Thanks for the info.
From this, we can deduce that DS’s monthly repayment a month is likely about $1600.</p>
<p>DS has some smaller amount of Perkins in addition to the Federal Direct (I think the latter is the same as Stafford unsub.)</p>
<p>I think the rate for Perkins is lower than that of the Federal Direct. But he does not have much Perkins. Actually, his largest loan (almost a half of all loans is the “alumni loans”; its rate is higher - I think it is 7%.) The only good thing about the alumni loan is that you do not need to start to pay back immediately after graduation. (I think it can be delayed for a few years – may not be delayed for the whole residency period though.)</p>
<p>We really do not know how to handle the repayment during his residency years. His income will be very low at that time (like < 50K a year?), and we will have been pretty much “dried out” in term of our financial resources after paying for 8 years (UG and grad school). I heard of income-based repayment and wonder whether he could rely on it.</p>
<p>Mcat2- most residents live like students in an effort to stay ahead of their loan repayment while they are still early in their careers. Now you know why. Some hospitals in high cost areas will have below market apartments available to residents. Or your son can explore very low cost/underserved areas as well.</p>
<p>blossom, Thanks! Although we secretly wish he could move to a lower cost area, he might not be able or willing to do so. He told us several times that he may end up at some major cities in the northeast. He told us this after he had seen where the majority of the graduates from his school end up going. (I think almost a half of them went to the two largest cities in the northeast. Maybe it would be even cheaper if he stays put. But I do not think he will be allowed to stay in the dorm (a cheaper option - as he chooses to do right now) after graduation.</p>
<p>The “outlook” might have been quite different if he decided to stay in-state a few years ago. He will need to live like a poor student for quite many years to come. (He will get our clunker as his first car.)</p>
<p>When my BIL was a resident in Boston, he shared an apartment with 5 others minimize rent. The nice thing about big cities is that sometimes you can get away without owning a car. (Good thing - parking is pricey). </p>