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How Long Does It Take to Pay off Loans?


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I was looking at the tuition and living expenses for UofT and I was so surprised at how much it is. Im from Alberta so I'm used to relatively lower tuition fees. How long do you guys estimate it would take to pay that off, considering that you get paid like 50k starting during your residency and living expenses in Toronto are high (assuming thats where the residency is also), and considering that after taxes you'd have 40k left. 

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9 hours ago, teeezyyy said:

I was looking at the tuition and living expenses for UofT and I was so surprised at how much it is. Im from Alberta so I'm used to relatively lower tuition fees. How long do you guys estimate it would take to pay that off, considering that you get paid like 50k starting during your residency and living expenses in Toronto are high (assuming thats where the residency is also), and considering that after taxes you'd have 40k left. 

Most people don't pay them off in residency - they may pay a part off depending on where they are going (harder in a more expensive city) and try to avoid having them actually increase which is rather common. 

There people who are quite extreme about saving and getting rid of them - for that crowd about 80K would be doing "very well", and that was with the lower interest rates as well in the past. I hate debit but I also don't think have to make sure you aren't making residency a worse experience through forced starvation - the most important asset you have it your education and your acquired skills and you have to protect that. Pay of debit if you can and I certainly tried to personally but don't be distracted by it either. 

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I've been told it doesn't really matter once you hit staff b/c it is a difference of maximum 1-2 years due to staff pay just being on a different scale.

That being said, I've still been trying to save as much as possible and pay down what I can. Not with the goal of paying down everything before staff - I know I won't - but because I want to develop good financial sense and a frugal lifestyle that will let me hit the ground running when I turn staff. I think it's good to try and tighten belts a bit even during residency, with a "it can always get tougher" attitude.

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6 minutes ago, Hanmari said:

I've been told it doesn't really matter once you hit staff b/c it is a difference of maximum 1-2 years due to staff pay just being on a different scale.

That being said, I've still been trying to save as much as possible and pay down what I can. Not with the goal of paying down everything before staff - I know I won't - but because I want to develop good financial sense and a frugal lifestyle that will let me hit the ground running when I turn staff. I think it's good to try and tighten belts a bit even during residency, with a "it can always get tougher" attitude.

bingo and that is the difference - people that say just leave everything to later, which is not on the face of it illogical, often continue to push a lot of it into the future later even as staff. Ha, it always sounds very similar to the people that never exercise because there is more time for it later or what not. Some of this basically boils down to personality and lifestyle. Not so much right or wrong, but learning to be frugal (not cheap ha) gets you rather far I think. It is important I think to mention there are a lot of frugal doctors out there, just because they are not particularly obvious. 

 

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3 hours ago, rmorelan said:

bingo and that is the difference - people that say just leave everything to later, which is not on the face of it illogical, often continue to push a lot of it into the future later even as staff. Ha, it always sounds very similar to the people that never exercise because there is more time for it later or what not. Some of this basically boils down to personality and lifestyle. Not so much right or wrong, but learning to be frugal (not cheap ha) gets you rather far I think. It is important I think to mention there are a lot of frugal doctors out there, just because they are not particularly obvious. 

 

 

"That's a problem for future Homer.  Man I don't envy that guy!" [guzzles jar of mayo and vodka]

 

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5 hours ago, ploughboy said:

 

"That's a problem for future Homer.  Man I don't envy that guy!" [guzzles jar of mayo and vodka]

 

Hahahahaha, debt is precisely that. Putting off spending until later, with accrued interest. I'm pretty debt-averse, and the entire Premed101 forums roasted me after I asked a similar question but about approx. 30K debt. I'm a little concerned about debt for a few reasons. First, with CaRMS matching getting tougher, the odds of getting a residency are getting slimmer (obviously not by a huge amount, but it's still a risk). Secondly, interest rates will increase. It's inevitable. Thirdly, I have no real conception of big money (I have no idea how >$100K salary will be like lol) so I don't want to assume anything.

The goal for me will be to finish my degree without tacking on too much debt, and then paying off as much as I can during residency. I understand the whole "don't starve yourself during residency" thing, but idk. I can probably live like a student for another year or two and finish off my debt. Maybe I'll get a roommate, who knows.

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