What’s your Student Debt Story?
Student Debt Story:
I have just under $550,000 in student loan debt. This is a mix of federal and private loans. My interest is over $45,000 per year. I make $53,000 per year as a family medicine resident. When I graduated from medical school I Had about $475,000 in student loan debt. By the time I am able to start making payments on my student loans I will have close to $600,000 in student debt to become a family physician. I will have no savings and no retirement. As we all know there is no such thing as a pension program for physicians. I will have to save all of my own money for retirement. When I tell people how much I will make they tell me "you will be fine" but what they don't realize is I will pay more than half of my disposable income on my student loans which will leave me making less than I was making 10 years ago as a Carpender. I didn't become a physician to get rich, otherwise I would've chosen to be something other than a family physician. However, I did expect to be able to retire, put my kids through college and make at least what I made before I started school. Now… Looking at my finances moving forwards… I expect to be in debt for the rest of my life and I doubt I will be able to keep my children from being in the same financial situation as I am. They will be buried in debt for their education because I am buried in debt for mine.