doktorr Posted July 9, 2009 Report Share Posted July 9, 2009 I was curious how you guys do it? Completely disregard the total until the day you become a physician? or Meticulously plan each year out as you go along? Link to comment Share on other sites More sharing options...
Jochi1543 Posted July 9, 2009 Report Share Posted July 9, 2009 Are you talking about repaying existing debt or avoiding getting into more debt? Link to comment Share on other sites More sharing options...
doktorr Posted July 9, 2009 Author Report Share Posted July 9, 2009 Avoiding more debt as well as dealing with it in the back of your mind as it continues to swell bigger and bigger...lol Link to comment Share on other sites More sharing options...
Jochi1543 Posted July 9, 2009 Report Share Posted July 9, 2009 I'd just make a budget, map it out daily/weekly in Excel to make sure you're sticking to it, and avoid checking the actual bank balance too often (especially interest), since it gets depressing. Just think of your loan as the equivalent of a salary, so budget your life according to a $20-30-40,000 salary. You can't really control the interest, so no need to freak out over it by checking your balance daily. You have to check it sometimes, of course, just to make sure there's no unauthorized activity going on, but seeing the figure too often will just stress you out. Also, you have to remember that while the figure is huge, the repayment is not too bad. I mean, RBC and MD Management threw around figures like $1300/month for a full LOC repayment. That's really not too bad for a $150,000 debt with 4 years' worth of interest on it, if you think about it. You could even pay that back on a $50,000 salary if you live frugally or have a dual income, let alone a $150,000 salary. Link to comment Share on other sites More sharing options...
switcheroo Posted July 9, 2009 Report Share Posted July 9, 2009 I'd just make a budget, map it out daily/weekly in Excel to make sure you're sticking to it, and avoid checking the actual bank balance too often (especially interest), since it gets depressing. Just think of your loan as the equivalent of a salary, so budget your life according to a $20-30-40,000 salary. You can't really control the interest, so no need to freak out over it by checking your balance daily. You have to check it sometimes, of course, just to make sure there's no unauthorized activity going on, but seeing the figure too often will just stress you out. Also, you have to remember that while the figure is huge, the repayment is not too bad. I mean, RBC and MD Management threw around figures like $1300/month for a full LOC repayment. That's really not too bad for a $150,000 debt with 4 years' worth of interest on it, if you think about it. You could even pay that back on a $50,000 salary if you live frugally or have a dual income, let alone a $150,000 salary. Are you sure you're not paying the interest throughout med school as well? That's how it worked for my husband's professional student LOC, and our repayment is still like $1400/month (at prime). Just wanted to mention it in case this is the case and no one told you before. This is how it was for me, but it may be different with your bank. Link to comment Share on other sites More sharing options...
Jochi1543 Posted July 10, 2009 Report Share Posted July 10, 2009 Are you sure you're not paying the interest throughout med school as well? That's how it worked for my husband's professional student LOC, and our repayment is still like $1400/month (at prime). Just wanted to mention it in case this is the case and no one told you before. This is how it was for me, but it may be different with your bank. Yes, that's why I said "150,000 with 4 years' worth of interest on it." Link to comment Share on other sites More sharing options...
switcheroo Posted July 12, 2009 Report Share Posted July 12, 2009 Yes, that's why I said "150,000 with 4 years' worth of interest on it." Yeah, got that. Just thought there might have been a misunderstanding since our bank was totally douchey about making us pay our interest every month in school. And they didn't tell us we'd have to do that ahead of time, either. Link to comment Share on other sites More sharing options...
future_doc Posted July 12, 2009 Report Share Posted July 12, 2009 Yeah, got that. Just thought there might have been a misunderstanding since our bank was totally douchey about making us pay our interest every month in school. And they didn't tell us we'd have to do that ahead of time, either. Hey switcheroo, why don't you switch to another bank that plays fair. What they are doing is incredible and defies common sense. Link to comment Share on other sites More sharing options...
switcheroo Posted July 12, 2009 Report Share Posted July 12, 2009 Well, my husband's already out of dental school, and I'm not taking any loans for med school, so it doesn't matter any more. But we definitely should have switched back when hubby was still in school. Student loans suck. Link to comment Share on other sites More sharing options...
future_doc Posted July 12, 2009 Report Share Posted July 12, 2009 You won't let banks push you around like that again. Although they sometimes like to act like they are the one's in the driver's seat, they aren't, we are. They need people like us to borrow, that is how they make money. Link to comment Share on other sites More sharing options...
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