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*Official student loan pay off thread*

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  • Originally posted by Addie View Post
    Since this thread was recently brought up...
    Today I submitted my final loan payment!!!

    32yo FM
    Graduated June 2018
    $13,500 car loan - gone
    $12,500 private loan - gone
    $265,000 student loans - GONE!

    THANK YOU for all the advice and wisdom on this site - so invaluable
    Impressive!

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    • Originally posted by Addie View Post
      Since this thread was recently brought up...
      Today I submitted my final loan payment!!!

      32yo FM
      Graduated June 2018
      $13,500 car loan - gone
      $12,500 private loan - gone
      $265,000 student loans - GONE!

      THANK YOU for all the advice and wisdom on this site - so invaluable
      FM = family medicine?

      If so, need more details as this is incredibly impressive.

      Comment


      • Originally posted by endo4jc View Post

        FM = family medicine?

        If so, need more details as this is incredibly impressive.
        Thank you so much! Yes, family medicine, so I feel fortunate to have been able to pay it off - I was given a copy of the White Coat Investor shortly before graduation and tried to follow the "live like a resident" advice. It was just a combination of moonlighting on weekends/holidays, and trying to live frugally (I unfortunately have an expensive hobby I prioritize so moved to a LCOL area so I could continue to afford to do that).

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        • Officially submitted final payment this morning. Between my wife and I, we started at about $450k of student loans, and I will be 2 years out of fellowship next month. Thanks to WCI and this community for being a great resource and source of inspiration/motivation!



          Comment


          • Originally posted by Addie View Post
            Since this thread was recently brought up...
            Today I submitted my final loan payment!!!

            32yo FM
            Graduated June 2018
            $13,500 car loan - gone
            $12,500 private loan - gone
            $265,000 student loans - GONE!

            THANK YOU for all the advice and wisdom on this site - so invaluable
            Wow, super impressive! How many hours per week were you working to pull this off?! Must feel amazing.

            Comment


            • Originally posted by 8arclay View Post
              Officially submitted final payment this morning. Between my wife and I, we started at about $450k of student loans, and I will be 2 years out of fellowship next month. Thanks to WCI and this community for being a great resource and source of inspiration/motivation!


              That’s a lot to be paid off in 2 years! Is your spouse a high income earner?

              Hopefully you celebrate this milestone.

              Comment


              • Originally posted by endo4jc View Post

                That’s a lot to be paid off in 2 years! Is your spouse a high income earner?

                Hopefully you celebrate this milestone.
                Yes and no. Spouse is an optometrist, and was able to bring in $90k-ish during my four years of residency. 100% of her salary went towards building wealth (loans, IRAs, etc), and we were able to get the loans to just under $300k by the time I finished training. She went down to 1 day a week when we had our first child in my last year of residency, and has stayed there since. I did a good amount of moonlighting during fellowship which helped, otherwise I made $250k/yr my first two years out as an attending (negotiated lower salary to expedite partnership)

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                • Originally posted by pistolpete View Post

                  Wow, super impressive! How many hours per week were you working to pull this off?! Must feel amazing.
                  It ended up being about 60-70 hours per week between inheriting a busy practice and moonlighting (tried to ride out the residency momentum wave). Thank you!

                  Comment


                  • So excited to finally make this post.

                    175K paid off in 2 years after graduation. 20K left on wife's law school loans which will be done next month. Feels great!

                    Thank you so much to WCI. After residency I had zero financial literacy and this site was the stepping stone for me changing my life.

                    Comment


                    • We are debt free (by the end of intern year)! This thread has been very motivating during the lean years of med school and we're glad to finally be posting.

                      Total loan amount: $110,000 (I worked while spouse was in med school and we lived off of rice and beans, beans and rice)
                      Interest Rate: 5% to 6.8%
                      Length of Time: 17 months

                      Thanks to WCI and everyone on this forum for inspiring us to pursue financial freedom!

                      Comment

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