Emma15 Posted June 14, 2011 Report Share Posted June 14, 2011 Having talked to multiple financial institutions and inquiring about loans, I am feeling somewhat overwhelmed with the potential amount of debt I am about to incur for the next 4 years. Those of you who have graduated: how are you managing life and paying back your loans? Do you have any suggestions on how to manage the debt during the course of school?? Any advice would be much appreciated. Thanks Link to comment Share on other sites More sharing options...
hking03 Posted June 14, 2011 Report Share Posted June 14, 2011 Having talked to multiple financial institutions and inquiring about loans, I am feeling somewhat overwhelmed with the potential amount of debt I am about to incur for the next 4 years. Those of you who have graduated: how are you managing life and paying back your loans? Do you have any suggestions on how to manage the debt during the course of school??Any advice would be much appreciated. Thanks my thoughts as an incoming year 1 med student are this: don't worry about the debt... it will get paid off after residency and you'll be fine. don't go crazy buying needless things, but also don't be so frugal as to not enjoy the next 4-9 years of your life. from the blogs i've read and from what i understand after residency it's not unrealistic to pay off 70k of debt in a single year, provided you work hard and put some effort into paying down debt. the blog i read by a female family physician in alberta documented that she bought a house, paid down 70+k in student loan debt and went on 6-8 weeks of vacation (involving travel and rock climbing- so that gets expensive) all while working locums in her first year. anyways, just my take on it. if you want to you can always try and pay down some debt during the summer, but again i'd say just set a rough budget and stick to it. have fun, the next decade is going to be tough enough without pinching every penny! good luck! Link to comment Share on other sites More sharing options...
SolitaireAddikt Posted June 14, 2011 Report Share Posted June 14, 2011 my thoughts as an incoming year 1 med student are this: the blog i read by a female family physician in alberta documented that she bought a house, paid down 70+k in student loan debt and went on 6-8 weeks of vacation (involving travel and rock climbing- so that gets expensive) all while working locums in her first year. good luck! Can you post a link for this blog? I'd be really interested in reading it. Link to comment Share on other sites More sharing options...
hking03 Posted June 14, 2011 Report Share Posted June 14, 2011 Can you post a link for this blog? I'd be really interested in reading it. it went private a few months ago... i never bothered signing up with her. but i believe it's called... medvalleyhigh.blogspot.com i think i'm going to sign up with her today though. i miss reading her posts. Link to comment Share on other sites More sharing options...
The Ace of Spades Posted June 14, 2011 Report Share Posted June 14, 2011 Yeah don't worry about it Emma. We're all going to be massively in debt right along with you. Link to comment Share on other sites More sharing options...
Emma15 Posted June 15, 2011 Author Report Share Posted June 15, 2011 Yeah don't worry about it Emma. We're all going to be massively in debt right along with you. Thank you all for the replies and the reassurances! I can certainly sleep a little easier tonight. Thanks again Link to comment Share on other sites More sharing options...
dentopia11 Posted June 15, 2011 Report Share Posted June 15, 2011 when u think of debt...think of the dental students...we're a lot worse lol...still cant get over my low OSAP estimate... Link to comment Share on other sites More sharing options...
papaya100 Posted June 21, 2011 Report Share Posted June 21, 2011 Having talked to multiple financial institutions and inquiring about loans, I am feeling somewhat overwhelmed with the potential amount of debt I am about to incur for the next 4 years. Those of you who have graduated: how are you managing life and paying back your loans? Do you have any suggestions on how to manage the debt during the course of school??Any advice would be much appreciated. Thanks Emma-I feel exactly the same way so you are not alone! I am not sure if I will get any money from OSAP due to complicated situation of having lived abroad for past few years. Which means I will have to use the LofC for everything, from the beginning... However I guess I am feeling a bit more reassured that people can indeed pay it back from posts here on the forum. I also know someone in Emergency Medicine who paid down all debt in 2 years after finishing residency. But I wasn"t sure how typical this was- I mean an n of 1 is not exactly statistically relevent . Link to comment Share on other sites More sharing options...
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