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380k debt , EM applicant, guidance

Home Student Loan Management 380k debt , EM applicant, guidance

  •  Panscan 
    Participant
    Status: Resident
    Posts: 260
    Joined: 03/18/2017

    You don’t need an emergency fund of 50k that is crazy. Pay private loan off and you still have 20 which is plenty for new family.

    #172061 Reply
     LiquidAlchemy 
    Participant
    Status: Physician
    Posts: 4
    Joined: 05/28/2016

    I’ve got to agree with totally paying off the 30k 11% loan. That thing is cancer. I personally think heading into residency I’d like to just pay it off and use the 20k to float travel expenses for interviewing and moving and as an emergency fund.  Agree with setting good habits on Roth and maxing out any match offered to you. Please don’t buy a house. I was in your shoes a few years ago – DO grad (guessing you are as well with name and placing ACGME in there) with roughly 320k applying to MD Emergency Medicine residencies – my wife and I had a child in my M3 year and 2 more during residency, so she didn’t work outside of the home. We bought a home for 175k in the southeast, became unintentional landlords upon completion of training because we were about 5k underwater if paying realtor fees. I got a call from my tenant last week with about 10k in water damage from a cracked shower stall that they didn’t notice for quite some time…. Best case scenario, you’ll come out 10-25k ahead, worst case scenario you deal with way more stress than working 10 more shifts when you finish your training, lose money, and don’t have the ability to pull out quickly if the neighborhood changes, your family size changes, or you just want a new/different place.

    Good luck with your decisions. Don’t know where you are hoping to practice when you finish, but you’ll find plenty of jobs when you do.  Is the 2 year fellowship in CC? Other than pain there isn’t much out there in the world of EM fellowships that will improve your income, especially when thinking of it as an hourly rate.

    #172084 Reply
     osteoson56 
    Participant
    Status: Student
    Posts: 3
    Joined: 12/04/2018

    WE JUST PAYED OFF THE 30K LOAN AT 11% d/t all of your suggestions to!!! Such a big relief to wipe out that undergrad loan I’ve been starring at for 10 years. One step closer! Thank you to all.

    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 1582
    Joined: 05/01/2017

    WE JUST PAYED OFF THE 30K LOAN AT 11% d/t all of your suggestions to!!! Such a big relief to wipe out that undergrad loan I’ve been starring at for 10 years. One step closer! Thank you to all.

    Click to expand…

    strong work dude.

    wait until they are all gone and imagine how you’ll feel!!!

    #175005 Reply

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