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*Official student loan pay off thread*

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  • MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2060
    Joined: 05/01/2017
    Disability Insurance

    Ended up paying off all the debt 14 months after my grad.

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    Dude. That is awesome.

     I would have been tempted to work a few extra years in rural PA to build up a nest egg.

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    Yeah me too, but still, very impressive.

    #206599 Reply
    Liked by Zaphod, Tim
    Avatar hightower 
    Participant
    Status: Physician
    Posts: 1347
    Joined: 12/07/2016

    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!

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    Wow!  Finally, someone listened to all of the advice on these forums! 😉  But, really, wow and great work.  You really hunkered down and killed it!  That’s really amazing

    #206633 Reply
    Liked by okayplayer
    Avatar ohehlo 
    Participant
    Status: Physician
    Posts: 5
    Joined: 01/10/2017

    Wife and I graduated with about 300k in student loans from med school in 2010. Throughout residency and fellowship we tried to chip away at the principal, but the interest ran up on us anyway. We tried for pslf but found out that we didn’t have direct loans so did not qualify. We refinanced from 6.8% to 3.25% with sofi in our first year in practice (both physicians) with a five year pay off timeline. We each received a large bonus at the end of our first year in practice and just paid off all our student loans!

    So we paid off all of our student loans the first year in practice, made the final payment last month. It feels amazing, like a huge weight has been lifted and now we can finally start our lives and look to the future. We also managed to Max out our tax advantaged space including Roth’s and even started a nice taxable account and savings account this year, even started 529s for the kids to get a tax break in our state.

    We owe a lot to this forum and the WCI website/book/podcast. We feel like we have a big advantage over our peers who are using financial advisors and don’t seem to be making the right moves… Thanks everyone!

    #207362 Reply

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