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*Official student loan pay off thread*

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  • drj37
    replied
    I did it! This one is for those of us who didn't get our loans paid off 6 days post-residency. Took me nearly 8 years, but just paid off the last of my $270k in student loan debt. It feels amazing! Thank you to the WCI community for all of the tips and advice over the years, couldn't/wouldn't have done it otherwise.

    Leave a comment:


  • hightower
    replied
    8.5 years out of residency. I was a little late to the WCI crowd and didn't start paying off my student loans until about 5 years ago. I paid most of them off in 2015-2017...highest balance after residency was around $260k. I had one last loan left of 64k at 2.6% that I had been planning on just keeping and investing instead, but this week after talking about it more with my wife, we decided we would feel better just getting rid of it and simplifying our financial lives a bit. Plus, we had the cash on hand from a recent home sale. Since we don't feel totally comfortable investing it all right now anyway, we felt that paying off this debt would be wise.

    SO, today I submitted my last student loan payment EVER!!

    I'm DONE! No more student loans! It does feel good. Now on to the mortgage...our only debt!

    Leave a comment:


  • JBME
    replied
    FINALLY able to post here. Just paid off the last $1700 today. I don't recommend our path but consider this a story that taking the "normal" path doesn't ruin you. Yes it's not ideal but as long as you're not stretching it out too long, you're not ruining yourself. finished medical school in May 2009. Did 6 months forbearance. Went onto standard repayment plan for a few years and then switched to IBR. Loan burden was $220k. We paid back $280k in the end, over just over 10 years. But I'm happy to say that while we didn't pay back those loans ASAP we've been contributing to retirement plans at a decent clip since 2012, so we're not starting anywhere near $0 because we didn't also save.

    Anywho, I told my wife we need to celebrate. Hopefully we'll make that happen within the next month

    Leave a comment:


  • Debt Free DDS
    replied
    My loans were over $400,000. I paid the off 5 years after training. However, the first two years I only paid interest. Then I paid them off in 3 years once I made a job change and read the White Coat Investor.

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  • Billychuck
    replied
    I submitted my last payment today. About 300k paid off 27 months after finishing training. 21 months after refinancing and getting serious about it. Thanks to WCI and everyone here for the inspiration, advice, and knowledge. Also, thanks to that one guy who commented on a WCI post who said he’d never heard of anyone paying 10-15k per month on their loans. Ha!

    I also want to specifically reference WCI’s advice about being able payoff loans, save, and invest while living like a resident for 2-5 years after training. We have paid off the loans, maxed out 401k and Roths, and saved a decent chunk in 3 529’s. Will save up for a down payment and buy a new house in the next 12-18 months (less than 4 years out). Did I say thank you yet...

    Leave a comment:


  • mainah
    replied
    It's finally my turn! When I graduated PA school in 2012, I had >160k in debt including undergrad. I started off making $70k working in rural primary care and my standard student loan payments were 40% of my take home pay. Before I got married 2 years ago, I discovered WCI and read some of his recommended personal finance books, and got way smarter about getting debt paid off. In the two years we have been married, between my student loans, his student loans, and our two vehicles, we paid off >$115k on a combined income of 137k a year. Perfect timing as our first child is due in May 2020.

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  • Lordosis
    replied
    Originally posted by alumfinancial
    Graduated repayment allows you to pay low monthly payments for 2-4 years before they begin to gradually increase.

    This option is helpful if you are just starting out and expect to earn more money as time goes on. However, graduated repayment will likely cost you more than standard repayment over time. This is because, under graduated repayment, your interest continues to grow on a larger unpaid portion of your loan balance for longer.
    Can you at least pretend to join the forum before you start advertising.

    Leave a comment:


  • mianesmd
    replied
    Just finalized my last payment! Around $350K in 38 months. Feels amazing. Only debt left is mortgage and wife's loans going for PSLF (forgiveness 2022 fingers crossed!), hoping to pay off in 10-12 more years while beefing up the taxable account now.

    Of course with our first baby on the way we'll have new expenses like a nanny salary and house cleaners to pay for and a 529 to contribute to now...but even with all of that it doesn't come very close to the amount we were throwing at the loans...feels good. Hopefully this is motivation for those who are starting where I did!

    Leave a comment:


  • CordMcNally
    replied
    Originally posted by Brains428 View Post
    I had to search for this thread...

    My last payment finalized this morning. 267k in 16 months. Thanks to everyone here for sharing your experience and knowledge.
    You're going to be amazed at how fast you accumulate wealth if you keep those habits up!

    Leave a comment:


  • 8arclay
    replied
    Originally posted by Brains428 View Post
    I had to search for this thread...

    My last payment finalized this morning. 267k in 16 months. Thanks to everyone here for sharing your experience and knowledge.
    I tried to comment earlier but boards were giving be issues. This is impressive

    Leave a comment:


  • footguy2
    replied
    about 350k total

    2015-$20,357 HH income--120k
    2016-$55,143 HH income-120-130k
    2017-$48,954 HH income--120-130k
    2018-$81,741 HH income--130--->220k--became an attending
    2019-$130,050 HH income---330--> 490k -raise as of last week

    feels incredible---age 32. baby on the way!
    Last edited by footguy2; 11-15-2019, 04:18 PM.

    Leave a comment:


  • Brains428
    replied
    I had to search for this thread...

    My last payment finalized this morning. 267k in 16 months. Thanks to everyone here for sharing your experience and knowledge.

    Leave a comment:


  • CountryNeurorad
    replied
    Last payment this month. Paid off 250k in 3.5 years

    Never thought I’d be posting this. Loan balances used to keep me up late at night during training!

    Leave a comment:


  • Dreamgiver
    replied
    Just paid off our student loans today. Peaked at 260k at the end of residency exactly 3 years ago. Now our only liability is our mortgage balance (720k). Plan is to divert what we have been directing towards student loans to the mortgage and hopefully destroy it within 7 years.

    Leave a comment:


  • fatlittlepig
    replied




    Paid off ~35K during training…  just paid off the remaining 140K during our first 9 months as attendings!

    i’m a very part time pediatrician, husband pulm/CC.  consolidated to a private lender (SOFI) sometime during residency once we realized a full time job wasn’t realistic for me.  lived like residents once we made the transition to attendings.  ever since we got out of med school every christmas check, bonus or moonlighting check went to the loan.  still spent money on some things we care about ( ex. the occasional date night, airfare to visit family).  i think the best thing we did was avoid the doctor house – we are renting and our cost of living barely changed at all despite the fact that our income increased 5+ fold.  and now we have zero debt and just booked a swanky deer valley ski trip this winter with our kids…  paid for with cash!

     
    Click to expand...


    Nice job U get a pat on the back from Fatlittlepig

    Leave a comment:

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