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It’s fairly simple math, since while you’re in school it’s simple interest that doesn’t compound.
Divide your total loan amount by 8, since your loans are dispersed twice yearly, for 8 instances total.
Then take that number and multiple by your interest and 4yrs. Then add that number time interest and 3.5yrs, then 3yrs, and so on.
Okay, so I did a rough estimate and it looks like my loans will be at about 370k by the start of residency (-_-). If I'm doing this right, then that means I have to pay about 24k each year of residency just to keep it at 370k. Is this number worrisome? I also am unsure if I would even be able to keep off further accrual with a residents salary. It just seems very intimidating a number.
Okay, so I did a rough estimate and it looks like my loans will be at about 370k by the start of residency (-_-). If I'm doing this right, then that means I have to pay about 24k each year of residency just to keep it at 370k. Is this number worrisome? I also am unsure if I would even be able to keep off further accrual with a residents salary. It just seems very intimidating a number.