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  1. #1
    Kermit is offline Newbie
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    Paying Off Med School Debt After AUC

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    I was curious for those who are currently at AUC and are in good academic standing and are confident they are going to graduate and pass USMLE, have you started to think about the timeframe that is required to pay off your medical debt?

    For example, if you rack up 250k in debt once you are finished with AUC, and you make $38k per year for three years during residency, following this period how long do you think it will take to pay off your debt? i.e. I will be a <fill in blank> kind of physician and I will make <fill in blank> dollars per year plus <fill in blank> dollars per year moonlightining and if I put <fill in blank> amount of my income towards my debt I can be debt free in <fill in blank> years.

    Have any of you thought through this or is it just too depressing?:P

    Thanks,

    Kermit

  2. #2
    teratos's Avatar
    teratos is offline Jedi Moderator 658 points
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    I'm but an internist, and I'm making the payments on my $200K + loans just fine. I'm also doubling up on my mortgage, maxing out my 401K and managing to buy some stocks. Not really a big problem. G
    AUC Class of '99
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    I may be a jerk, but I'm a Jedi jerk like my father.

    Some say I look like Buzz Lightyear....
    (They're right)

    DISCLAIMER: I have no financial stake in ValueMD, or any medical school.

  3. #3
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    microphage is offline Useless Member 512 points
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    Quote Originally Posted by teratos
    I'm but an internist, and I'm making the payments on my $200K + loans just fine. I'm also doubling up on my mortgage, maxing out my 401K and managing to buy some stocks. Not really a big problem. G
    Don't forget ur Star Wars collection.
    Finally beat Super Mario Bros within 7 mins.

  4. #4
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    stateofequilibrium is offline Super Moderator 6105 points
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    Quote Originally Posted by microphage
    Don't forget ur Star Wars collection.
    And his guns.
    Posterior Fornix.

  5. #5
    teratos's Avatar
    teratos is offline Jedi Moderator 658 points
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    Quote Originally Posted by stateofequilibrium
    And his guns.
    My guns have been good investments. Some have appreciated nicely. I don't have much Star Wars stuff. Never really got into collectables. G
    AUC Class of '99
    Bored certified
    I may be a jerk, but I'm a Jedi jerk like my father.

    Some say I look like Buzz Lightyear....
    (They're right)

    DISCLAIMER: I have no financial stake in ValueMD, or any medical school.

  6. #6
    stateofequilibrium's Avatar
    stateofequilibrium is offline Super Moderator 6105 points
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    Quote Originally Posted by teratos
    My guns have been good investments. Some have appreciated nicely. I don't have much Star Wars stuff. Never really got into collectables. G
    Speaking of which, I used up luggage space to bring and assemble a model of an ISD here on the island. Hahaha

    So you spend money on star wars, guns, computers.. what does your wife get?!!
    Posterior Fornix.

  7. #7
    teratos's Avatar
    teratos is offline Jedi Moderator 658 points
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    Quote Originally Posted by stateofequilibrium
    Speaking of which, I used up luggage space to bring and assemble a model of an ISD here on the island. Hahaha

    So you spend money on star wars, guns, computers.. what does your wife get?!!
    Please recall what she drives.....
    AUC Class of '99
    Bored certified
    I may be a jerk, but I'm a Jedi jerk like my father.

    Some say I look like Buzz Lightyear....
    (They're right)

    DISCLAIMER: I have no financial stake in ValueMD, or any medical school.

  8. #8
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    Macgyver1MD is offline Senior Member 535 points
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    A little math can help.
    Example: 250,000 debit.
    250,000 at 5% interest (probally get lower) = 12,500
    Total Repayment: 262,500 (again saying you don't make any EXTRA payments only 1 month)
    If I recall you can have 20 years to repay this.
    262,500/240 months(20years) = Roughly 1100.00 a month

    Most payment plans don't require to pay until you finish your residency.
    Avg starting pay for an attending: ball park 120,000.00 I think (correct me if im wrong)

    This is not including Moonlighting, or being a Pharmaceutical Stooge at convention=lecture=500.00

    There are many ways to generate "extra income" to pay back your loan quicker. Its all in what you want in life. If you naturally like what your are doing, you will excel and become the BEST. This is not only in medicine, but in any job you want. I will never forget this quote I heard somewhere that I believe with everything I am. "If you find something you love doing, and can be paid for it. You will never have to work a day in your life."
    PGY-Attending Hidden Content FP

  9. #9
    Chianti is offline Senior Member
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    My cousin graduated from Ross 5 years ago.

    He's an IM doc who made $180,000 last year from his 9-5 job and then taking call one night a week and one weekend a month. He graduated with $280,000 in cumulative debt (undergrad and med). His loans will be paid off in 10 years. He has a large house and both he and his wife (a teacher) drive nice cars. He lives very comfortably.

    Point of the story= don't worry. You'll easily pay off your loans.

  10. #10
    jjb1980 is offline Member 510 points
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    Quote Originally Posted by Chianti
    My cousin graduated from Ross 5 years ago.

    He's an IM doc who made $180,000 last year from his 9-5 job and then taking call one night a week and one weekend a month. He graduated with $280,000 in cumulative debt (undergrad and med). His loans will be paid off in 10 years. He has a large house and both he and his wife (a teacher) drive nice cars. He lives very comfortably.

    Point of the story= don't worry. You'll easily pay off your loans.
    As long as you graduate! But that won't be a problem for any of us. . . I hope anyways. . . well, at least I know about myself. . . lol

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