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*Official student loan pay off thread*

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  • MD_Spouse
    replied
    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!

    Leave a comment:


  • msk86330
    replied
    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.

    Leave a comment:


  • Addie
    replied
    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!

    Leave a comment:


  • 8arclay
    replied
    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)

    Leave a comment:


  • endo4jc
    replied
    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.

    Leave a comment:


  • pistolpete
    replied
    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.

    Leave a comment:


  • 8arclay
    replied
    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!



    Leave a comment:


  • Addie
    replied
    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).

    Leave a comment:


  • endo4jc
    replied
    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.

    Leave a comment:


  • Lordosis
    replied
    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!

    Leave a comment:


  • Addie
    replied
    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

    Leave a comment:


  • 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.

    Leave a comment:

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