How much debt do you have?

[dooogs]

8 hours ago, jb24 said:

I have about 200k in debt right now. I'm honestly very scared about the future. I don't even live luxuriously, the tuition, housing, food, car, and all the other random stuff really adds up. 

My parents are also in debt. It sucks.

What I've heard from residents is to keep living like a med student for the first few years so you can pay it down a little bit. Although, with the interest rates being so low right now, I'm not as concerned as I would be 

[rmorelan]

20 minutes ago, dooogs said:

What I've heard from residents is to keep living like a med student for the first few years so you can pay it down a little bit. Although, with the interest rates being so low right now, I'm not as concerned as I would be 

good advice over all. I am trying to keep my lifestyle at the resident level for that very reason as staff. The low interest rates reduce the interest but the real issue is still the principle payment. If the interest rate doubles on a 250K loan you would pay in interest about 1000 a month vs 500. That isn't nothing, but the real issue is you are paying off the principle even at 5000 a month (over 5 times the interest itself at the doubled rate) it will still take you 4+ years to pay it off outside of the interest payment - and 5K a month is a lot of money. Once you do that you have to immediately keep going if you want a downpayment on a house for say another 2-3 years if you go the traditional route. 

I read recently people over-estimate what they can do in a year, but underestimate what they can do in 10 years. Seems somewhat related to this and debit repayment pathways. 

 

[ellorie]

I’m mostly still living like a resident except I might move to a nicer place (but I’m paying 1650 right now which for downtown Toronto is a steal so a nicer place will probably still hopefully be < 2500 with the rental market being what it is). But yeah the staff expenses really ramp up compared to residency in terms of OMA, CPSO, CMPA, CME requirements (conferences and trainings are $$$).