it all depends...however, what you said is true for FL case. if your property in NYC or SFC is worth a tons!!! currently, the housing mkt in certain areas of FL is tanking the most now and having one of the highest forclosures in the nation...

therefore, it is wise for you to have it sold, if you can make some profits from it to pay off some loans or save it for any emergency...rightly stated, your current life style does not suit your situation, which can rather hinder you in some way.

the private student loan's interest rate is currently about 10%, unless someone tells me i am wrong. if am not mistaken, the total amt of loans will be equal to more than $600,000-$700,000 after 10 yr accumed (principle & interest based on today's 10%).

bear in mind that this is a variable rate that can fluctuate a lot. the republican party has put us into more debts now, so many other countries have owned a lot of US treasury notes & our economy, which in turn can make our interest rate go futher up. there is NO way to convert this to a fix rate loan, since it is NOT a fed loan.

in addition, we have export so much of our labour out to big China & India...which eventualy hurt our dollars...i cannot be here to TEACH a finance and/or economy class, so i can briefly explain to you how this can snow ball itself to a bad economy for the young, and then to the older generations.

if you younger generations cannot do well, i cannot do well, as i need to depend on SOME or NONE of your social security contributions!!!

johnweb is right in many ways; however, you can be a bit patient and gentle w/ the younger, who never worked before and/or did not have concept of loan. it is also your chance to share your knowledge if you choose to write!...we are more mature & made some life for ourselves already, so we can share our experiences w/ our younger students!!

10% is a little high, if you are getting that you need to shop around a little more and maybe look for a worthy co-signer if you can't do it on your own. Private loans should be around 7-8%, those extra 2% will cost you thousands of $$ in the long run. The rate does change, however, it should be the libor itself and we have no control over that, your loan company should not change their own rate.

I agree if you are away, you can't really have property, maintain it, rent it out etc, too much of a hassle especially when you are concentrating on your school. But, if you have a family member, like the previous post mentioned having a sister that lived in the house, took care of it and all, than its well worth it. Especially if that person pays rent which cover some or most of your mortgage...it all comes down to doing some simple math and figuring out if you will come on top or end up losing money..

Its good to atleast think about opportunities and take advantage of them if they suit you. You will be doing this for the rest of your life even as successful doctors. Invest, invest and invest.

I paid off most of my undergrad loans by selling some .com domains I had bought in my high school computer obsessed days. Just happened to be at the right place at the right time and saw the opportunity.

Keep your eyes open, there are plenty of ways to make some money and with a good investment, it really pays off.

hello,
i have not got any student loan for almost 50 yrs. i got jobs & scholarship for my undergrad & graduate school. now, i work for my business while i have been in school to have all paid...i have been already well established in our society...

if you have one, yours is already close to 10%. you should have it checked...

i wrote to share, as my background was in finance & computer for long time. i am still in that field w/ a diff. hat though!

good for you...you already are in the mind of working...

hope this can help...

The loan is close to 10% interest? hmm..please clarify. When a company states that 'Ok, you are approved for 7.9%' is that not the correct amount of interest? Does something else go on top of it? I am no wiz and this is new for me...

My husband and I own a home and he and the kids live there while I am at school. The hard part is I am replacing my lost income from leaving my job for school with extra loan money to make ends meet while I finish school. I will have close to 400K in loans when I start residency. Thats scares the S*** out of me!!! What happens if one of us gets sick or becomes disabled or God forbid I don't get a residency and I have to start paying back those loans with out the benefit of a doctor's salary?! I pray everyday that I am not one of those that doesn't make it!!

Well it scares me too Just makes me believe there is no way back, better make it work doesn't matter what it takes.

Hey Dr.JohnWebb

How hard was it to go back to being a student again? I'm currently a pharmacist who's interested in going back to school...but the thought of living a student's life and getting more debt is stressful... How did you adjust? Thanks.

HAHA.. not that bad. I am enjoying it.. the stress of school is small compared to the stress of work.

If you REALLY want to be a physician.. you will do it and worry about the rest later..

I have a family to raise too...

__________________
John Webb, MS, DC, CCEP, DAAIM, FAAPM
SMU
STUDENT
MD 2010
MBA 2009

A bad day at school is still better than a good day at work.

so well said

the stress from being in wall street as a system programmer for those YOUNG traders was BIG for me. some of them out of TOP US business schools are making over few millions a yr. they were under a lot of pressure, which also passed it on to the IT dept and myself...therefore, compared to the med school, the pressure is DIFFERENT...i have no regret to work first and learned some skills that i have used and also continue using it while i have been in the med school.

i gave up my job for a medical training...bear in mind that never compare the medicine w/ money...then, you will also fall into a trap as many current physicians have done. what you will have spent never can equate to what you are going to make for many of us.

i am sure juni and/or johnwebb will be one of few here to make over 1 million someday...then, this will pay off what you have sacrificed. otherwise, forget about how much you will make as a future physician. also, pray everyday the insurance and political regulations will not change much from now on. however, i am again going to predict that it will have some major changes soon for your time.

we also have a family to raise as well including maintaining both homes in SFC & NYC, in addition to cayman's expenses....

if this is what you want, it can be done...you will have much easier life than many students here who either have NO backgrounds or some...since you have strong backgrounds as a chiro practor or a pharmacist...there, you both have great advantages already in the whole process.

no worry...you will do it!!!

Hey MD777 and DrJohnWebb
Thanks for the responses... U're right about the job stress.... school almost felt like nothing compared to working... Medicine is what I really want to do.... just having a few jitters about the finances and I still owe 119k from pharm school (graduated 4 years ago).... I would love to go to SMU but I live in CA now and would eventually like to practice here...(althought the cost of living here in CA is ridiculous-- as I'm sure MD777 can attest to with that house in SF). Thanks for the advice