Reply to If you had student loans, how long did it take to pay them off?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]250k in loans after medical school. I am 10 ys out and have 180k to go.  Depressing.[/quote]

Wow! My son had almost $200K in student loans when he finished his residency about 18 months ago. He has paid off all but $20K which he expect to pay off by June. He is single and lives well but keeps his spending down because he wanted to pay it off within two years of completing residency.[/quote]

I don't know how this is possible. You would have to have a ridiculously high net pay in order to pay $180K in 18 months.[/quote]

He earns approximately $450K gross annually ......[/quote]

Right. So he's a specialist. Bit different for those guys bc they know when they finish residency they'll make 300k+ or 400k+. Not sure why you're feeling so cocky about this comparing him to a PCP who likely makes less than 1/2 what he makes. Are you also shocked when Wharton MBAs who go into the hedge fund world pay off loans in 1 year while their non profit counterparts who don't have loan forgiveness can easily take 20 years?[/quote]

Don't mean to come across as cocky but when one has substantial loans after any course of study - whether med school, business school or any other field - one does need to consider earning potential to meet loan obligations and not have to struggle for years thereafter.

It is a point that I have made to all my children and anyone who asks for advice. Pursuing one's passion is all very well but in the end one has to consider earnings potential as well if one is taking on a lot of debt.[/quote]

FWIW -- I agree with you. Lawyer here who can't fathom why my (not rich; not married to money; not having trust fund) friends are slogging away at non profits for under 6 figures when they could earn 2-3x that in private practice. And in their cases, it's BS non profits that generally give you the feelings of &quot;doing good&quot; but how much are you really accomplishing?? Bit different for MDs -- we NEED people to want to do primary care bc I for one don't want to be seeing NPs and PAs for everything. If these folks are willing to take one for the team financially to provide care we ALL need -- I wouldn't lecture them on that. But like you -- I personally considered by debt/standard of living etc. when deciding how to move forward educationally and professionally. I'm the one who graduated with 75k in debt and paid it off in 13 years -- super slow bc market returns &gt;&gt; 2.8% interest rates and I wanted the net worth/investments built up fast.[/quote]

It's too bad that you can't understand people who have other priorities besides making the most money they can, but it's pretty unattractive to judge your friends because they do...[/quote]

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