Monday, March 14, 2011

Doctor Debt

Well, if you follow this blog, you know that my husband, David, will be a doctor in May. We are very excited about what's to come.  We are also trying to remain positive about all the student loan debt we've accumulated during the past several years.  

Let's just say that dinner and drinks will NOT be on us anytime soon.

If we started paying off his (NOT including mine for grad school) student loans today, assuming there were no increases in interest rates, and started a 25 year payment plan, we would pay over $2,000.00 per month until he was 53 years old and would pay a total of over $600,000.00.
I believe we're going to have them deferred during his residency.  Once we actually start paying, it'll be even more.  Lord, help us!

Death is the ONLY way to escape these loans.  

I love my husband and will be with him for richer or poorer.  

*Please let me know if you have any words of wisdom, advice, encouragement, etc.


Anonymous said...

My chiropractic loan payments are only slightly less...I completely understand. But at least he will have a higher salary starting out (after residency of course). Starting my own practice is pretty slow and I'll be deferring as long as possible. Best of luck!!

~Cindy Almon, D.C.
Crestwood, MO

Kara said...

Look into the income-based loan repayment plans. You pay 15% of your income above the poverty line, and it keeps your interest from compounding I think. There's also an advantage if you work for a non-profit (like most residency programs and many academic hospitals)- after 120 payments, whatevers left is forgiven.

Have you guys already done individual exit counseling, or are you doing that while you're in town?

Jenn said...

Thanks for the encouragement, Cindy. We hope he'll be able to start his own practice eventually.

Kara, yes, I'm already on the income-based loans repayment plan for my loans. We are so poor that my monthly payments have been nothing. I have to resubmit all of my applications soon, so I'm sure that will change now that I have a decent paying job.
I'll have to have David check to see if his hospital is considered non-profit. It would be great if some of it were forgiven.
I'm not sure if he's had exit counseling or not. I sure didn't go with him. It's probably best I stay out of that because dwelling on our debt would send me in a rapid downward spiral.
Thanks for the advice. We are definitely going to look into all of this.

Emily Stringer said...

God will provide somehow and you guys will be great.

JLee said...

I don't think you have Wells Fargo in your area, but they have pretty good info on their website about the different types of repayment. As a medical resident you automatically qualify for forbearance where you can still pay interest payments when you're able. Also, the AAMC website has a nice feature where you input your loans and it calculates how much interest you will accrue over residency and how much you'll have to pay per month over 10 years once you're an attending. Comment on my blog if you have any other questions about it! Good luck, and I def feel the stress involved with loans!!!

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