Paying off your debt

Hello, I’m 34 and I have enrolled in a second degree program. I have a family and quit working full-time to be able to study. I know there is still a long way to go and I am glad I’ve found you guys! I’d like to know how long does it take for an MD to pay off the student loans after graduation. My husband is really worried about it.

A very Lewis Carrol-ish answer would be, it all depends on how much you borrow.

I’m not there yet but I can tell you right now you’ve asked a VERY open-ended question and will get a different answer from every poster.

At the end of the day it varies case by case and it depends on what you estimate to be your living expenses and how much you think you’ll be borrowing.

Sorry I can’t be of more help!

I believe the median is 10 years; not sure whether that includes a 0-year for military agreements, mudphuds, etc. It’s significant, though given proper planning, doesn’t seem insurmountable. Hell of a thing, though…

the numbers on this vary a lot.

but maybe my own case will provide you a little insight:

Graduated Med school at 49 with aprox 160K of fafsa “second mortgage” It is currently on a 30 year repayment plan which if left to its own course I would not pay off until 80 -

from a finacila practicality standpoint I probably should dely payments there as long as possible because the interest is low And I could make more on investment income, but dignity won’t allow that. On my Family practice expected salary of about 140K ( thats a lowish mean now- ) I should have no problem paying that back over 10 years and still put a bit away for retirement, if I don’t go nuts witha fancy physician lifestyle

Consider 2 that in many areas there are loan repayment or forgiveness options available to help with this. (start and stay bonusses of 20 to 30 k / year for up to 5 years are not uncommon)

I hope this is encouraging -


Thank you very much, Steve!!