I am living VERY confortably. now, I am also not living someplace like california or NYC, so its much cheaper, and My slalary is quite good.

Living VERY comfortably huh?...Is it close to where Ross has their rotations??? Maybe I can stop by???

-Dirt Poor Med Student