Menu
This forum is no longer active. Please use the new forum at https://www.whitecoatinvestor.com/forum/

*Official student loan pay off thread*

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

  • Avatar hightower
    Participant
    Status: Physician
    Posts: 1501
    Joined: 12/07/2016

    Good news, 7.5 years out of residency and I have officially paid off my loans.
    Want to thank everyone on here for the motivation, after some deep contemplation 10 months ago, I decided to debt free. In total, starting Jan 1 2017 I have paid off 472k in debt.
    1. 152 med school
    2. 100k wife college and grad school
    3. 2 cars at 86k
    4. Personal loan at 134

    Lots of poor decisions, but I was uniformed.
    At age 38, i am debt free and have hit the million net worth club. Was a long and painful year, but I am happy the sacrifices were made.
    2018 will be a year to focus on living with intention, maximizing relationships/experiences and personal health.
    Cheers to all

    Click to expand…

    Congrats! This gives me some hope.  I’m at the beginning of a 9-12 month quest to be debt free as well (except for our mortgage).  I anticipate a long, difficult year too.  Especially these upcoming winter months when the hospital is expected to be more busy.  I hope to be precisely where you are soon.  I’m 35

    #74201 Reply
    Avatar OrthoInAL
    Participant
    Status: Dentist
    Posts: 20
    Joined: 07/04/2017

    Fiancée: 3.5 years out of pharmacy school. Total debt of $150k

    Me: 17 months out of residency. Total student debt of $165K.

     

    Paid in full as of today! Living below your means and slowly growing into your income works!

    #74802 Reply
    The White Coat Investor The White Coat Investor
    Keymaster
    Status: Physician
    Posts: 4656
    Joined: 05/13/2011

    Fiancée: 3.5 years out of pharmacy school. Total debt of $150k

    Me: 17 months out of residency. Total student debt of $165K.

     

    Paid in full as of today! Living below your means and slowly growing into your income works!

    Click to expand…

    Well done. No small feat that. I keep having people tell me that paying off their student loans in less than 5 years is crazy, yet here you are somehow managing to do it in 17 months. I run into people all the time who pull it off in less than a year. I had a surgeon who did it by Christmas (by borrowing money from the IRS basically.) And these aren’t people who owe $40K. They owe $150K. $200K. $22K. Average amounts. Surely if they can pay off $200K in a couple of years you can pay off your $300K in 5, no?

    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

    #75322 Reply
    The White Coat Investor The White Coat Investor
    Keymaster
    Status: Physician
    Posts: 4656
    Joined: 05/13/2011

    Great thread, sorry if I missed it but any specific tips to help payoff.the debt quickly? Or are most people just trying to live frugally and putting all extra cash to loan debt?

    Loan amount : $340,000
    Still in 3rd treat residency

    Click to expand…

    Yea, it’s not complicated. Live like a resident and send a 5 figure check to your student loan servicer every month. I mean at $10K a month you’re done in < 3 years even with your above average debt.

    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

    #75323 Reply
    Avatar DMdoc
    Participant
    Status: Physician
    Posts: 17
    Joined: 07/11/2016

    180,000 – paid off completely as of last week – 2 years out of fellowship! Woo-hoo! I can’t believe they are paid off. I refinanced with Sofi for a 5 year variable rate (2.5% -> 2.94% in the time I had the loan). Initially paid the minimum but as the rate increased (yes, I know it was a small change) it motivated me to make extra payments. Now I don’t have to worry about it anymore.

    I’m endo BTW so not a high paying specialty by any means – just lived as a resident and will continue to live like one so I can hit FI in the next 5 years or so.

    #75721 Reply
    The White Coat Investor The White Coat Investor
    Keymaster
    Status: Physician
    Posts: 4656
    Joined: 05/13/2011

    180,000 – paid off completely as of last week – 2 years out of fellowship! Woo-hoo! I can’t believe they are paid off. I refinanced with Sofi for a 5 year variable rate (2.5% -> 2.94% in the time I had the loan). Initially paid the minimum but as the rate increased (yes, I know it was a small change) it motivated me to make extra payments.

    Click to expand…

    Interesting benefit of a variable rate! More motivation!

    Congratulations on your success!

    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

    #75760 Reply
    Liked by DMdoc
    CordMcNally CordMcNally
    Participant
    Status: Physician
    Posts: 3074
    Joined: 01/03/2017

    This has become one of my favorite threads. I’m of the opinion that those who pay off their student loan debt quicker, regardless of rate, ultimately do better financially. Even if someone has a very low interest rate, once they buckle down and pay them off, I feel like they’re able to continue to save aggressively and invest that money once the debt is gone.

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

    #75801 Reply
    The White Coat Investor The White Coat Investor
    Keymaster
    Status: Physician
    Posts: 4656
    Joined: 05/13/2011

    This has become one of my favorite threads. I’m of the opinion that those who pay off their student loan debt quicker, regardless of rate, ultimately do better financially. Even if someone has a very low interest rate, once they buckle down and pay them off, I feel like they’re able to continue to save aggressively and invest that money once the debt is gone.

    Click to expand…

    It’s probably more the focus than the math, but I think you’re right.

    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

    #75802 Reply
    Avatar ChristopherMD20
    Participant
    Status: Physician
    Posts: 195
    Joined: 10/31/2017

    I love this thread! I read through it and it is motivating us to continue living well below our means.

     

    PGY-5 in Fellowship. No kids. Wife started as “attending” pharmacist (after 1 year residency) when I was a PGY-3.

    Original Loan: $200k

    Current Loan: $56k (Just refinanced again to $56k through LP @2.59% variable)

    Household Income: $115k (wife) + $62k (fellow)= $177K (Range household income $49k-$177k)

    Expected Payoff Date: 6/30/2018 ( Last day of fellowship!!!  😀 )

    Keep up the hard work everyone! Can’t wait to get this monkey off our backs!

    #75830 Reply
    EJ at Dads, Dollars, and Debts EJ at Dads, Dollars, and Debts
    Participant
    Status: Physician
    Posts: 229
    Joined: 12/01/2016

    I was not living like a resident, but when my home burned down I took some of the insurance money and paid off my school debt…student loans are gone 5 years and 5 months after fellowship…

    Does that count? Ends justify the means?

    - EJ @ DollarsandDebts.com

    Cardiologist. Trying to help dads with personal finance so they can focus on the frest of life. Blogger at DollarsandDebts.com

    #75863 Reply
    Liked by nachos31, hatton1
    The White Coat Investor The White Coat Investor
    Keymaster
    Status: Physician
    Posts: 4656
    Joined: 05/13/2011

    I was not living like a resident, but when my home burned down I took some of the insurance money and paid off my school debt…student loans are gone 5 years and 5 months after fellowship…

    Does that count? Ends justify the means?

    Click to expand…

    Lemonade out of lemons!

    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

    #75979 Reply
    Avatar gkeep84
    Participant
    Status: Physician
    Posts: 20
    Joined: 07/06/2016

    Officially done!

    Original Loan: $168K at 6.8%, IBR throughout residency/fellowship with extra monthly payments x 5 years (Spouse worked as an RN). Family loan at 2% for $50K for to allow spouse to stay home for childcare during last years of residency/fellowship.

    Refi:  $99K Sofi 5 year variable starting at 2.25%(now 3.04%). Paid $1000 extra every month and additional large payments with quarterly bonuses.

    Final Lump Sum payment: $42K from sale of 1st home (Proceeds also helped front load 529s for both kiddos)

    Payoff date: TODAY! 17 months after finishing fellowship

    MPMD MPMD
    Participant
    Status: Physician
    Posts: 2608
    Joined: 05/01/2017
    Splash Refinancing Bonus

    Officially done!

    Original Loan: $168K at 6.8%, IBR throughout residency/fellowship with extra monthly payments x 5 years (Spouse worked as an RN). Family loan at 2% for $50K for to allow spouse to stay home for childcare during last years of residency/fellowship.

    Refi:  $99K Sofi 5 year variable starting at 2.25%(now 3.04%). Paid $1000 extra every month and additional large payments with quarterly bonuses.

    Final Lump Sum payment: $42K from sale of 1st home (Proceeds also helped front load 529s for both kiddos)

    Payoff date: TODAY! 17 months after finishing fellowship

    Click to expand…

    You forgot to include your celebration move!

    #80918 Reply
    Avatar FCP
    Participant
    Status: Physician
    Posts: 91
    Joined: 01/26/2016

    Graduated from medical school in May 2012 with $286,000 in loans (at 6.8%).

    Graduated fellowship June 30 2017.

    Just made my final payment of $13,849.61 today, and paid off a total of over $350k in loans + interest (I didn’t calculate the exact amount in total yet), in less than 6 months from graduating residency.  And I also contributed 90k in after tax investments since graduating fellowship.

    I’m gonna have a huge tax bill in a few months!

     

     

    #91031 Reply
    The White Coat Investor The White Coat Investor
    Keymaster
    Status: Physician
    Posts: 4656
    Joined: 05/13/2011

    Big fat payment today! Well done. You’re not the first one to pull this stunt off by borrowing from the IRS.

    How We Borrowed Money from the IRS to Pay off a Quarter-Million Dollar Debt in Six Months

    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

    #91037 Reply

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