Menu

*Official student loan pay off thread*

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

  • Avatar Atlas Axis 
    Participant
    Status: Physician
    Posts: 17
    Joined: 02/16/2016
    Earnest refinancing bonus

    Worked my way through undergrad and paid it myself. I took out a total of 160k in loans for medical school.

    I just made a large payment and completely paid the med school loans off, a little over 3.5 years after residency graduation, 9.5 years since med school graduation. (And I was still able to max out retirement accounts and made backdoor Roth payments as an attending)

    Man it feels great!

    I am so thankful for this site. I have learned so much.

    #35275 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4596
    Joined: 05/13/2011

    Not meant to be a look at me post but definitely feels that way.

     

    Graduated residency 6 months with approximately 30k in loans (low cost of living area plus med school and working wife certainly didn’t hurt) all at 6.8%.

     

    Made my final payment today, so officially student loan free. Obviously in a much more blessed situation than others and I have plenty of colleagues working on their 3-400k numbers but it feels good nonetheless.

     

     

     

    Click to expand…

    Well done. Good job on all counts (keeping costs down, minimizing loans, and paying them off early.) It’s not a sin to be blessed, it’s only a sin if you don’t do anything good with those blessings!

    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

    #35289 Reply
    Travis @ Student Loan Planner Travis @ Student Loan Planner 
    Participant
    Status: Other Professional
    Posts: 45
    Joined: 02/21/2017

    Loan interest: 3.5%, 7 year variable with CommonBond (started at 3.1%)

    Yearly income: $450-500k (I’m purely on productions)

    Serious question for the OP sorry if it was covered already. Have you looked into refinancing again and checked a bunch of different spots like Credible and Sofi to see if you could shave off another 1% on the loan by going to a 5 year term? You’ve got better income history and a lower debt to income ratio.

    Founder, Student Loan Planner, LLC
    Contact: [email protected]
    Flat Fee, Low Cost Student Loan Consultations

    #37479 Reply
    Avatar HandFellow 
    Participant
    Status: Physician
    Posts: 210
    Joined: 01/18/2016

    6 months out of fellowship.

    income 425kish

    Started with 110k at 4.4 variable at DRB (refinanced in fellowship).  down to 86k now.

    Contract gives me 30k towards loans over 24 months but if loan is paid off before then, the payments get turned off.

    Plan to complete payments exactly 24 months after contract started.

    #37495 Reply
    Avatar EDDOCMOM 
    Participant
    Status: Physician
    Posts: 68
    Joined: 01/23/2016

    Residency Graduation: 2013

    Total Med School Loans: $313,000

    Refinanced in 2016 about $200,000 from 6.8% down to 2.75%

    Remaining: $88,000

    Estimated pay off by October 2017, hopefully sooner (average $12,000 per month)

    Income: $429,000 gross last year.  By paying off ~$150,000 per year on total debt (cars, 2nd mortgage, loans, etc) we live on about $60,000 and that sucks.  Ready to relax a little bit.  I second the childcare cost concerns noted above – we ended up going to having a stay-at-home parent which helps out a ton. My husband wasn’t too keen on it at first but now enjoys his job, is getting a Master’s degree and will rejoin the workforce in about 4 years.

    #37580 Reply
    Avatar babydoc 
    Participant
    Status: Physician
    Posts: 10
    Joined: 01/09/2016

    2.5 years out of fellowship. 150k of loans paid off last week.

    Additionally maxed out 401k, hsa, and two backdoor roths each year!

    It feels so great to have that weight gone! Thank you WCI for your message and teachings!!!

    Live like a resident.

    #38946 Reply
    Avatar janettebournes 
    Participant
    Status: Physician
    Posts: 191
    Joined: 03/05/2017
    Splash Refinancing Bonus

    I was planning on paying off my students loans in 5 years after graduating residency but after reading two stories on SDN (thanks to WCI’s newsletter) of a psychiatrist paying off $340k in 7 months after graduating and another paying off $200k in 2 years, I’m now motivated to crush my loans in 4 years or less. What I found so inspiring about the first story in particular was that the OP would periodically post screen shots of his loans amounts, all the way until it was zero. So I thought it would be a great idea if we could do something similar to encourage one another. In addition, I think it would be helpful for some of us if you could include your total loan amount, loan interest, yearly income, expected pay off duration, and what your living expenses are. I’ll go first:

    Total loan amount: ~$370,000

    Loan interest: 3.5%, 7 year variable with CommonBond (started at 3.1%)

    Yearly income: $450-500k (I’m purely on productions)

    Goal pay off date: 3/1/2020 (which would be 3.25 years and ~$10-11k/mos)

    Personal information: wife stays at home with the baby, we live in a relatively HCOL area

    Living expenses: ~$6500/mos

    Misc: Maxing out my 401k and backdoor Roth x 2

    Click to expand…

    Wow, very impressive thread, mine isn’t quite as spectacular a story

    Total loan amount: $100000

    Loan interest: 6.8%

    Paid off: 2.5 years out from training

     

    #38948 Reply
    Liked by hatton1
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4596
    Joined: 05/13/2011

    Residency Graduation: 2013

    Total Med School Loans: $313,000

    Refinanced in 2016 about $200,000 from 6.8% down to 2.75%

    Remaining: $88,000

    Estimated pay off by October 2017, hopefully sooner (average $12,000 per month)

    Income: $429,000 gross last year.  By paying off ~$150,000 per year on total debt (cars, 2nd mortgage, loans, etc) we live on about $60,000 and that sucks.  Ready to relax a little bit.  I second the childcare cost concerns noted above – we ended up going to having a stay-at-home parent which helps out a ton. My husband wasn’t too keen on it at first but now enjoys his job, is getting a Master’s degree and will rejoin the workforce in about 4 years.

    Click to expand…

    You’re doing great. I’m so proud of you. $225K in 3 1/2 years is pretty awesome. You may still beat my record (47 months to pay off the military.)

    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

    #38949 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 3008
    Joined: 01/03/2017

    Long time lurker but first time poster. Besides my wife, I don’t really talk about financial milestones with anyone else so I wanted to share with other like-minded individuals. I work in EM and I’m not on the coasts so my pay is above average. We stayed in the city I did residency in. We rented throughout residency but bought a house as we plan on staying here long term and there are several (what I feel like) good positions in the area. Our house is less than a year of my salary and PITI is about 10% of our monthly take home. I did IBR throughout residency which wasn’t enough to cover the interest so the total loan amount grew. I did choose to max out my Roth IRA and my HSA throughout residency instead of putting that extra money towards loans.

    Residency Graduation: 2015

    Total Loan Amount: ~$220,000

    Loan Interest: ~4.0%, 20 year variable (refinanced around residency graduation)

    Living Expenses: ~$5000/month (averaged over the course of the year) including all bills/spending as well as 3 week-long trips per year and several long weekend trips. We are living beneath our means but at the same time we feel like we’re still able to live what we feel like is a cushy lifestyle.

    Debt: Mortgage only

    Misc: Maxed out all available retirement accounts and backdoor Roths while paying down loans. We do not have children.

    Total Loan Payment Time: 19 months (9/2015-3/2017). I used my first month’s pay to give ourselves a bigger emergency fund cushion from residency and then started going after the loans in September 2015.

    Additional Info: Feels great!

     

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

    #39571 Reply
    RPW25 RPW25 
    Participant
    Status: Physician
    Posts: 17
    Joined: 11/28/2016

    So I know that this thread is kinda over but I wanted to post because today is a big day for me.

     

    Age: 33

    Speciality: FM (but I do rural/government ER exclusively)

    Residency Graduation: 2014

    Loans at residency graduation: $240K @ 6.8%

    Average Income: $315kish

    Made my last loan payment today!!! So I got them paid off in like 2.75 years.

    I was able to fund a Roth/Backdoor Roth every years since medschool graduation, maxed out a solo401k during my second year of residency(moonlit my a$$ off), and I’ve maxed out my 401k each year at my current job (which Ive had since residency graduation).

    I live in a very low cost of living state, not married, have no kids, and I found this website in 2011. All that helped a lot.

     

     

    #43190 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3567
    Joined: 01/14/2017

    So I know that this thread is kinda over but I wanted to post because today is a big day for me.

     

    Age: 33

    Speciality: FM (but I do rural/government ER exclusively)

    Residency Graduation: 2014

    Loans at residency graduation: $240K @ 6.8%

    Average Income: $315kish

    Made my last loan payment today!!! So I got them paid off in like 2.75 years.

    I was able to fund a Roth/Backdoor Roth every years since medschool graduation, maxed out a solo401k during my second year of residency, and I’ve maxed out my 401k each year at my current job (which Ive had since residency graduation).

    I live in a very low cost of living state, not married, have no kids, and I found this website in 2011. All that helped a lot.

     

     

    Click to expand…

    F.  Yes.  Congratulations!

    #43195 Reply
    Liked by RPW25
    Avatar PNWskindoc 
    Participant
    Status: Physician
    Posts: 99
    Joined: 01/10/2016

    Sorry, I know this is a few months old. But yes, I did refi recently again at 2.59% with a 5 year variable with the same loan company (commonbond). PSA: when commonbond found out I was going to move my loans to sofi because they were giving me 2.9% 5-year variable, commonbond said they’d beat it and hence the 2.59%.

    #52565 Reply
    Avatar EDDOCMOM 
    Participant
    Status: Physician
    Posts: 68
    Joined: 01/23/2016

    Congrats!  You just gave me some much needed extra motivation to push through my last $32,000 🙂

    #52673 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 3008
    Joined: 01/03/2017

    Only $32,000 to go…keep it up! It’s a great feeling to finish paying off student loans plus the additional cash flow is nice, too!

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

    #52674 Reply
    Avatar oceanmaster 
    Participant
    Status: Physician
    Posts: 2
    Joined: 07/08/2017

    Officially paid off all our student loans last week!

     

    Exactly 3 years out (to the day) from fellowship.

    Wife and I are both MDs and work in an academic setting.  Age 33 and 34.  Combined gross income in the 350k range.

    Paid off a combined 290k in loans in 36 months.

     

    Thanks to Dr. Dahle and the WCI community!  We came across WCI just as we were leaving fellowship and can’t thank everyone enough!

    How we did it?  Like WCI says: We tried to get the big things right:

    Both went to a public medical school.  “Attending house” is 0.8x annual salary.  No car loans.  Have contributed fully to 403b and 457b for both wife and I since leaving fellowship.  Refinanced our loans with SoFi.  Track everything with personalcapital.  Net worth from a large negative (~-200k) to +300k.

     

    Next up, start filling a 529 and create a taxable account!  First, let’s open a moderately priced bottle of bubbly!

     

    Thanks guys and gals!

     

    #53601 Reply
    Liked by hatton1, NaOH, Dicast

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