Title says it all.
I accrued about $67K in federal loans while I completed my undergraduate degree. I went straight through to medical school and have accrued the remaining during this time. I recently got my final addition and the total from the past 8 years is $394,003. From what I can tell, they all have different interest rates ranging from 3.4% to 7.3%, but the composite rate is 6% as listed on the federal student loan website.
My main concern comes with the interest that will be accruing during my residency. If the total interest rate is 6%, that comes to about $23,640 per year. My goal would be to keep everything at the principle value, that way I can pay it off as quickly as I can after the 4 years. During residency, I'll be making anywhere from $55K-60K each year before taxes. Is keeping it at the principle even a reasonable goal with what my salary will be? Depending on the area I live, with cost of living, it almost doesn't seem possible.
Any advice is appreciated.
Submitted January 21, 2019 at 08:13PM by avbx http://bit.ly/2U1lxbY
