The article linked below is interesting for a lot of reasons, particularly the fact that 40% of all student debt is held by graduate students. But to internal medicine interns and residents it is interesting for one specific reason: If you choose income based repayment for your student loans, you may be able to pay just 10% of income, and whatever is left in 20 years will go away. If I could start over, I might have not gone with forebearance but instead started with income based in the intern year. For those who will make lots and lots of money in lucrative careers this may not matter, but if you are considering a long fellowship followed by a life in acadmics, this could be a useful option.
From Time Magazine: The Real Student Debt Problem No One is Talking About
A great reference to use when thinking about repayment is the Federal Government Repayment Estimator. You put in all your loans into the software as well as your income and a few other variables, and it will give you all of your options for repayment: how much per month, how long it will take to pay it all off, how much total you will pay, etc. The estimator is a part of the federal student loan informational website, which is very good.
I will end with Osler's take on wealth. It is a long quote, but it has stuck to my mind since I came across it a few days ago:
"..The choice lies open, the paths are plain beffore you. Always seek your own interests, make of a high and sacred calling a sordid business, regard your fellow creatures as so many tools of trade, and, if your heart's desire is for riches, they may be yours; but you will have bartered away the birthright of a noble heritage, traduced the physicians' well-deserved title of the Friend of Man, and falsified the best tradititions of an ancient and honerable guild. On the other hand, I have tried to indicate some of the ideals which you may reasonably cherish... And though this course does not necessarily bring position or renown, consistently followed it will at any rate give to your youth an exhilarating zeal and a cheerfulness which will enable you to surmount all obstacles-to your maturity a serene judgement of men and things, and that broad charity without which all else is nought-to your old age that greatest of blessings, peace of mind, a realization, maybe, of the prayor of Socrates for the beauty in the inward soul and for unity of the outer and the inner man" -William Osler, from "Teacher and Student" in Aequanimitas 40-1
Tuesday, November 11, 2014
student loan
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