Ok this is just a estimate that I did, i am not a math wiz but this is what i came up with..assuming 7.9% interest from healthxpress. please provide input if this is wrong..

1st three semester total (22000/sem) = $66000
Interest 1st yr = $5214
Total after 1st yr = $71214

4th and 5th semester total (18000/sem) = $36000
Interest 2nd yr = $2844
Interest 1st yr = $5626

Total after Basic Sciences = $115684

1st, 2nd, 3rd semester clinical (18000/sem) = $54000
3rd yr + basic sciences total = $169684
Interest on past 3 years = $13405
Total after 3rd year = $183089

Last year clinicals (18000/sem) = $54000
Total from past + last year = $237088
Interest on past 4 years = $18730
Total after 4 years = 255819

1st yr residency deferment interest = $20210
Total after 1st yr residency deferment = $276029
2nd yr residency deferment interest = $21807
Total after 2nd yr residency deferment = $297835
3rd yr residency deferment interest = $23529

Total due after all 7 years = $ 321364
Total you actually recieved = $ 210000
Total you pay in interest during the 7 years = $111364

So after 7 years, hopefully when you can start making enough money to payback your loans you owe a grand total of $321364. From here, depending on how much your payments actually are the interest keeps adding up....

Everyones needs are diffeerent, some may borrow more, some less..but this is what i think an average student would borrow, well atleast me.

Simply rediculus. I wish I had a rich uncle that can pay for me education!!

Please let me know if i did this right, should the interest be more, less?!?

man, using ur numbers a few students should get together combine their resources and become billionaires. Economics man, they suck

__________________
If you piss in your pants, you only stay warm for so long. AKA DO THINGS THE RIGHT WAY

what bothers me is paying close to 200,000 or even more in interest. Does anyone have any tricks they used before/during/after your education?

__________________
Penn State 05'
** Life Science

St. Matthew's University
Class of 2011

Medicine shouldn't be about money.. it is about helping people..

HAHAHA.. That is easy to say when you don't have any loans to pay back.

Interest will kill you with ANY loan you get the rest of your life. That is why it is best to save then pay cash. You save so much more in the long run.

As far as student loans are concerned, yeah.. you are probably right with the numbers. Even if you have $500,000 for your school in the end, they gave you an education that allows you to make as much money (in the US) as you are willing to work for. I had almost $200K in loans from chiro school. I probably paid a little over 50K in interest. I COULD have paid them off in 2-3 years, but didn't. I bought the house, cars, vacations, etc. I did pay them off over 6 years, but of course, that meant paying a lot more in interest. HOWEVER.... I was grossing 400-500K a year, with a net of 200-300K. So.. not a paid investment. Anything that will give you a 100% return, PER YEAR (for as long as you want to work) for what you put in is a good investment in anyone's book.

Since you like numbers, let's do the numbers.. We will look at average Family Medicine salary, let's say...$150K a year. $150K a year (not taking into account average 3% inflation/year) over the course of 15 years (let's say you are older and/or retire early. This is over 2.2 million. So.. even at a 500k payback, you get almost 5 times your investment back. If you look at it with NO interest, it is 10 times your money back. If you realistically look at this.. your average physician (in all areas) makes roughly $200K a year and will work min 20 years. This is a 4 million dollar return. If you pay the loans off quickly, you will be around 300K out of pocket. I will take that investment ANYDAY of the week. If you are a very successful physician, you will make close to a million a year...now.. that is maximizing your investment.

Don't worry about the money.. I will give you two peices of advice that helped me.
1. By Zig Ziglar: "People don't care how much you know.. until they know, how much you care."
2. By best friend's dad: "If you treat every patient that you see, like the person you love most in your life, you will NEVER have to worry about money."

Welcome to the world of economics.. when you buy that 400-600K house... you will pay close to a million for it, if you do it over 30 years. Not including upkeep, remodeling, utilities, etc. The key is.. pay it off as fast as possible to reduce the amount of interest, which will reduce the amount out of pocket in the long run.

__________________
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.

I applied for the health express loan and was approved. now let me ask you guys something..when do I start paying them back? after medical school? or can you start paying them back during your first year of medical school?
how does it go about because I have no idea.

thanks

__________________
University of Florida '06
B.S. Psychology

The key to happiness is having dreams. The key to success is making your dreams come true!

You have achieved success if you have lived well, laughed often and loved much. Happiness is the key to success. If you love what you are doing, you will be successful.

Obstacles don't have to stop you. If you run into a wall, don't turn around and give up. Figure out how to climb it, go through it, or work around it.

And then God said, "Let there be malpractice insurance... "

Too late....

__________________
Everyday I strive to be the person my dog thinks I am.

LMAO

__________________
Everyday I strive to be the person my dog thinks I am.

Khushboo: yes the interest starts adding up the very first year of your loan. This is true with health xpress, dont know about others.

DrJane23: Healthxpress you can pay off at any time, there is no early repayment fees, so they say(?!?). you can start paying off after medical school, or defer them through your residency.

Use as little loans as you possibly can, thats what my motto is.

See you all in september.