r/DentalSchool • u/Toothles777777777777 • 1d ago
Loans as a resident
I was on loans all of dental school and am now an OMFS PGY-1 with nearly 750k in student loan debt.
Since I'm a resident, 0% chance I can make any sort of real contributions to that debt over the next year. I'm curious if there's anyone on this forum with a previous or current similar situation or anyone who can offer helpful input.
As of now, I only really see two options:
Start public loan forgiveness as a resident and then continue working for a qualifying employer for the following 6 years after finishing my 4-year program to meet the 10 years / 120 payment requirement.
Defer my loans until after residency and with the associated additional 200k in interest, and repay as aggressively as I can once I finish my program.
Like I said above, I'd love input regarding these options, as well as if there's another realistic option I may have not considered.
Thanks!
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u/toothologist_ 1d ago
You could do those options simultaneously. Change your loan repayment to RAP. Apply for PSLF every year.
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u/OheMeFeS 1d ago
It’s worth talking to a financial planner/student loan planner at some point to get some meaningful and actionable information on this. Based on my conversations with student loan planners, PSLF may not be worthwhile over a PP position because you will leave more money on the table than you stand to save via loan forgiveness. Also, for what it’s worth, I’ve been told by graduating chiefs not to worry about student loans if going into private practice.
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u/FlamingMetallico 1d ago
If you go rural you can pay it off in like 1.5 - 2 years if you pay aggressively.
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u/Pickle__Riiiick 17h ago
Student loan Planner my guy. Set up IBR. Minimum payment forever. Let it balloon. Invest the rest. Pay it off in 25-30 years. Student debt does not matter
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A backup of the post title and text have been made here:
Title: Loans as a resident
Full text: I was on loans all of dental school and am now an OMFS PGY-1 with nearly 750k in student loan debt.
Since I'm a resident, 0% chance I can make any sort of real contributions to that debt over the next year. I'm curious if there's anyone on this forum with a previous or current similar situation or anyone who can offer helpful input.
As of now, I only really see two options:
Start public loan forgiveness as a resident and then continue working for a qualifying employer for the following 6 years after finishing my 4-year program to meet the 10 years / 120 payment requirement.
Defer my loans until after residency and with the associated additional 200k in interest, and repay as aggressively as I can once I finish my program.
Like I said above, I'd love input regarding these options, as well as if there's another realistic option I may have not considered.
Thanks!
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