Refinance

$321,000 in MED Faculty Credit card debt!





Earnings Primarily based Loan Reimbursement Courses :

1. IBR – Earnings Primarily based Reimbursement
– payment cap of 15% of discretionary income
– financial loan will be forgiven in twenty a long time
– tax bomb

two. PAYE – Pay out As You Make
– payment cap of 10% of discretionary income
– financial loan will be forgiven in twenty a long time
– tax bomb

three. REPAYE – Revised Pay out As You Make
– payments of 10% of discretionary income, NO CAP
– will rely spouse income no matter how you file your taxes
– financial loan will be forgiven in twenty five a long time
– tax bomb
– governing administration will fork out 50% of fascination you will not fork out in the initially three a long time

PSLF – Community Service Loan Forgiveness
– must get work in public service or governing administration run
– must be in an income dependent financial loan repayment plan (IBR, PAYE, or REPAYE)
– financial loan will be forgiven in 10 a long time
– NO TAX BOMB

EBATES :

Makeup I am Donning These days:

Encounter:
Shiseido Ibuki moisturizer
Maybelline In good shape Me Concealer twenty five medium
NYX High definition Ending Powder banana (to established beneath eyes)
Much too Faced Chocolate Soleil Bronzer medium/deep
MAC Highlighter Oh Darling (DUPE: Laura Geller gilded honey

EYES:
City Decay Bare two Pallet
– lid : Suspect
– base lash line : Tease
MAC blacktrack fluidline
Much too Faced Improved Than Sex Mascara
Address Female Clump Crusher drinking water resistant black (base lashes)

BROWS:
Anastasia Tinted Brow Gel brunette
Anastasia Brow Wiz chocolate

LIPS:
Burt’s Bees Chapstick

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Med Faculty Graduation VLOG :

Prepping for Residency :

How To: Shadow a Doctor :

How I Research in Med Faculty :

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30 comments

  1. Sorry I'm just finding this video now, but you do a great job explaining all the different options. Best of luck!

    As an aside: I am just graduating fellowship after a surgical residency. I finished med school with $380k in loans, and since I couldn't afford to pay more than $100-200 a month in residency, that number is now up to $485k. My wife went to grad school, and she has close to $190k in loans (undergrad and grad). In order to pay off our loans in about 8 years (which is pretty ambitious), we'll be paying approximately $7500 A MONTH for the first 4 years, and then that ramps up to about $10000 A MONTH for the next 4 years. All told we're not only paying back our entire loans, but we'll also be forking over a little over $180k in interest.

    Long story short, be really sure about wanting to go into medicine. It's a huge investment in time, money, and your quality of life. But if that's what you really love to do, then it is absolutely worth it. I literally can't see myself doing anything else, and I get to go home every day feeling pretty good about my work.

    *Also make sure your significant other and the rest of your family knows what they're getting into. Physicians are certainly high-income professionals, but that doesn't translate to an equivalent lifestyle until well after training is complete, and in some cases (e.g primary care specialties like family med, pediatrics, psychiatry, etc.), that may never come to pass.

    Reply
  2. if i go to medical school, i will have $262,000 debt.

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  3. I am an older student who just started back in school with hopes of getting in medical school. If I get into a DO school I could be $350k in debt and 47 at graduation. I would like to consider a DO route and FP or IM yet these facts make it so hard. Yes, this may never be my case. Illustration is FP making say $180k post residency for the first year then working toward that average of $210k the responsible think is to live on $60k until loans are paid off while if working in a place that does a 401k match contributing the max that way this younger FP doctor is being loan and retirement responsible. Once the loan is done than said doctor can add more to lifestyle like better home and vactions, cars and so forth. Just food for thought.

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  4. Do you think its too late to start medical school at 32 years old?

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  5. It is so expensive. Dave Ramsey has a great plan to pay off debt. Live frugally, and do a debt snowball.

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  6. I retired by 23. We are living in a new age global economy college is pretty useless. ( of course certian fields are not). I literally learned my education for 200 bucks in udemmy. I build global defence applications out of my labtop while drinking tea anywhere in the world. ( i just cant comprehend how people cant understand this simple economic trap)

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  7. Wow

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  8. Very informative video, however, it's important to understand that no student loans get "forgiven" in the sense that the existing balance doesn't have to be repaid.  All student loans are guaranteed by the government.  This means that any unpaid balances either through default or "forgiveness" programs end up being paid to the banks by the government (aka, taxpayers).  The bank always gets all its money…always.  This is why the massive student loan bubble bursting through millions of defaults is such a concern for the national economy and taxes.

    Reply
  9. If you borrow $300,000 at, let's say 6%, over 20 years you would have paid almost $450,000 over that time if you include all the interest. The loan forgiveness (or "tax bomb") isn't so friendly either as the amount you'd have to include in your income will most likely be taxed at a higher rate since most doctors are in a high tax bracket. Add to it all, you can deduct on your taxes up to only $2,500 per year (maximum) and that goes away if you're single and your adjusted gross income is more than $80,000 ($160,000 if you file Married Filing Jointly). Also, student loan debt is very hard to get rid of in bankruptcy so it stays with you. Bottom line, make sure that becoming a doctor is what you really really really want to do before you take out those loans.

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  10. What’s ur step 1 score gook?

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  11. Could you do an update on your debt?

    Reply
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    (727) 400-3767

    Reply
  13. I have been watching your videos for the whole day. And I must say…….im not bored at all. Welp, hope i become a greats urgeon without any of those craps.

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  14. this is sad omg

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  15. $321,000 DEBT! My God! My head is dizzy.

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  16. I think the debt part is what scares me the most about med school. I know I want to be a doctor. I'm just starting my first year of college. I'm in my 20's and never thought of college as an option because I'm broke and my family has always been broke… I'm just worried that when I do get into med school what happens if I fail out when I'm a couple years in or so how the hell would I pay back a loan that massive when I've always just barely got by before…

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  17. In my country education is free specialy med school and yet still people are lazy to be doctors

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  18. I am in pharmacy school and will be out with 260k in loans. Any advice for me?

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  19. Don't forget about the interest added to your debt.

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  20. Which loan agency did you go through? The only one I know is Sallie Mae

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  21. This was super helpful.

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  22. Thank you so much for this video. I feel comfortable knowing that I’m not alone with feeling this debt is okay. ❤️ Investing in your future is so important.

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  23. Is there any kind of medical forgiveness if you end up with some debilitating disease or in a car wreck? My biggest fear about Med school was some crazy shit happening, me winding up crippled and useless and still on the hook for $300k

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  24. How do you pay for you rent or gas or food and stuff. Like if you aren’t in a relationship.

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  25. This is really helpful! kinda hurts to think abt the interest that is accruing as I type but hey it is what it is! Thanks again for the organized list and explaining it through:)

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  26. I'd go the public service route.

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  27. Does this apply only in med school (pls) I’m curious to know if rn programs offer this

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  28. How do you financially support yourself in med school

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  29. & I’m over here with my 24,000 in nursing school debt. If blessed ain’t the word 🙌🏽. Praying for you 🙂 you’ll pay that off with a breeze MD.

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  30. I had over 100 grand in debt after graduate school. I would have had more if my parents didn't pay for my undergrad education. It took me about 10 years to pay it off because I was paying more than the minimum payments. Do you worrry about having to pay it off along with a mortgage plus paying for your kids college education?

    Reply

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