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Help figuring out how to manage student loan debt

Home Student Loan Management Help figuring out how to manage student loan debt

  • Avatar Greendogs19 
    Participant
    Status: Student
    Posts: 4
    Joined: 06/30/2019
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    I will begin medical school in a month and i’m crunching debt numbers right now. I have about 50,000 in undergrad loans and my fiance has 60,000 in undergrad debt. I will beginning a medical school which is is 30,000 for 2 years and 45,000 for 2 years. I will receive a 5,000 dollar grant each year bringing the tuition down to the 130,000. I will not need to take much in the way of additional loans as my fiance is a nurse and brings in an income of about 60,000 a year. I clearly don’t know what my income will be like after school as I dont have a specialty chosen. I know its early in the game but i’m nervous about loan repayment. I want to get my loans taken care of as soon as possible. Two things that this sub will be unhappy with but I’ve committed to is buying a house in residency should I get matched locally as we wish to stay in our area and my fiance wishes to go contingent when we decide to start a family (that will not be during school birth control willing). What advice would you all have for me?

    #228806 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2477
    Joined: 01/03/2017
    What advice would you all have for me?

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    Don’t be committed to buying a house in residency. For one thing, it’s 4 years off. For another, a lot can happen in 4 years. For yet another you’ll almost assuredly want to buy a “better” house as an attending than what you bought as a resident.

     

    As for the loans, live like you’re broke…mainly because you are. However, if you stick to a good plan, you’ll be in good shape.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #228811 Reply
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3945
    Joined: 01/08/2016
    buying a house in residency should I get matched locally as we wish to stay in our area

    Click to expand…

    fine if you are doing surg, nsx as they are 6-7 years….and you are married…and she is working….but those require fellowships for the most part….which might not be where you are….

    dont forget…you have to get through med school first…

     

    my fiance wishes to go contingent when we decide to start a family

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    ok. why not worry about getting married first etc…

    #228969 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4389
    Joined: 05/13/2011

    You have relatively low tuition and you’re already cognizant about finances. I think you’ll be fine. You sound like those who have their loans paid off within 2 years of completing residency.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #228974 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1210
    Joined: 02/15/2016

    Just do well during medical school. That’s much more important. Minimize your student loan burden as much as possible but don’t make it too stressful on yourself. As for the house, if you’re committed to it, just remember that when you’re post call and need to mow the grass, we tried to warn you.

    #228977 Reply

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