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docjackie07 asked:
This fall my fiance and I are medical students. We both know that we will acquire enormous amounts debts that we have to pay off from getting loans. Right now as a part time job i work as a waitress at a restaurant to help my parents pay my loans. is there a better way of paying it off? should i wait till after i get my degree to worry about it? I feel like my fiance and i will be paying this off for the rest of our lives!! To all the medical students, whats your advice? To everyone else, please give me any kind of advice please!
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Tags: Advice, Debts, Fiance, Medical Loans, Medical School Loans, Medical Students, Parents, Part Time Job, Rest Of Our Lives, Waitress
August 24th, 2008 at 1:28 am
Join the Navy.
August 27th, 2008 at 6:49 am
The best thing to do with student loans are to wait until they are due (which is usually 2 years after graduation) and then take out a loan from your local bank for the amount of your student loan, then pay the student loan back all at one time. If you do this and pay it off all at once, the interest does not affect you, which is great, because in most states if you take out a 4500.00 student loan you end up paying back close to 15,000! So, when you start making your money after you have gotten your degree, pay them off all at once!
August 29th, 2008 at 4:31 am
You could see if there are any benefits to getting employed certain places. Like if you go to Alaska and work for a certain # of years, the fed. gov. will pay off your loans.
I have a friend who had her teaching degree loans paid off by the state b/c she went to a state that needed teachers, particularly in certain schools that were undesirable by a lot of teachers.
I don’t know anyone who paid off their loans while still in school, waiting until after and they were employed. I would imagine that if you were both working, but if your living exenses are based off of a single income, you could dump the other person’s pay into paying off the loans faster.
August 30th, 2008 at 4:57 pm
If these are government-based loans (not private loans), can you put them in deferment in the fall since you will be in school? In the meantime, I guess you can just pay the minimum payment until you get back to school if you are able to get a deferment.
I do not recommend taking out a bank loan to pay them off after you graduate unless you are sure it can be paid-off on time. Should you be faced with financial hardship after you graduate and can’t pay the bill, the student loan lenders will be much more flexible than a regular bank.
September 1st, 2008 at 4:52 am
Usually when you get a job in the medical field the hospital you work in will pay off your debts or at least help you with it. If you are going to work in a private office then you shouldnt have any trouble paying off the debts because if you own your own building where you perform private practice the amount of money you make will be more than substantial enough to pay off any lingering debts. Just wait till you get your degree and when you start making big bucks you can make that debt disappear in no time. Congratulations on getting into medical school!!
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