We received an abundance of financial information yesterday – enough to cause some mass confusion amongst the graduates. Perhaps the revelation that a couple loans came from the school and we were going to be paying them – or the group that purchased these loans from them – and they wanted lots of information and repayment options at that moment caused a great deal of alarm. The discussion was further muddied by the combination of dental and medical students, with loans being discussed that were only for dents or meds. Chaotic mess.
Really anytime you get medical students together and start talking about money, debt, and loan repayment we cringe. I hate the topic, because there’s really not much I can pay back and the idea of all the debt out there that needs to be repayed, well, scares the bejesus out of me.
There was some helpful information from a couple financial groups and I appreciated their time. It was extremely nice to learn that there’s an option for private loan consolidation that can reduce payments or provide some deferment time and that I'd most likely be able to take advantage. I had been laboring under the assumption I would have to pay back through the nose starting in 2009.
It was also nice to hear that a financial group that had beseeched us during the first week of med school to avoid purchasing a home* also advocated the same during residency. You just don’t know where the market will be and you can lose out on good opportunities since you’re stuck with a mortgage. Wife and I decided a few weeks ago to forgo purchasing and continue renting.
Money, money, money – it never stops. I wallow in repressed anxiety whenever the topic comes about or I review my loans.
There were some representatives from the US Army who wanted to talk to anyone about loan repayment through service. No thanks…I’ve seen what happened to a couple people who entered the military during med school. It occurs to me that you lose a lot of options and freedom for money – almost like you’ve sold your soul.
* I will discuss this in an upcoming post to more clarity. I think it is extremely important to consider why buying a home can lead to so much stress and possible loss of assets.