Menu

*Official student loan pay off thread*

Home Student Loan Management *Official student loan pay off thread*

  • Avatar DMAL 
    Participant
    Status: Physician
    Posts: 36
    Joined: 12/18/2016

    Hit the lottery in terms of sub specialty choice- If I remember correctly his gross income is around $800k+.
    Still, nicely done!

    #164448 Reply
    Avatar exigence 
    Participant
    Status: Physician
    Posts: 35
    Joined: 08/18/2017

    Proud to be the latest poster here. I’ve posted about big purchases on this site (“car guy”; first house as a young attending, now young partner in an EM SDG). Came out with low-$200k range loans when first refinanced about two years ago.

    After two refinancing cycles and many months of painful amounts of money thrown at them, I’ve submitted a payoff in full today.

    Ahh, so nice.

    Avatar Firefly 
    Participant
    Status: Physician
    Posts: 41
    Joined: 07/31/2018

    Kudos. Enjoy the peace of mind.

    #167821 Reply
    Avatar hightower 
    Participant
    Status: Physician
    Posts: 1498
    Joined: 12/07/2016

    Overdue late entry…

    Started practice 3 years go, spent first 2 years pretending that the REPAYE payments of $2000/mo on $512,000 of loan principal at 7.75% would magically go away before I sought the advice of the WCI community and got serious.

    • March 18, 2017:  refinanced $512,939.34 from FedLoan to SoFi 7 year variable rate @ 2.75% with plans to pay off student loans by 40th birthday (2024)
    • March 2017-January 2018:  aggressively went “shopping for student loans” with every paycheck, quarterly bonus, call pay, survey honorarium, etc.
    • January 31, 2018:  made final $44,743.33 remaining balance payment, bringing student loan balance to $0.00 exactly 10 months and 14 days from the time I refinanced and “got serious” about my student loan problem following some sobering advice from WCI community

    I have the first ($512,939.34) and last ($0.00) statements framed in my closet and smile every morning when I’m getting ready for work   .

    Thanks for all of the invaluable advice!!

    Click to expand…

    Congrats! That’s over 50k/month of loan payments.  Wow!  Now if you save that much you’ll be able to comfortably retire in a few years.  I clearly chose the wrong specialty, lol

    #167860 Reply
    Dreamgiver Dreamgiver 
    Participant
    Status: Physician
    Posts: 894
    Joined: 03/09/2017

    Paid off my wife’s student loans last week. She had Stafford loans at a fixed rate but for some reason over the last year the rate went from 2.something to 3.98%. Started with 60k as a speech pathologist in 2012. Now more money for my monthly payments, but with a fixed 3.0% I am not in a hurry.

    #167861 Reply
    Avatar surferboymd 
    Participant
    Status: Physician
    Posts: 7
    Joined: 08/16/2018

    Just made the last payment for my wife’s graduate (DPT) loans today!

    Starting balance: ~145k

    Refinanced twice – once with SoFi, and then with Common Bond. Interest rates were 5% and then 3.8%.

    I’m 3.5 years out of fellowship, she’s 4.5 years out of graduate school

    Did not get serious about paying back the loans until midway through 2017.  Before that, we had made some not so smart financial moves: spending too much on getting married, buying a house, & a kitchen renovation.

    Although I’ve been reading WCI and other financial blogs, I did not practice what I was reading.  However, after an overhaul of our budget and finances, we pushed hard to kill the loan.

    The majority of the loan (134k) was paid off this year.

    Now on to my med school loans: Started with 280k, now currently 240k @ 2.9% First Republic.  Hopefully will be killed in a little over 2 years.

    Along the way, we have both maxed out our 401ks, backdoor roths, and built an FU account.

    IlliniGopher IlliniGopher 
    Participant
    Status: Physician
    Posts: 106
    Joined: 05/03/2017

    Been waiting forever to do this.

    Attending since 9/2014: college and med school loans totaling $410K.  I used SoFi to refinance from 6.75% to 3.99%.  My first three years of practice I picked up a ton of extra shifts (I am a hospitalist) and was basically a 1.3 FTE.  I have since slowed down after having my daughter (family and health over everything else).  In the meantime, I simultaneously maxed 401k, backdoor roth, $5000/mo into a brokerage account and saved about $650K in all accounts (with my wife).  My wife is a IM clinic doc, staggered 1 year behind me (finished 2015), and we basically live off less than her salary and use mine for loans and savings.

    Going forward, it’s a weird scenario bc she is Canadian and in 2008 the CAD:USD was virtually 1:1.  Now it’s ~1.30:1 so hoping to finish her loans in the next 2 years ($220K CAD).  Anyway, thanks for all the motivation!

    "Comparison is the thief of joy." - Teddy Roosevelt

    Avatar Frugal Beard MD 
    Participant
    Status: Physician
    Posts: 9
    Joined: 05/02/2018

    Wow, great job!

    Been waiting forever to do this.

    Attending since 9/2014: college and med school loans totaling $410K.  I used SoFi to refinance from 6.75% to 3.99%.  My first three years of practice I picked up a ton of extra shifts (I am a hospitalist) and was basically a 1.3 FTE.  I have since slowed down after having my daughter (family and health over everything else).  In the meantime, I simultaneously maxed 401k, backdoor roth, $5000/mo into a brokerage account and saved about $650K in all accounts (with my wife).  My wife is a IM clinic doc, staggered 1 year behind me (finished 2015), and we basically live off less than her salary and use mine for loans and savings.

    Going forward, it’s a weird scenario bc she is Canadian and in 2008 the CAD:USD was virtually 1:1.  Now it’s ~1.30:1 so hoping to finish her loans in the next 2 years ($220K CAD).  Anyway, thanks for all the motivation!

    Click to expand…

    So did you pay off the 410k AND save 650k in 4 years?  Thats amazing!

    #182234 Reply
    Liked by Roentgen
    IlliniGopher IlliniGopher 
    Participant
    Status: Physician
    Posts: 106
    Joined: 05/03/2017

    @frugalbeardmd Yea, my wife is a PCP clinic doc. We essentially live off her salary and use mine for savings and loan repayment.

    "Comparison is the thief of joy." - Teddy Roosevelt

    #182256 Reply
    Liked by Tim
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2597
    Joined: 05/01/2017

    @frugalbeardmd Yea, my wife is a PCP clinic doc. We essentially live off her salary and use mine for savings and loan repayment.

    Click to expand…

    that’s awesome.

    just imagine when you don’t have any loans and you are used to living like that? you’re going to feel like it’s raining money.

    #182315 Reply
    Avatar Dilaudidopenia 
    Participant
    Status: Physician
    Posts: 214
    Joined: 05/22/2016

    So excited to be done!!!

    Started out with ~220k upon medical school graduation in 2013.  Refinanced with DRB halfway through residency (EM) from 6.6 to 4.3% 5 yr fixed, then again after signing attending contract to 3.1% in 2017.

    Wife is also a physician.  I would say we lived reasonably but very comfortably.  I definitely would not say we “lived like residents.”  We took multiple vacations to Europe and elsewhere during residency and afterwards, however flights were paid for with credit card points.  All the while, we have maxed bdIRAs since halfway through residency, maxed my i401k x 2 yrs and maxed her 403b in 2018.

    Since residency, we have hit the loan with ~4k / month.  We had been saving up cash reserves for a down payment on a home, however we realized that our time horizon for home ownership was likely further out than we thought for various reasons.  Therefore, we took that large sum of cash and finished off my loan.

    Wife is in fellowship and will be staying in academics so we are hoping for PSLF for her (we are more than halfway done with the payments).

    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 3026
    Joined: 01/03/2017

    Party time!

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

    #190475 Reply
    Avatar shantster 
    Participant
    Status: Physician
    Posts: 116
    Joined: 01/16/2016

    Officially done with student loans as of yesterday morning! Graduated from medical school in 2012 and finished fellowship in 2017. I don’t recall exactly how much I had total in student loan debt at time of graduation as I didn’t start tracking it until beginning of 2015. At that time, I had ~37k from undergrad (private loans with variable rate as my parents foolishly decided they didn’t want to do the FAFSA at all), ~105k from medical school, and ~3K from car loan. Car loan was paid off by end of 2015 and the undergraduate loans by the end of fellowship. Medical school loans were refinanced twice to chase better interest rates, most recently last April ~90K with Elfi at 3.09% fixed. I was able to make final payment on those yesterday after our productivity bonus check cleared. I would have had it done last summer but had focused on a down payment for our new home that is under construction first and really started pushing the money towards the loans last August. In retrospect, I should have paid off the loans first and then saved up the money for the downpayment as our move in date has been pushed from this Spring to Summer, and I’ve had the cash sitting around. Small cost for liquidity though.

    Avatar CAIrad 
    Participant
    Status: Physician
    Posts: 1
    Joined: 04/15/2019

    Hey all! Interventional radiologist and wife is dentist. I grad in 2017 and wife had been practicing for about 4 yrs at that point. Total debt was in 700k range for us both. We moved to a rural area of pa, my parents home. Lived in an upstairs bedroom and shared living expenses. I worked a w2 job as an IR with substantial o/t money, earned approx 35-50 k / month. Wife worked in super busy private dental office, making approx 25-30k month. We had also had some savings from past few yrs. Ended up paying off all the debt 14 months after my grad. Now we’ve moved to HCOL west coast. Wife is working part-time. I’m working FT making approx 29k/mth with decent vacation and opps for overtime work. Overall lifestyle is good and doable but expenses are pretty high. Still getting it sorted out esp after owing several thousand for last yr taxes. Keep up the loan fight! Geographic arbitrage is an excellent strategy and works!

    Avatar GoBlueMD 
    Participant
    Status: Physician
    Posts: 82
    Joined: 05/27/2017

    Nice job! In your situation, I would have been tempted to work a few extra years in rural PA to build up a nest egg. But, you guys are obviously in excellent shape. Guessing your numbers reported are pre tax amounts. Best of luck.

    #206512 Reply
    Liked by Dreamgiver, Tim

Reply To: *Official student loan pay off thread*

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear