<p>I think the ability to repay one’s med school loan while in residency is dependent on two variables. One being the total amount of the outstanding loan and second is the cost of living where the residency is located.</p>
<p>Son tracks his loan amounts and his expenses on an app on his phone he moved over from his laptop app. His med school financial aid office meets with the students every semester to discuss loan amounts and ways to save money. They also are already encouraging to apply in-house for residency since the COL is so very low in their/our area. And yet they pay their residents similar to most other hospital networks.</p>
<p>He says they meet with everyone early to start the “recruiting” early! For their third and fourth years their clerkships are scattered over 20 different locations across the state. If your “home” (Chapel Hill) is more than 50 miles from one of the 20 locations the school pays for your housing while “away.” Students put in a wish list for what residencies at what locations. Like a lottery. Students then get issued their “calender”.</p>
<p>I assume many want Wilmington and OBX in May and June! Others want Asheville in Jan and Feb!! Once one receives their schedule they can switch with others. Son received just 2 aways and his interests all remained at “home”. Some get all aways or just a few at homes. I think it has to do with want you want and your mentors and advisors play a part. Also something to do with the recruiting that is on-going.</p>
<p>But it gives students an idea of how much things cost all across the state and the different locations within the state that are open for residencies. If son ends up in his same location for residency his costs will remain low. His rent is under $400 with utilities and his townhouse is on the free bus line that runs 24 hours. He shops at Sam’s, local farmer’s market and the school feeds them at 3 to 4 times a week. His food cost is extremely low. He has projected how much he will be able to repay and when. He hopes to have it gone in under 4 years. He knows the loan accruals with interst and each year he continues to take less in loans.</p>
<p>He wants to have enough in reserves for interviews for residency and the exams. I am unable to help him financially so he has had to figure this all out on his own. Well, really the school as helped out tremendously. And not just with his scholarships but in other areas as well. How much to take, what to buy and when and if there are opportunities to earn some extra money, research, surveys, etc…they always notify. The alumni in the area are also extremely helpful. </p>
<p>So son does think it is possible to repay his loans during residency but again this is based upon his loan amounts and his cost of living. I am sure it varies for each student.</p>
<p>Kat</p>