2 answers
Sophia
Student
Saint Michael, Minnesota
1
Question
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How long does it take to pay off all of your student loans after medical school?
#medicine #student-loans
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2 answers
Dumi Presuma
Medical Student M4
17
Answers
Philadelphia, Pennsylvania
Updated
Dumi’s Answer
The length of time to pay off loans depends on a few factors.
First how large or small is your loan burden. If you owe 100,000 or less it shouldn't take that long after residency. If you owe more that 200,000 you may need to strategize a comfortable payment method.
Secondly it depends on the specialty you choose. If your in a higher or lower paying specialty it will be a little more or less difficult to pay that loan.
Third (post-medical school train) depending on how long your training is you loan will increase by a lot or a little because of interest accruing during residency.
Fourth do you have any help from family.
Fifth is the method your comfortable with when paying your loan off. If you want to start your life after training than you will pay a smaller amount per month to balance out other expenses like a mortage, kids or a new car. But if you want most of your money directed at the loan sooner then you will have to wait before you can make those other large expenses.
Some people pay the minimum every month and may have to pay every month for about 25-30 years. Some people put all their money toward loans in the beginning and take 3-5 years to pay off their loans.
First how large or small is your loan burden. If you owe 100,000 or less it shouldn't take that long after residency. If you owe more that 200,000 you may need to strategize a comfortable payment method.
Secondly it depends on the specialty you choose. If your in a higher or lower paying specialty it will be a little more or less difficult to pay that loan.
Third (post-medical school train) depending on how long your training is you loan will increase by a lot or a little because of interest accruing during residency.
Fourth do you have any help from family.
Fifth is the method your comfortable with when paying your loan off. If you want to start your life after training than you will pay a smaller amount per month to balance out other expenses like a mortage, kids or a new car. But if you want most of your money directed at the loan sooner then you will have to wait before you can make those other large expenses.
Some people pay the minimum every month and may have to pay every month for about 25-30 years. Some people put all their money toward loans in the beginning and take 3-5 years to pay off their loans.
Thank you so much!
Sophia
Richard A.
physician
2151
Answers
Updated
Richard’s Answer
If you can keep your expenses down (live with parents, attend community college which can be free in some cities, complete your degree at an inexpensive public institution etc) debt doesn't have to be out of control. However the typical student does not do everything they can to decrease expenses then has to be stressed during their first years of practice.
Another unfortunate consequence of debt is limiting the student's choices after graduation. If a student has a passion for pediatrics, but crippling debt, they may be forced to apply to residencies with higher future earning potential.
A typical experience would be to complete residency and become an employee of a group. You aren't able to pay down your debt much because you are saving to become a partner. You buy into the group and then start making partnership money. That's when you are able to really tackle that debt.
So the answer depends on 1) how much debt 2) what specialty and 3) how long it takes to become partner.
But typically you are looking at 10-15 years to pay back your student debt.
On a side note, watch this video which compares a UPS driver to a physician. It makes a lot of assumptions about debt and saving/investment, but concludes that the average primary care physician doesn't become financially better off than a driver until age 53. https://www.youtube.com/watch?v=2503XQU1feE\
Another unfortunate consequence of debt is limiting the student's choices after graduation. If a student has a passion for pediatrics, but crippling debt, they may be forced to apply to residencies with higher future earning potential.
A typical experience would be to complete residency and become an employee of a group. You aren't able to pay down your debt much because you are saving to become a partner. You buy into the group and then start making partnership money. That's when you are able to really tackle that debt.
So the answer depends on 1) how much debt 2) what specialty and 3) how long it takes to become partner.
But typically you are looking at 10-15 years to pay back your student debt.
On a side note, watch this video which compares a UPS driver to a physician. It makes a lot of assumptions about debt and saving/investment, but concludes that the average primary care physician doesn't become financially better off than a driver until age 53. https://www.youtube.com/watch?v=2503XQU1feE\