How Iâm Paying off Student Loans
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- Äas pĆidĂĄn 25. 06. 2024
- Student Loans & Student Debt are some of the biggest topics that we, as medical professionals, like to not ever think about. However, it is very important to talk about student debt, research student debt and student loans, and develop a strategy to attacking them, and paying them off. There are many ways to pay of student loans and I touch on a few options in this video. I really wanted to make this video to help educate young professionals on how to manage and pay off your loans. Maybe this will help someone start digging into some research about their own student loan debt and figure out a way to pay it off. Enjoy!
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#studentloans #studentdebt #medicalstudent
Gotta love those student loans...
Without them, đ° I couldn't have gone 2 school, but they're a heavy đȘburden afterwards. Happy đ 2 have them paidđoff!
Same same!
@@DrCellini -- 1 route I took was teaching [2nd career] 3 yrs in a poverty stricken school đ« district 4 some loan đ° forgiveness.
Debt can be overwhelming! Thanks for breaking it down. Iâm sure this helped many future and attending physicians.
Makes me grateful I live in Scotland where all tuition is free x
Dr Cellini: 250k Student Loan Debt
Dave Ramsey: "Heavy Breathing"
đ In my head all I hear is 'only 2 % actually qualify for those loan forgiveness programs'
Rice beans , Beans and rice
ME 457k AND I AM NO INTERVENTIONAL RADIOLOGIST. I CAME FROM NOTHING !!!! FROM THE BOTTOM. AND MADE IT. STAY SAFE. HE SHOULD PAY THAT IN ONE SINGLE YEAR !!!!!!!NO BODY NEEDS 300K TO LIVE IN A YEAR END OF STORY.
@@FacundoMD Whoa, that's cool and all but why you yellin
@@splicketylictv8490 SO SORRY !!! My caps was on and I just left it. Not yelling at all. interesting. How people perceive the text different. capitals could be important, exclamation, yelling?, excitement. etc. for sure I was not yelling amigo. If you met me in real life I am very hyperactive :)
the amount of debt accrued pursuing a medical education is absolutely ridiculous and i'm willing to bet its top 3 on the list of why people don't pursue medical professions
I am lucky that in my country in I only pay 500chf per semester. Otherwise I Would not be able to do these studies..
@@laveritepique7035 that is pretty lucky! I am unlucky because in this country Dental School is generally more expensive. My tuition alone is $85,000 per year..
@@StudentDoctorEli which country ?
@@StudentDoctorEli my friend is in dental school and theirs is about 90k a year
@@kaitlynkilpatrick36 yup! can get really expensive
I love videos like this. Dr Webb recently made a video where he was talking with a friend in the medical field about the financial side of medicine that isnât taught in school.
Glad to see my exact plan is being put to the test
This video was super informative!!! Thank you so much Dr. Michael Cellini
Great info. I had student loans from undergraduate and graduate school. I'm retired and the loans are long gone. I remember getting my loans at 18 years old and not having the financial maturity you have. The government makes it easy for young people to get loans however they have no idea about the ongoing consequences. Today many people are having to decided if they can afford to buy a house and pay their student loans. Your research, however boring and dry it was, has given you financial freedom many people are struggling with. Thanks!
Love youâre videos!
As a nurse married to a doctor, and having paid off $400k in student loans I was initially concerned about your plans until I got to the end of your video and then agreed with your current plans! đ„ cheers!!
(For those reading this - donât count on the government helping you out in 10 years. Itâs no way to live your life. Just make as much money as you can during your pursuit to pay your loans off as quickly as you possibly can! And donât elevate your lifestyle until youâre debt-free, excluding your mortgage.)
I have three more years with PSLF. I was going to quit bc my loan servicer was not counting almost 2yrs worth of payments. That changed when the DOE sent out the PSLF waiver notice last month. Now I'm on track to be done in 2025. So, I'm coasting and saving as much money as I can. I plan on taking a year off when my loans are forgiven. I've always had a job since I was 16yrs old. I'm tired, I want a break, and I want to travel.
Thank you. Just got accepted to medical school and im starting this July. Love these financial videos.
Exactly what Iâve done with my student loans. I have my degree in social work and you have to work for a non profit or a government job. I definitely agree that you need to do your research and make sure those plans are best for you. They have worked out so far in my favor and I hope my loan will will be forgiven in four more years. đ€đ»
Thanks for the heads up on nonprofit for hospitals. Iâm a hospital chaplain for a nonprofit. Definitely checking into this for public service repayment. Thanks again!
âin the interest of timeâ đ„
This was really great advice, thank you.
Didnât know you were an athlete in undergrad. Mad respect. I swam and am now post grad⊠on the grind to get into med school.
I know you were doing basic numbers, but people need to realize that Income based repayment will lower your payment that usually doesn't even cover the interest accruing. So interest will get capitalized onto your principle. The 250k will be even higher when you actually decide to start tackling it. It's a rough road, currently in the thick of it. Pay your loans off as soon as you can people, and enjoy the peace.
This is great information. Thank you so much Dr. Cellini
dude thanks for making this video, very informative!!
Excellent video, thank you so much for the information and examples.
Thanks for sharing your experience, because physicians never talk about it. Definitely scaring pulling out the medical school loans when I started this fall, but this gives me hope!
Thatâs why Iâm doing it!
THATS BABY MONEY. WHEN YOU COME FROM NOTHING I HAVE 457k IN DEBT. 250 SHOULD BE PAID IN 3 YEARS MAX. BUT PEOPLE WANT THE TWO NEW CARS, THE HOUSE, THE ROLEX, THE TRIPS, BLA BLA BLA
I owe gratitude to my pm who put up 50 grand on doge in December of last year, I was able to settle all my debt. That put me over a mill, with half of that going to AMC at $14. I now hold over 35k shares worth over 1 mill. Andre Michael Ciaburri did this.
lol, you're an exception. The majority of retail investors who bought Doge did so after its parabolic rise in price, only to lose money when self-made millionaires sold. There's no way to catch the waves unless you can spot them ahead of time. Is there a way to contact your pm, if you are not too modest about it?
I made very little money from AMC from just holding a previous loss and there was no way I would have been able to predict the bull run.
@@matt4381 Andre Michael Ciaburri routinely makes good investments, in addition to his past performance. For a long time, my weekly payment has been around $1000. If you seach his name you should find his page it would have all the info if you need to reach him.
@@melvin5299 Thanks, will do
Damn these numbers are scary! đČ Thanks for sharing. A must watch for everyone considering medicine
Yeah they are definitely daunting. But we canât be scared of them!
@@DrCellini Exactly. Easy to get caught up in the numbers but if we take a step back and actually think about what we get to do for a living.. We're pretty lucky. Hope you're well and all is good with the new job đđ»
great information Dr, Cellini! You are a man of so many talents from Medicine to Finance, but really your common sense is really what puts you at the King of the Hill and will always keep you out of trouble. .
holy crap I think you just saved me $100,000. I really like these doctor's finance videos I think youre really good at them :)
I love you brother i enjoy watching your videos. Iâm a RN taking post bacc courses to fulfill requirements for med school and these videos fuel me upppp.
I worked with an intensivist who used to be an RN and before that was a CNA. He was the best doctor Iâve ever worked with.
@@user-kp6we9qw7i I was a student nurse assistant (lesser role but still similar to CNA). CNA and RN spend so much time with patients that we quite simply know how to interact with people. We know body language, we know when someone is lying/ when someone is hurt, when someone is lonely and needs to talk! Most important we know body mechanics!!! Wish me luck in physics because thats my only hurdle to med school lol
Loved this video! We are in our 9th year of paying off my husbandâs orthopedic med school loans. Almost done! We always chat about how docs are so poorly set up to manage their finances coming out of residency/ fellowship. Would you feel comfortable doing budget videos, breaking down how and where you budget your finances? I see a lot of lower income budget with me videos on CZcams but not for higher incomes. I realize that it can open the door for a lot of judgment and that finances are very private. Just a thought. Thanks again for sharing all that you do.
ER DOC HERE ! WITH AN ORTHO SALARY 9 YEARS CLEARLY NOT DOING WELL. I MEAN NO BODY NEEDS 300K A YEAR TO LIVE PERFECTLY FINE !!!! YOU GUYS SHOULD HAVE PAID 200k PER YEAR. BUT MAY BE YOU HAVE 2-3 CARS, BIG HOUSE, ROLEX, TRIPS, AND MAY BE MANY CHILDREN. YOU SHOULD HAVE LIVED LIKE A RESIDENT FOR 3 YEARS AND DONE. STAY SAFE.
QUICK TIP: NO ASSET SHOULD HAVE MORE THAN 20%. EXAMPLE. STOCK 20%, REAL STATE 20%, INVESTMENT ACCOUNT 20% ETC. AND NO STOCK SHOULD BE MORE THAN 5% YOUR TOTAL INVESTMENT.
NO FINANCIAL ADVICE !
I love to see video on higher budget.
Love these videos!
Glad you like them!!
Thank you for sharing big bro!
4th year med student - The amount of debt that I'm accumulating at the moment due to the crazy interest rates and compounding effect.. no one teaches out about how to repay it or how to deal with it. Thanks for the video
My husband is a radiologist and he had to take out some student loans for med school. We were married a few years before he decided to go to med school and so we felt more comfortable waiting to start a family until he finished med school. I have an MBA and am good with $$- we really hunkered down to pay off those medical school student loans as quickly as we could manage. We lived quite frugally for many years snd even today live under our means. Back in the day, HEAL loans were 10-14% interest! It would have been stupid to not pay them off quickly in our case.
please make more videos like these Dr Cellini!
I would think of the student debt as an investment â€
Thank you for this video đ
I'm so lucky I never had student loans...then again here in Europe my salary as a doctor is way lower than in the US.
Nice video!
This is a gem
Yep, thank you interest!
My study was free at college and they government also gave us a small amount of money too Thanks God . Thank you bro love your videos .
Awesome! Canât beat that
Excellent video thank u so much
đ the variety of your đ„
Thx!!
Hey Dr. Cellini, thanks for all the great info! what are your thoughts on buying a house in residency?
Man student loans are killer. What was your favorite and least favorite part of medical school other than debt.
The friends I met
Omg. Iâm a PA, went to Cornell. My loans give me anxiety.
Dr. Cellini do you think you could say the name of the procedures you do a little slower? I want to look them up so I know what you are doing. Love your videos!
Very helpful thanks
I think it's a good idea to figure out ASAP if you're committed to academics or at least a non profit. Private loan companies will offer loans with small payments until you finish residency at a much lower interest rate. For a $250K loan and a 6 year residency, the amount of interest that accumulates at 6% is $60K higher than a loan at 2%. You definitely lose some protections refinancing with private but PSLF is really finnicky and almost always a net loss when you take salary into account. Decent plan for someone who's 100% committed to academics tho.
ER DOC HERE ! I OWN MORE THAN ANYONE I KNOW !!!!!! COMING FROM A VERY HUMBLE BACKGROUND, WORKIGN IN MCDONALDS AND NOW A DCO I HAVE 457,000$ IN DEBT. SOOOO. OH I KNOW. BUT I AM THANKFUL I WAS ABLE TO STUDY SUCHA REWARDING CAREER. STAY SAFE EVRYONE.
BY THE WAY I WAS JUST ABOUT TO DO A SIMILAR VIDEO HOWEVER I DECIDED TO WAIT A LITTLE UNTIL I HAVE A JOB AND PLAN. SOOON !!!!
As a PA I was $175,000 in debt went to a nicer school. It had a year more of education than the average, 3-year program. Now Iâm finally down to owing $45,000 it feels good but gosh takes awhile to pay back. Iâm 4 years out since graduating. Iâve had a baby, bought a new car (Honda because my husband talked me out of the nicer Range Rover haha) and I also went to work part time after becoming a mom. I chose lifestyle over paying the loan once I threw 2 years of my pay into those loans.
I am going to Europe and study medicine for only 15k total tuition debt (6-year program)
It took me 10 years to pay off my 200k med school loans. Itâs a great feeling when you call in the last payment
was it worth it
@Timmy Tran what year you at now bro
@Timmy Tran i mean you do know that there s 3 to 7 years of residency after medical school with an average income of 70k$ per year. And then in order to reach 200-300k per year (if you're a surgeon) that needs many years of experience. So it s easier said than done
$250k in debt when you make $400k doesn't actually seem that bad tbh. Your payment is $2,600/mo for 10 years which is a drop in the bucket when you take home over $20k after taxes.
You should be able to pay that off in 2-3 years if your raking in $400k
ER DOC HERE I AGREE A 100% HOWEVER A LOT OF NOT SMART DOCS DECIDED TO BLOW THEIR MONEY ONCE THEY FINALLY HAVE IT ON CARS, HOUSES, ROLEX, TRIP ETC. YOU SHOULD LIVE LIKE A RESIDENT FOR 2-3 YEARS AND YOU WILL BE DEBT FREE IN NO TIME. BEING PATIENT IS THE KEY. STAY SAFE GUYS !
Idk thatâs just over a quarter of his monthly income. Iâd pay that stuff of ASAP. The interest on student loans is above 5%. Thatâs a lot of lost money over the years.
@@PsychedelicFern I AGREE WITH 100%, NO REASON TO KEEP THAT AROUND SPECIALLY WHEN DISCLOSE HE MAKES ALMOST 100k ON CZcams A YEAR. I MADE 110$ :( ONE YEAR. NO JOKE BUT STILL TRYING HOPEFULLY IT WILL HELP PAY MY 500k LOANS
I'd pay that off in 1 year. I'd survive on 50k to pay off that 250k student loans
Thank you
Great content. Lots of debt to be a doctor but as Dr. C saidâŠhe can pay them off in 2-3 years if he wanted. Also, if you wanted to make a recession proof investmentâŠI canât think of a better investment into yourself than medical school. Dr. C will make millions as a doctor. Millions.
im taking all this as financial advice
Great video
UR 1 VERY WISE đ€ DR. đ
Why thank you
I made a big mistake a couple of years after graduation leaving a union job at a nonprofit hospital for a independent pharmacy.
I have over 75k so far for my master's (2 semesters left to go) and am getting ready for my PsyD which will be a 5-year deal. I'm 50, disabled, and going through a divorce.
Bless you and I admire you too.
Hey. Dr. Cellini!
Could you make a video explaining how the different types of private practice models work?
US medical school is so expensive, in Canada is considerably cheaper. In my province of Manitoba, medical school is $13500Cad per year, about $15000Cad with extra stuff which is $12000USD. Medical school in Canada is heavily subsidized by the government.
Our idea of a government subsidy is the federally backed loans. So school charge whatever they want because they know we can get the money from the government.
Nobody cares. And the avg cost of a house in Canada is $800,000⊠Canada isnât that great
Iâm subscribing cause you included pharmacists đ€
I donât know how itâs slipped under my radar for so long but I didnât know until this video that you were a DO! Fist year DO student here with $150k in debt going into medical school. This video was a roller coaster for me to watch as I am fairly financially savvy like yourself. Have you considered waiting and just paying your loans off over the standard term simply because you could get better returns through investments than your interest rate on the loans? Iâm kind of conflicted on paying debt back as quickly as possible vs. putting as much of my money away as possible when I finish up in a decade. Either way love your content, keep up the great work!
IF YOU HAVE VERY LOW INTEREST RATES AND YOU CAN MATCH AN SP 500 THATS MAY BE OKAY. NO RUSH IN PAYING. HOWEVER I WANT TO SEEEEE MY DEBT OUT ! GONE. DAVE RAMSAY WOULD AGREE. BC THEN YOU WILL BUY A HOUSE, CARS, KIDS, ETC AND ALL YOU WILL HAVE IS DEBT AND AN ILLUSION FOR YEARS THAT YOU ARE MAKING MONEY. STAY SAFE ! YOU ARE SMART GUY
Good luck finding low risk investments with an ROI of >7%!
@@gerardacronin334 most people are refinancing their loans for a much lower rate
@@gerardacronin334 Exactly
Can you explain those residency things please
Omg thatâs exactly what I did after I got my doctorate degree- I bought a Porsche ! You work so hard for years , and you want to reward yourself for your hard work. Ugh!!!
It is worth studying for 13 years, economically speaking since many people say that the salary is between 350-450k depending on the city and other things. I like the medicine but I also want to know if those salaries are correct
Can I start Income based repayment in medical school or does it only count in residency?
When doing an mri of the heart, is it possible to see blood vessels and arteries without the use of contrast?
Oh my money stress on top of residency stress.đąwhat I don't get is since like where I live we are so short on Doctors. We have 2 medical schools. 1 know is pushing being a hospitalist. Why can't the state help pay for medical programs and offer tto pay off your loans if say u signed a contract to work in the state 2 yrs? Or is that a bad idea?
I was fortunate enough to get into a school close enough to my condo to not have to sell and move. We're going to try to pay the condo off first and then live on my wife's nurse salary for 2 years after that so I can dump all of my money on my school debt.
I knew as soon as I heard you talking about loan forgiveness that you'd change your plan away from it. It's honestly hilarious to assume someone would stay at a low paying job for 10 years betting on the government to forgive their loans when there are so many ways for it to go bad. The percentage of people who actually get the loan forgiveness is super low. Medical professionals are in high demand and the idea someone will decline private practice for 10 years - it's ridiculous.
Hello doc can i ask what RU TS (NCO) means
Sir how many years will it take for you to pay back all your student loans?
Dr. C did you go to KSU???
Hello Dr. Cellini. Where do I get a student loan to study medicine abroad?
Do you wear a dosimeter badge? What is your acceptable amount of radiation exposure each year? If you reach it early, do you not work for the rest of the year?
i have a normal job and live pay check by pay check and i have a debt of 14k and it sucks
The doctors I know are at 500k+ student debt
Did you refinance? Why why not?
Gotta refinance with a Sofi or Earnest...Can get a rate of 2.4 percent or less as a Medical Professional....Knock down the principal with excess payments, and you can slowly easy up as your career progresses....It's sad that people who will other wise go to Medical School choose to be a PA, and have like 65-75k in debt, and act like they are physicians.
In my first year at a private MD program and took out 83,000âŠ. Multiply that by 4 đ
I heard from a friend that radiologists get sued more than any other specialty, is there any truth to this? I have been considering radiology but I would be concerned about something like being sued.
I would think OB if anything cause of the things going wrong during delivery and every parent gets sue happy if you might ruin their perfect bundle of joy. Would look up malpractice insurance costs and just assume the higher the cost the more the payouts are for suing
Boy the "ironic" term is used so much and it's literally never used correctly. Even by chance you'd figure he'd get one right...how ironic (still not the correct use).
How much math did you have to learn and what does math have to do with radiology?
Student loan forgiveness program doesn't work that easy. They go by your income and don't take in account expenses.
What is it with doctors and Porche 911's anyway? They LOVE those cars.
Hi ,
I am a foreign trained dentist, 31 yrs planning to seek dds .
According to you ,is it worth so much debt.
And if u can suggest what other next bst career path I can pursue .
TIA.
Alternative. You get out of residency with $250,000 in debt. Your attending physician salary is 300 year after tax. You live on 175k for two years. Your loans are paid off and Youâre a debt free 2 years after residency.
A 17 min vid that feels like 1 hour
Do you think itâs worth it to work part time during college and take longer to graduate? Or crank out credits and graduate early without working?
As a full time student & full time employed, I would suggest that you dedicate to school. It will save you from all the headaches & stress & gives you the best opportunity to excel in your classes. If it was optional for me, then I definitely wouldnât work while in college
Error at 10:45? Make 120 payments or 10 years worth of payments every month?
No. 10 years worth of monthly payments = 120 payments
What?! Why you paying $1500/mo for rent in NC?!
thank you thank you so much I even not in college yet dude I'm 23 years old scare to not handle the situation in residency, all this pass for my head all the time degree > pre reqs> pre med> med school / residency dude jesus and for pre med and med school i need take money somewhere and pay for the loan jesus and am i international student ( Ok gonna be) this make the things little rough jesus.
Good luck to you Garry. I think that you will be fine as you have the good sense to be a little scared. Others who have no fear are the ones who will pay and suffer.
@@pep590 Thank you dude for you too
I'm sure he did his research on this. But once you leave the PSLF-IBR then wouldn't the loan balance revert to the $250,000 + capitalized interest over the 6+ years he was in residency. He easily would owe over $375,000 by that point at 7% interest since he was paying basically nothing on the loans for 6 years. That would be the new balance to refinance. So unless his new job would give him a gross pay increase of at least $550,000 over those 3 years when factoring taxes it would be better to stay in the PSLF-IBR.
Where was I supposed to learn about this? Definitely not in Med school
My med school went over this during our orientation week
You make it seem like people who make 50-60k don't make enough money to pay their bills! Like calm down Dr. Cellini lol everything is about budgeting!!
Considering the income you are set up to make i donât see the big issue. HOWEVER, the real issue arise when you take those debt out and have nothing to show after aka drop out of med school
Have you ever considered the possibility of refinancing to 2-3% and just paying it off super slowly over 10-15 year term? It sounds like you have a good plan that works for your goals.
I anticipate that I will attempt to refinance my med student loans to a low interest rate of 2-3%. The plan would be to just make absolute minimum payments for the full duration of the loans and invest the difference in something like real estate of index funds.
This method likely leads to a higher end game net worth, but you donât have the peace of mind of being debt free for a very long time. I know that to a lot of people, being debt free is more important than end game net worth.
Anyways, keep up the awesome videos. I love topics like this!
Thatâs exactly what my husband and I have done. đ
Dr. Eli I, my thought is that you just work for free ($0) in residency and also donât get paid as an attending and I just donât really get student loans and how they pertain to medicine. So confusing, itâs like you are not really making anything. I need to understand finances more.
It isnât forgiven completely. You have to tack it onto your taxes.
A little off topic, but⊠HOW BOUT DEM DAWGS?!?!
I only make 16.50 an hour
If you are determined to earn more, youâll make it happen. I remember when I was making $7.10/hr in my first job, they gave me a 5% raise and my hourly only went up to $7.45/hr. I couldnât believe it⊠it was at that moment that I told myself I would not be insulted by my employer for working my butt off and getting paid a measly couple of bucks to do so. I now work as a nurse and make 13x more than that per hour.
Cries in veterinary student