I have about 340,000 med school loans. It’s just me, my mom, and dad. Dad’s sick, mom doesn’t work. Im first gen everything. Also a first year resident (my field makes about 300,000-500,000) after 5 years of residency. However, I help my parents financially or they will lose their house. I wanted to have kids some day but I think that thought is in the trash. Am I going to be okay? I’m seriously just so nervous. I’m scared of not completing residency and just stressed because I finally got to the finish line and then SAVE was taken away and I just feel like my life is just a constant struggle. I really thought the loans would be annoying but not like unbearable on this resident salary. I love medicine but I am just so tired that everything can be taken because of financial turmoil. I see people with 300,000-400,000 dollars and their parents or grandparents are helping but there is NO ONE coming out of the wood works to help me. No fancy vacations cause I’m tired, no new car or gigantic graduation gifts that I’ve seen from my class. Just me myself and I. Any advice?
Yours truly, a stressed resident.
Posted by CucumberInfamous7206
7 Comments
> mom doesn’t work
Mom needs a job tbf.
How old are your parents?
What is your residency salary?
I’m assuming you live at home in this house you help pay for?
> and then SAVE was taken away
That hasn’t happened yet. In your situation it might be best to stay on SAVE til forced off.
When did you file taxes last and what was your AGI?
Look into public service loan forgiveness. Your 5 years of residency will count towards your 10 years of service. You’ll be okay.
You are absolutely going to be OK! Internship is not the time to be super stressing out about this, if you’re not in forbearance right now it might be worth looking into. I’m Fam Med, out for a number of years now, but also a 1st gen college grad. It was tough but worth it. Please check into PSLF but for sure I wouldn’t count on residency counting toward PSLF–that would only work if your residency were qualified. If you’re in a 5-year residency it’s probably not primary care, right?
So you need to just think that your first few years of being an attending will be focused on loan repayment; if forgiveness will work then for sure go for that but don’t count on it. I lucked out in getting my last $40,000 (hopefully) paid off through forgiveness but I don’t think anyone who’s in school/training right now should count on that. Only options might be HPSP or NHSC, depending on your field. HOWEVER…you’ve gotten this far, and remember that internship is the absolute hardest year ever in your life, and everything will look better once you can get some sleep and feel more confident in your skills. Get through this year, celebrate becoming a better physician and passing the mark of at least being able to get your license, then think about loans etc. Moonlighting in residency was a help (both for my budget and for my confidence) and also made me a better physician. You’ve got this, just hang in there…hopefully in a few more years you’ll look back on this time and want to reach out to others to help them through :-). Feel free to DM if this thread will allow!
Oh my god – I am right there with you.
First generation doctor as well coming from a family of wonderful people who are horrible with money. I’ve been subsidizing my parents and brother since college. Have half a million in debt from medical school.
Just finished fellowship in a specialty not as high paying as yours but it is still more money than I have ever seen before. I am trying to save it, but dad passed recently and mom is aging and in need of services I know I will have to pay for. I feel obligated to because I love her and I had a happy childhood full of affection and support, but also feel a prideful selfishness that it’s so unfair that I have to pay for my family’s poor financial decisions. This is why it is so hard to climb the socioeconomic ladder…because the first generation that try are hindered by paying for the previous generation.
Despite all this, I don’t regret going to medical school and am banking on pslf, and my relentless optimism leads me to believe we will be okay.
What is your undergraduate major?
What are your undergraduate and medical schools?
What medical field will you specialize in?
You are amazing, but pslf might not be what Reddit says. Look into what the big beautiful bill says then asses from there.
Similar loans and timeline for us.
Timeline is always a struggle for female physicians. Whoever you marry will have to have an income to cover your expenses for that period, you will defer your loans.
It’s good you help your parents and i know it’s expected of first generation. But make sure you put on your own oxygen mask before helping others