<p>I'm not too sure where to post this, but I'm doing an integrated project for school on (personal) economics/medicine. Well, that's kind of irrelevant I guess, but the point is that I am a tad confused about how the whole process actually works. I'm supposed to figure out how someone coming from an "average" income family (~40000) can afford college and med school!<br>
Anyway, I guess the part I am confused about is the fact that if you're going to get a loan, you usually have to pay it back after you graduate with your bachelor's (right?). My understanding is that there is special consideration for people who still attend school after that--but, I don't understand what happens AFTER they graduate. What happens with their debt when they are residents and obviously aren't making very much money at all?<br>
Okay, I know I'm kind of rambling, but ANY insight at all would be much appreciated! :D</p>
<p>You pay it back at a slower pace, I know a resident and he is paying it back slow, and doesnt really seem to give a hoot about all the debt he has and he has had no trouble buying TWO houses and getting loans for them.</p>
<p>If you decide to attend grad school, you can usually defer your loans until after you finsh grad school. After you finish (you'll be in lots of debt), you can slowly pay the loans back within your capabilities.</p>
<p>My niece is finishing med school with $160K in loans. All planned out. She is not the only one. Many in her class are in the same boat. Her fiancee has about a quarter of that in loans so between the two of them they are $200K in the hole. He is finishing his internship and starting his residency, and not making that much money. Don't know what he is paying towards his debt.</p>
<p>My nephew took out a mere $90K, and has been aggressively paying it down. He is completing his residency this year. He has been moonlighting to make extra money some of which he used to get his sister a car, and to pay down the loan. I have no idea what he has left. He wants to go into research, but is quickly realizing that without treating patients, he is not likely to make anywhere near the money he wants, especially considering the debts he has incurred to get where he is. He is considering a fellowship which is essential for the path he wants to take, but that means more years of living on a budget. He is 30 years old. His sister is 26. It is a long road to becoming a doctor and making the type of money you would think that someone with all of this training would make. And the debt numbers are overwhelming. </p>
<p>For my daughter, if she gets into med school, since she will be a state resident in a state school, the tuition is much more reasonable. She will be married, and her fiancee is a doctor, so the game plan is that they will pay as they go, and though they will not be well to do with the med school tuition, he has no loans, nor does she, so the it is just the tuition that will an issue, but on his probable income, they will be able to cover it.</p>