<p>My uncle is licensed for another state, but what he mentioned seems to be generic stuff that would hold true in all states. Idk what you meant about the $200 letter but as far as a lawyer, it will cost thousands. If its just a consultation, it won’t cost that much, but that won’t completely solve the situation.</p>
<p>Are you kidding me? Do you know how many institutions fold once they (the school and its legal dept) receive a strong letter from an attorney with a well thought out position as to why the institution is wrong and why the plaintiff is correct?</p>
<p>You may have intended on finding new ways to approach the college, but in reality you really don’t want to do what needs to be done.</p>
<p>Have you even contacted the legal office of this school? Has your uncle even called them? He doesn’t have to practice in that state to contact them and speak for you. I have 3 in-laws that are attys in other states. On rare occasions, I’ve had them call on an issue and the matter clears up fast. </p>
<p>But…since you seem to want to give up…take your big loans and when you’re sick of paying them back remember that you might have had less loans if you had been more aggressive with this school. </p>
<p>Yes, you can borrow $224k in federal loans (that doesn’t include private). That doesn’t mean that the feds think it’s easy for new doctors to pay that back. Since I have a pre-med son, this issue is very important to me. </p>
<p>To pay back $224k in federal loans (private loans are different), the payment is about $2680 per month - . Of course, since interest might be accruing during that entire time while in school, the balance may be larger than $224k when you’re done with school. Anyway…that’s $32,160 per year! </p>
<p>That’s not $32k off the top of your income. That’s $32k from your net income after paying taxes, FICA, etc. That’s also after paying for your normal living expenses. That’s why the guideline is that the payments shouldn’t be more than 10% of your income. </p>
<pre><code>**
</code></pre>
<p>Loan Calculator**</p>
<pre><code>Loan Balance: $224,000.00
Adjusted Loan Balance: $224,000.00
Loan Interest Rate: 6.80%
Loan Term: 10 years
Monthly Loan Payment: $2,577.80
Number of Payments: 120
Cumulative Payments: $309,335.90
Total Interest Paid: $85,335.90
</code></pre>
<p>Note: The monthly loan payment was calculated at 119 payments of $2,577.80 plus a final payment of $2,577.70.</p>
<p>It is estimated that you will need an annual salary of at least $309,336.00 to be able to afford to repay this loan. .**</p>
<p>Do you really think the gov’t thinks that newish doctors are making $300k within the first few years? I think you need to talk to some youngish doctors about debt and repayment.</p>
<p>Check and see how badly you’d be hurt if you transfer at the end of this year. If you look into this NOW, you can carefully select this year’s classes to best fit with a transfer school. Instate publics are generally VERY GOOD about accepting transfer credits. I know that our state flagship accepts almost any class from an accredited university (and UCLA and your current school would certainly be such schools). </p>
<p>Would you qualify for HOPE in your own state? or is it too late for that?</p>
<p>*When I made my decision during senior year, do you think that my parents and I were just sitting on our couches with our feet up on our recliners, thinking that taking out loans wasn’t a big deal at all, unaware of the consequences? *</p>
<p>You may think that you and your family are very savvy about money and colleges and doctors’ salaries, but you’ve already made one big mistake by going to UCLA first as an OOS student with loans. That was a big waste. With your stats you could have gotten great scholarships elsewhere as an incoming freshman.</p>
<p>You may also think that you “need” to go to go into debt to go to a “name” undergrad for med school success. That is so wrong. My son’s orthopedic surgeon went to a low-level Florida public, then went to Duke med school, and then went to The Mayo Clinic for his specialty. </p>
<p>Your plan seems to depend on getting into your cheaper in-state med school. But what if you don’t get in there? We would LOVE for our son to get into UAB (our best instate public med school with a high ranking) which has a lowish cost, but we have to assume that he won’t and have a backup plan. </p>
<p>Your plan also depends on your parents helping you pay for med school. No one knows the future, and sometimes well-intentioned parents fall on hard times and can no longer help (job loss, business decline, health issues, some other financial need occurs, death, divorce, whatever).</p>
<p>Does anyone know when new doctors begin paying back their loans? Is it when the get their MDs? Or… Is it when they’re done with their specialties (3-5+ years later)? When? Obviously, if it’s after they get their MDs, then income is really low. But, if it’s after they do their specialties, then interest will really have accrued and the balance is larger. </p>
<p>Is this University of Pittsburgh?</p>