HOW TO PAY MED SCHOOL LOANS 2021 UPDATE - $350,000

[@tailorforeman7082]

Watching this as I checked some emails and low and behold I got my "Direct Loan Disclosure Statement" from the DOE. For those of you who don't know, that means I just went a heck of a lot more in debt. :) Cheers to my second semester of med school! May my mental health stay in tact and my coffee stay hot!!

[@drjennale]

Wooo hoo! How exciting. Hope you’re enjoying your time in med school. I lived off free burnt hospital coffee for years … at least it was always hot 😅 well most of the time

[@drjennale]

TIP: Think about not paying your loans back during residency as taking advantage of the variable interest rate when you have lower income. When I checked my current interest rate offers to refinance - it is around 3.5% so we will keep the loans as federal until at least 2022. What do you all think? How much debt do you have and how do you plan on paying it off? Or are you banking on loan forgiveness?

[@FacundoMD]

I have 447K :) I win (Haha) NOT really is bad !!!! I will throw all my money at it :) and pay it off in Max 4 years

[@juliancain3872]

​@@FacundoMD So how's it going?

[@hisbrideandwhitecoat]

Congrats Dr. Le. Interesting that you graduated from PNWU- I did the MAMS ( Masters of Arts Medical Sciences) there about 4 years ago. It was quite enriching! I am a third year medical student now in the East Coast at an Osteopathic Institution like you. Thanks for these helpful videos!

[@drjennale]

That’s awesome! Welcome to medicine outside of the classroom. Must be a nice change

[@ipsilonia]

i really appreciated the math breakdown, esp the fact that you did it w crayons :)

[@drjennale]

It’s the only thing I can find when you have little children 😂 also love color coding so win win!

[@joshmoore1292]

Very similar story on my end. Im the other half. I work in banking, and my fiancé is the smart one (Dr). We have been bouncing around different payment options. This is very informative. Im grateful for you opinions. Very helpful!

[@davidlakhter]

great video Dr. Le - I wish this was something more mainstream and something people considered more with the reality of going to med school and the actual lifestyle you'll have.

[@drjennale]

Lots of delayed gratification and tons of debt. 😭

[@nehagaur296]

Hi Jenny .. I am glad seeing you live. I want to tell you .. u are really motivating. Thanks for being so honest! You are an inspiration ❤️

[@drjennale]

Thanks for watching Neha

[@DividendRaptor]

Or do the snowball method and chunk it down significantly. If u refinance it and it goes all into one loan then you're focused on the avalanche method and u can't take advantage of paying down each loan amt. Snowball focuses on the mental side of chunking down the lowest principal amt first. Avalanche focuses on the interest. Both have their merits but u might be more focused on the marginal gains at some point while that large loan amt still is on there even during forbearance.

[@drjennale]

I had already consolidated to get into the REPAYE program. So I’m stuck at 6 percent if I want to continue to have the loan be federally owned. Only other option is refinancing but that also will capitalize all my interest into principal.

[@taylorcruz1380]

thank you for the information. I am an upcoming med student

[@drjennale]

Congratulations!

[@luomanfei]

Off topic, you look so good and healthy.

[@drjennale]

Thanks! I’ve been consistent with my diet but then I also got Botox in my massetors for headaches. And those can slim your face!

[@rizalukman7982]

Listening to your story' ,now I started to understand why student loans are designed to be repaid over 20 years

[@pearlivory3483]

I don’t understand the $0 in payments during residency. Was it that you qualified for that under the REPAYE program because of your income level and family size? Was it that you chose not the pay? Did you do forbearance? Was it because of the pandemic?

[@tsuki9653]

i want to become a pilot but don’t have the money for it, as a 18yr old student i’m scared to major in aviation since it’s 100k+ so watching med school debt makes me feel better. I still don’t know how to take those loans out, can you make a video explaining?

[@MissMiaAfroGoddess]

If you can go to the military instead, it’s a great way to start an aviation career

[@lupita1010]

Thank you for this break down and update, little scary since this too is in my near future.

[@drjennale]

We got this! 💪🏽👩🏻‍⚕️

[@FacundoMD]

Congratulations ! I will let you know when I pay my stuff ;) 447K but with my wife school we will have 500+K for sure !!! ;) Soon will make videos on this !

[@aac8033]

my girlfriend is a pharmacist that works at cvs, she has around 140k , im trying to convince her to join the airforce and be a pharmacist there because she will get benefits besides her pay . what are your toughts on this ??

[@love_nyc_]

Damn i graduated from pharmacy school last year with ZERO loans 🥲 140k is insane!

[@aac8033]

@@love_nyc_ she told she attended xavier university , how did you manage to pay yours cash?

[@drjennale]

I know may pharm students with similar loans. I think airforce or military are all great ideas for their benefits but they do own you for those 4 years. I know for medicine this dictates where you work as well.

[@love_nyc_]

@@aac8033 My parents paid for my tuition. I definitely will be more appreciative and grateful now. Omg wow this is eye-opening 😱😱😱

[@TinaOnEarth]

Thanks so much for this video! I had just graduated. and although I have the 6 month grace period, unfortunately I haven’t matched ... do you know of any side gigs that would be good to do to pay back debt while gaining experience for the match? Thank you!

[@drjennale]

Back to scribing. Reach is really good for the match but unlikely to get you income.

[@numberone22459]

Jenny, did you get any financial aid or discount for medical school?? I remember you mentioned that you grew up with not a lot and had government assistance so technically you would qualify for some financial aid even in medical school.

[@drjennale]

I qualified for financial aid in undergrad but the federal government doesn’t give aid for graduate school or beyond 😭 there are scholarships but I didn’t get any

[@sneakysnake2866]

To get an update, where are you now with all of this? With the new SAVE plan, have you been moved to that now? I have around 300k in loans as well from veterinary school.

[@drjennale]

Yes. Been moved to the SAVE plan. Based on the student loan calculator - paying another 17 years will have my loans forgiven (after paying about 180k). I’m going to keep them with government loans for now.

[@sneakysnake2866]

Thanks for the update! I applied for SAVE and then then got a notification I was put on the standard plan and would have to pay 2k a month, but it seems like this happens to everyone before consolidation is final... so that was reassuring. x.x @@drjennale

[@seb6226]

Did u go to med school while having kids of after? Med school is already extremly diffuclt but med school take up alot of your life so its hard planning to have kids due to time constraints.

[@drjennale]

I was pregnant with my first during 4th year of med school. Delivered 2 weeks before graduation. Pregnant with my second during second year of residency and delivered right before third year. You can be done!

[@yeshonestyhey2632]

Ramsey is right when he says doctors are the least knowledgeable in finances😂🤣🤣 to buy a house to live in while in that much debt is not an investment is a liability… just saying… but most people live happy while in debt

[@drjennale]

Technically our first home isn’t a liability because it is being rented and generating income. Hence an asset. Dance Ramsey also said you should save enough money to pay for tuition. This type of thinking only widens the knowledge and wealth gap.

[@theshinythings123]

If she didn't buy a home she would have still paid rent. At least you are paying off your own asset when you buy a home. Ramsey is only for people who can't think critically about their financial situation at all.

[@fatgeisha4685]

I spooked myself out of psychiatry by doing the math on taxes/malpractice insurance, etc on my actual take home income. Going into uni at 28 and assuming I finish my everything on time I'd be 43 out of specialization and probably 55 by the time I pay off $300k+ that I'd need and that's super depressing 😞 I'd be living like a resident up until 10 years before retirement essentially and probably never see the benefits of that income due to kids/house. I wish med school was affordable like it used to be.

[@weho_brian]

im glad I quit medical school and became a stripper instead

[@drjennale]

It’s too late for me 🥲

[@NM-ze3dh]

Jenny, your husband does not contribute?????

[@drjennale]

He does, but he's a realtor so his income is very hit or miss. We agreed that we would try to live on my income and his income will go towards school loans.

[@NM-ze3dh]

@@drjennale Wishing you nothing but the Best!You are sooo hard working and Awesome Mother!My daughter is in 7year BS/MD Programme, She is now 2nd year

[@drjennale]

You raised a rock star! I’m open to hearing any of your secrets 😁

[@NM-ze3dh]

@@drjennale Dr. Jenny, you are such a nice lady. you are meant to be a Doctor,for your caring personality. MY Secret is Lord Jesus Christ!!!!

[@joynish4256]

Hi Jenny! I love your videos!!! I’m an incoming DO student this fall and preparing myself for financial success after med school ((even though I’m not even close)). I’m curious why your REPAYE payments AREN’T more per month given your combined married income. My husband is not pursuing medicine, so my biggest fear about REPAYE is the increased monthly amount we’ll have to pay because of his income. Was REPAYE still more beneficial for you & Stan compared to PAYE, where your income would be looked at separately from Stan’s to determine your monthly payment EVEN THOUGH by choosing PAYE, you’d lose the 50% unpaid interest subsidy. Thanks for your help!

[@drjennale]

You have the option of filing taxes separately!The lose the tax benefits of married filing jointly but with have the perk of loan subsidy. Stan also stayed home or only worked part time during residency to watch the kids. You resubmit every year so if REPAYE monthly payments become too expensive, you can switch over the PAYE. The downside in that is that all the interest would capitalize.

[@speedstackinggurl]

Goood lord student loans are complicated. good on you for doing the math and running the numbers!

[@drjennale]

The only type of math I’m good at 😅

[@adeolaebunlomo]

Hi Dr. Le! I'm sorry to ask and please feel free to ignore this but did you plan on having children when you did? It just seems a little scary having two large financial commitments on top of a sizable loan with a 6% interest rate.

[@drjennale]

Both were planned. Medicine will always be there, fertility might not be. I know plenty of doctors who struggle to start a family because they waited too long.

[@adeolaebunlomo]

@@drjennale Ahh that's cool! Sorry again for coming off like an asshole I'm sure your family is great and I wish you nothing but the best!

[@love_nyc_]

6% interest is $21,000 but is it $21k for the LIFETIME of the loan or is it $21k yearly?!! 🙊

[@drjennale]

$21,000 yearly!! I know it’s insane that the interest is so high to go into a career that is dedicated to helping others.

[@love_nyc_]

@@drjennale OMG 😱😱😱😱😱😱😱

[@drjennale]

🥴 I know! It’s scary. We don’t go into medicine to be rich for sure.