- Joined
- Jul 31, 2019
- Messages
- 153
- Reaction score
- 234
Long version (Short version below):
So I am starting medical school in about 1 month and I am in a kind of interesting situation. During my gap years I worked for doctor at a major hospital and now that I am leaving they are letting me stay on as a work when you can employee entering data on surgeries into a database. Basically the work for this project will always exist so the opportunity will last as long as I have time/until I graduate in 4 years because I think that with the additional credentials I would probably require a much higher salary by HR standards. Honestly the data entry is pretty easy it just takes a little time, but doing it for a few hours every week while listening to a podcast or music is not bad at all
Along with that I also was pretty lucky as a kid and my grandpa helped me to invest the money I made from working/from gifts into the stock market. This combined with my money saved from my gap year job has me at around 110,000 in savings/currently invested in the market (mostly in savings and the investments are in safer things like Index funds/Apple/Home Depot etc... not bitcoin or tesla). This amount does not count Roth IRA investments (which I have maxed out every year since I started working as a teen). I don't have any student loans from undergrad due to a mix of nice parents/athletics and I honestly live a pretty cheap lifestyle because that's kind of just how I was raised.
I'm pretty sure that I want to do academic medicine and that most major academic medical centers are 5013c organizations so they would qualify for PSLF, but I don't know if I want to bank on that being around/want a couple hundreds of thousands of dollars looming over my head for a decade. I took out enough loans for things like tuition/housing this year because I figured I wanted a easier transition when starting school, but could plan on using the money I have saved up as early as second semester/second year.
So basically because I have the ability to to start paying off some of my loans/take out fewer loans while in medical school should I just start to pay off the debt while in school right away or should I wait and see what happens with my interests and keep saving the money and then decide on PSLF vs quicker loan repayment later when I have little more clear understanding of how I think my career path will pan out. Also because I have the option to work some I do plan on maxing out my Roth IRA as much as I can while in medical school with that income and putting this money towards safe index funds.
Short version: I am starting med school, but have money saved/a super easy and relaxed part time job. Should I just plan on PSLF or start paying off loans right away?
Thank you everyone for your help I just want to hear some outside opinions so that I make sure that I look into everything before I make a decision on how I want to go about handling finances for the next few years.
So I am starting medical school in about 1 month and I am in a kind of interesting situation. During my gap years I worked for doctor at a major hospital and now that I am leaving they are letting me stay on as a work when you can employee entering data on surgeries into a database. Basically the work for this project will always exist so the opportunity will last as long as I have time/until I graduate in 4 years because I think that with the additional credentials I would probably require a much higher salary by HR standards. Honestly the data entry is pretty easy it just takes a little time, but doing it for a few hours every week while listening to a podcast or music is not bad at all
Along with that I also was pretty lucky as a kid and my grandpa helped me to invest the money I made from working/from gifts into the stock market. This combined with my money saved from my gap year job has me at around 110,000 in savings/currently invested in the market (mostly in savings and the investments are in safer things like Index funds/Apple/Home Depot etc... not bitcoin or tesla). This amount does not count Roth IRA investments (which I have maxed out every year since I started working as a teen). I don't have any student loans from undergrad due to a mix of nice parents/athletics and I honestly live a pretty cheap lifestyle because that's kind of just how I was raised.
I'm pretty sure that I want to do academic medicine and that most major academic medical centers are 5013c organizations so they would qualify for PSLF, but I don't know if I want to bank on that being around/want a couple hundreds of thousands of dollars looming over my head for a decade. I took out enough loans for things like tuition/housing this year because I figured I wanted a easier transition when starting school, but could plan on using the money I have saved up as early as second semester/second year.
So basically because I have the ability to to start paying off some of my loans/take out fewer loans while in medical school should I just start to pay off the debt while in school right away or should I wait and see what happens with my interests and keep saving the money and then decide on PSLF vs quicker loan repayment later when I have little more clear understanding of how I think my career path will pan out. Also because I have the option to work some I do plan on maxing out my Roth IRA as much as I can while in medical school with that income and putting this money towards safe index funds.
Short version: I am starting med school, but have money saved/a super easy and relaxed part time job. Should I just plan on PSLF or start paying off loans right away?
Thank you everyone for your help I just want to hear some outside opinions so that I make sure that I look into everything before I make a decision on how I want to go about handling finances for the next few years.