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Replies: 23
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Orange Phenom [14308]
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I was yesterday years old when I learned this, re:student loans
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Apr 30, 2025, 11:42 AM
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kiddo starting med school in fall. Did not know that there is higher interest rate with post grad student loans than undergrad. Seems a little not right, as I would expect post grad grads more likely to pay off loans than some undergrads. Right now 8%.
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All-Time Great [88555]
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Loans for post grads is also all unsubsidized
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Apr 30, 2025, 11:47 AM
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which means they start accruing interest immediately. Unlike subsidized loans for undergrads where the interest is deferred until the student enters repayment.
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Ultimate Clemson Legend [102823]
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My undergrad student loans were unsubsidididized***
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Apr 30, 2025, 11:49 AM
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All-Time Great [88555]
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Yea. UGs are elig for subsidized and unsubsidized.
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Apr 30, 2025, 11:55 AM
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It can be 100% unsubsidized if your income is at a certain level.
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Ultimate Tiger [38937]
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Re: I was yesterday years old when I learned this, re:student loans
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Apr 30, 2025, 11:48 AM
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Even back in 2010 my FedLoan rate was 6.5%. The thing that really F’d me over was annual capitalizing interest while my loans were in deferment in residency & fellowship, from about 240 to 415 by the time I could refinance and afford to start making payments.
If you can help make payments for your kid during residency that will make a huge difference for them.
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Orange Phenom [14308]
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Re: I was yesterday years old when I learned this, re:student loans
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Apr 30, 2025, 11:50 AM
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yeah hopefully PSLF will still be in play when he could possibly take advantage of it
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Ultimate Tiger [38937]
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Re: I was yesterday years old when I learned this, re:student loans
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Apr 30, 2025, 11:54 AM
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I’d be very leery of counting on PSLF. I don’t know a single person who came out of training around my era who has had their loan burden eliminated by PSLF, they’ve all been rejected. There was a small glimmer of hope the last two years, but I’m afraid that door has been slammed shut.
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Orange Phenom [14308]
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ugh really?
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Apr 30, 2025, 11:55 AM
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just looked and Prisma is an eligible employer, guess there are other qualifying factors? Partner here had hers forgiven but was probably 6-7 years ago
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Clemson Sports Icon [57679]
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HEY LOOK EVERYBODY!
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Apr 30, 2025, 11:57 AM
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Two doctors complaining about student loans!!!
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Orange Phenom [14308]
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Re: HEY LOOK EVERYBODY!
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Apr 30, 2025, 11:59 AM
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yep, don't care who you are, half a million in debt hurts
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Ultimate Tiger [38937]
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Re: HEY LOOK EVERYBODY!
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Apr 30, 2025, 12:02 PM
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I refinanced in 2021 at 2.25%, literally the best time in recent history to do so, and have $2300 monthly payments for 15 years.
I’m paid well, but not well enough where thinking about it doesn’t hurt my feelings.
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Tiger Spirit [9759]
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Totally agree.
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Apr 30, 2025, 11:59 AM
[ in reply to ugh really? ] |
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I know several people who were counting on that approach. I'm not sure any of them ended up completing the program. They were either denied based on very ticky-tack factors or found the job options so limiting that it made more sense to abandon the program. This is law, not medicine, fwiw.
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Ultimate Tiger [38937]
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Re: ugh really?
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Apr 30, 2025, 12:00 PM
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The people I know who tried either had “process” reasons for their denials with no explanation on how to remedy, or no response at all. Gutting of the dept of ed is making the situation 100x worse, there was a student debt episode of The Daily last week where someone rage quit their job handling loan issues with a backlog of like 60,000 applications and complaints.
https://www.studentloanplanner.com/pslf-statistics/
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Oculus Spirit [41698]
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Really? My wife hit her 10 year mark late last year, but we're currently in
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Apr 30, 2025, 12:08 PM
[ in reply to Re: I was yesterday years old when I learned this, re:student loans ] |
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limbo with the freeze on processing and now the backlog. But she's applied for forbearance repayment and we should be good to go after that. She re-qualified each year, which I think is where some people get tripped up.
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Ultimate Tiger [38937]
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Re: Really? My wife hit her 10 year mark late last year, but we're currently in
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Apr 30, 2025, 12:13 PM
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I’m worried for people who have been making these nominal minimum payments for a decade that are getting rejected and having to start making payments ten years into their money making years, and at much higher rates than they could have gotten into a few years ago
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Oculus Spirit [41698]
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WELL NOW I AM TOO.***
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Apr 30, 2025, 12:26 PM
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Tiger Spirit [9759]
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Yep. It sucks/sucked.
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Apr 30, 2025, 11:51 AM
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I was financially illiterate as a student. Ignorance of how bad loans repayment would be was bliss, though.
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Orange Phenom [14308]
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He is aware, actually played part in decision on where he went
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Apr 30, 2025, 11:53 AM
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staying here where he can still live with us instead of Charleston where he'd be paying room and board
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TigerNet Immortal [176450]
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Hes going to med school at Greenville Tech?***
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Apr 30, 2025, 12:17 PM
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Orange Phenom [14308]
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YEP
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Apr 30, 2025, 1:31 PM
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nope
SOMG (school of medicine Greenville)
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Top TigerNet [32758]
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did not know that. daughter of going after phd finished.
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Apr 30, 2025, 12:05 PM
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you would think the idea is to encourage versus causing bottlenecks after graduation
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Tiger Titan [48960]
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there was a big change to this during the Obama presidency
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Apr 30, 2025, 12:15 PM
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when I graduated law school in 2006, I was able to consolidate my loans in a way that locked them in at 1%. back then, a group of Harvard Business School graduates created a company that facilitated this. they pooled graduate students and then put the pool of loans up for bid. the 1% rate was based on several preconditions like never automatic withdrawals and never missing a payment etc...
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Paw Warrior [4985]
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Re: I was yesterday years old when I learned this, re:student loans
Apr 30, 2025, 1:19 PM
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Interesting. Granted I didn't go to grandschool for Med, but all of mine were deferred.
I actually took out student loans in grad school to buy, update/flip houses because I didn't have to pay anything until 12 months post graduation. Had a great thing going till wife asked for a divorce...then it sucked ballz
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Clemson Sports Icon [52223]
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When I got out my student loan interest was 2%. Then in 2012 it jumped to
Apr 30, 2025, 1:29 PM
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6.8%
Thanks Obama
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