FINANCIAL FREEDOM For Doctors: How I Paid My Med School Debt In 2 Years. My Story, Tips, & Secrets.

[@ccampaaz2867]

Watching this after I finished filling out my MPN and Entrance Counseling to start Medical school this year. Amazing discipline, focus and determination. Great tips and an awesome way to take advantage of 0% CC. Thank you so much for sharing.

[@dr.lindsaymarie]

Thank you :) and congrats on starting medical school!

[@NPMPJJ]

thank you so much for this video! i’m entering my first year of medical school this year

[@dr.lindsaymarie]

You’re welcome, and congrats on starting medical school! :)

[@boonerowen8127]

I dont mean to be so off topic but does anyone know of a trick to log back into an instagram account? I somehow forgot the password. I would love any help you can give me

[@tonyissue4730]

You are a wise owl 🦉. I get annoyed when people called me stingy as I am a really generous person 😇

[@dr.lindsaymarie]

Tony Issue Thank you! Haha yeah I hated being called stingy.

[@assefameshesha1388]

Congratulations, you’re such an inspiration for so many. Thank you so much for sharing your story.

[@dr.lindsaymarie]

Aww thank you! And thanks for watching!

[@myenethes1554]

Thank you a ton for the video! After receiving my acceptance letter, I was stressing out so much about finances and couldn't let myself be completely happy because I was so worried about accumulating debt during medical education. Growing up in a poor household has made me develop a crippling fear of debt, so it's good to know of a doc with a similar background affirming me that it's possible to pay off your med school debt in a short time with prudent spending and aggressive repayment. i know a lot of ppl can be chill with living with debt above their heads and instead choose to use the money they earned during residency/attending for investment (in either real estate/stocks etc) to accumulate more money, instead of focusing to pay off their debt immediately. But that just aint me. IMO one advantage I have is that I'm still fairly young and I still have a fair bit of time left in life to spend more $$ in long-term investment without too much loss AFTER I'm debt-free.

[@dr.lindsaymarie]

Thanks for sharing. I wish you the best in your medicine and financial journey! 🙏🏼

[@trainmap]

You just inspired me. Good to see that this albatross I have hanging over my neck isn't insurmountable.

[@dr.lindsaymarie]

Yes, you can do it! :)

[@oldinemerilien6556]

You have really inspired me honestly like a lot. Being in a family that not middle class and have absolutely no doctors , who i can ask for advice is stressful. And i want to become a pediatrician, and hearing about loans stress me out because i saw my dad fighting about loans once all though he done paying it now but it was bad experience for him . Because I have one parent with me and another one in another country that i would like to help enter the U.S one day but when I think about it all it cause me stressed because it all seems impossible. Senior in high school by the way, but after watching your video, it gives me a little hope of maybe i can actually become what I want to be. And thank you for that.

[@oldinemerilien6556]

You have earned a new subscriber 🎉

[@dr.lindsaymarie]

I’m glad you were inspired! I wish you the best in reaching your goals and dreams ☺️

[@dr.lindsaymarie]

Thank you so much!

[@kimsordyl]

Such an inspirational, thorough video! Thanks so much for sharing. This was a really wise way to go lol

[@dr.lindsaymarie]

Thank you for watching! I hope it helped in some way.

[@matchmadeinmedicine3727]

Awesome video. Thank you for the advice. They really should teach financial literacy in med school

[@dr.lindsaymarie]

Match Made In Medicine Thank you!! Yes they really should teach more on this topic in school. I hope some of my tips will help you both coming up here in the near future! ❤️

[@germoreno8936]

@@dr.lindsaymarieBut is it full time or part time? thank you by answering dr...

[@dr.lindsaymarie]

@@germoreno8936 I had 10 days off a month

[@VishalSharma-by3oq]

Love the video, it was really insightful! Can you touch on the types of jobs you were doing during this time period that you were paying off your loans? What areas of Family Medicine paid relatively more (ex: Hospitalist vs Emergency vs Rural vs Urgent Care vs Outpatient FM clinic)? If you tailored your time more towards the higher paying aspects of FM scope of practice, would you have been able to pay it down even faster?

[@alexburns6734]

Thank you for the video! So with regards to income based repayment options such as IBR or REPAYE, is there a penalty on making early payments as you did?

[@dr.lindsaymarie]

You’re welcome :) There is no penalty for paying off the loan sooner! At least there wasn’t when I paid my loan.

[@Aristotle2000]

You only need life insurance if other people depend on your income and they would be in bad straits if you died and they didn't have that income.

[@dr.lindsaymarie]

Thanks for sharing

[@corycox8033]

200k is a sweet deal. dental school today is nearly 3x that number!

[@dr.lindsaymarie]

Oh my, that is craziness.

[@pearlivory3483]

Out of all the videos I’ve watched WOW- finally found someone with a good and unique secret!! Haha nice!

[@dr.lindsaymarie]

Hope it helps! Thanks for watching :)

[@markfrancis5751]

Congrats! my son starts Med schoool this July...good stuff to pass on to him!

[@dr.lindsaymarie]

Thank you! Congrats to your son!

[@NM-ze3dh]

Thank you Dr. Lindsay Marie, will share with my daughter who is in 3rd year BS/MD

[@dr.lindsaymarie]

Great!

[@germoreno8936]

Excuse me doctor could you tell me if the money that you make per month (9000-12000) is after taxes or before? and is a part time or full time... thank you so much by answering I would want to be a family medicine doctor

[@dr.lindsaymarie]

After taxes :)

[@christianriveranolan9020]

@@dr.lindsaymarie great info

[@lahilda]

Can you give us any more information about which cards you used? And how much you pulled during what time frame of having to pay back? I'm an rph and definitely can use some tips to accelerate things, thanks!

[@dr.lindsaymarie]

Hi, good questions. This was at least 6-7 years ago for me so I don’t remember the exact card. At the time I had a Chase bank account so it may have been a credit card offer from Chase. Most people get multiple credit card offers in the mail so keep an eye out for ones that offer 0% APR for a year on cash advances. You will get offered a higher credit line once you start your profession, I was getting offers for up to $100,000. I only used $10,000 of credit line to pay part of my loan and it helped take a chunk off of the principle and avoid the loan interest. I did this more towards the end of my loan repayment so that I could be sure to pay it off within the year to avoid the high interest rate increase on the card once the 0% interest benefit was up. Hope that helps! Good luck :)

[@bobamagwula87]

Did your medical school and under grad debt show up on your credit report ?

[@pep590]

Did you go to community college for the first two years and then apply for all scholarships. Also If oyu were close to being poor, didn't you qualify or any grants?

[@aggi7695]

You make me know it’s possible to payoff 6 figure student loan debt

[@dr.lindsaymarie]

Yes!!

[@SaRa-ms5zy]

Thank you so much, very informative video. 👍 God bless you!

[@dr.lindsaymarie]

Thanks for watching! God bless you too :)

[@MohamedAhmed-ox1xb]

Awesome video. Just matched into IM residency. Very helpful tips. Thank u.

[@dr.lindsaymarie]

Congratulations! And thank you! I’m glad it helped :)

[@ERdoctorMike]

love the credit card hack!

[@dr.lindsaymarie]

Thanks for your comment. Hope it helps! :)

[@jencheng3004]

You let me know two years ago about student loans. You said I can borrow only up to the cost of attendance. (Tuition and living expenses). Are you taking out the COA amount? Isn’t that like making bank there? Will Biden write it all off in a year or more? So I’d like to borrow the maximum and as soon as possible.

[@Kyle-ke1zj]

Good for you! This is awesome!! Thanks so much for sharing and God bless!!!

[@dr.lindsaymarie]

Thank you!! Thanks for watching and God bless you too! :)

[@rahulreddy4414]

That's Awesome. Congratulations on all that you have achieved until now and thank you for your piece of advice.

[@dr.lindsaymarie]

Thank you for your kind words!

[@themightykyuss]

So did you just stay on IDR after graduating residency and on top of making the required monthly payment you just put all extra you could towards the Loan in the form of an extra payment???

[@dr.lindsaymarie]

Yes that is how I paid off the loan faster ☺️

[@marialinares2973]

Hi, so during residency, you were paying around $100 and after you completed residency, then you were paying around $7,000 because of your pay increase? Approximately how much do you make per month during residency?

[@dr.lindsaymarie]

I believe it was $3,200-$3,500 per month. Most of that went towards my living expenses.

[@nwamakaofoegbu8977]

Wait so use a credit card to pay off the debt every month then pay off the credit card by the due date every month?

[@dr.lindsaymarie]

No, I used a credit card that allowed for 0% interest on a cash advance for one year. I got the money and transferred it to the school loan.

[@faizanalvi3932]

what about PSLF in all this how does that work into this

[@dr.lindsaymarie]

If you want to remain in the PSLF repayment plan you would follow that. I believe they require 120 qualified payments which is at least 10 years worth. You can learn more about PSLF on the studentaid.gov website. If you wanted to go outside of that plan talk to your financial advisor to see if it would be beneficial for you.

[@ZachGinnOfficial]

Straight facts.

[@dr.lindsaymarie]

Zach Ginn Hey! Thanks for backing me up. Lol and Welcome!

[@livedontletdie]

So i need to make more per month as a pharmacist. We need higher pay

[@Doctordhsbkn]

Can any1 tell me how much money needed in today's medicine pvt coll a nd govt college in average...in USA

[@dr.lindsaymarie]

It depends on the type of school you go to, (private or public), (in state or out of state). Average cost for college can be anywhere from $10,000-$40,000 per year. Average cost of medical school can be anywhere from $35,000-$60,000 per year.

[@Doctordhsbkn]

@@dr.lindsaymarie thnks mam

[@dr.lindsaymarie]

@@Doctordhsbkn you’re welcome

[@salih9180]

Great dedication! Wouldn’t it be more profitable if you invest your money on house or stock market and pay your debt in 20/30 years?

[@dr.lindsaymarie]

That is one way to think of it, but for me I only sacrificed two years on my investments to be completely debt free and now I actually have MORE money to be able to invest. I’m very happy 😊

[@bringmetheh0riz0n1]

Yes, it would be way more profitable to pay minimum payment on student loans and investing the difference. Losing 2 years of compound interest can be HUGE when the investments can grow at a much larger % than student loans do.

[@kaitlynkilpatrick36]

@@bringmetheh0riz0n1 it depends on your priorities. If you are semi smart with your money and live below you means and have a balanced portfolio, you are gonna be fine regardless as a doctor because you make so much. If being debt free is a priority, then that's okay.

[@bringmetheh0riz0n1]

@@kaitlynkilpatrick36 I totally agree that she will be fine regardless, but mathematically speaking she lost a lot of money in compound interest by aggressively paying off debt.

[@medicalbiochemistry_]

Nice 👍👍

[@dr.lindsaymarie]

MEDICAL BIOCHEMISTRY FOR MEDICAL STUDENTS Thank you! ☺️

[@saadharoonraja1342]

So are u a consultant?

[@dr.lindsaymarie]

I have heard the term consultant before used in other countries I have visited. In the US a doctor who has completed residency training is considered an attending doctor. Just different terminology for different countries. Where are you from?

[@saadharoonraja1342]

@@dr.lindsaymarie ohh ok, thank youuu, I'm from pakistan

[@pradipchaterjee9576]

Best way to get financial freedom with High quality education # attend medical school outside America in European countries with free tution scheme # write usmle then come back to USA 😁

[@dr.lindsaymarie]

Haha yes! I’m so jealous of the European school systems!! I first heard about this in college from a friend who was from Germany and I was shocked his university was free!!

[@pradipchaterjee9576]

Jokes apart great vedio ma'am 🙄

[@dr.lindsaymarie]

Thank you 😊

[@isabelortuno369]

Would these circumstances have changed if you had a longer residency ?

[@dr.lindsaymarie]

I would have still paid at least all interest while in residency. Then kept the same plan to pay off my loan once I got out.

[@bobbyknight3589]

You should have invested some of that 💰. That way you have more 💰 to pay off your loans 🤷

[@dr.lindsaymarie]

I chose to pay off all debt first. I have been investing ever since. I am happy with my choice.

[@jencheng3004]

Will you marry me? I’m 39, Taiwan

[@dr.lindsaymarie]

:) Nice to meet you

[@weho_brian]

wow a little forward there aren't you 😄

[@jencheng3004]

You let me know two years ago about student loans. You said I can borrow only up to the cost of attendance. (Tuition and living expenses). Are you taking out the COA amount? Isn’t that like making bank there? Will Biden write it all off in a year or more? So I’d like to borrow the maximum and as soon as possible.

[@dr.lindsaymarie]

I have not kept up with what Biden plans to do with student loans but this may be something to look into. Best of luck with your student loans!

[@jencheng3004]

You let me know two years ago about student loans. You said I can borrow only up to the cost of attendance. (Tuition and living expenses). Are you taking out the COA amount? Isn’t that like making bank there? Will Biden write it all off in a year or more? So I’d like to borrow the maximum and as soon as possible.