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Hey Erik. COngratulations on getting into medical school. I am a 3rd year medical student myself so I know exactly how you feel right now.

Your current financial situation doesn't look that bad for someone who just recently graduated from college. However that $60,000 a year is about 2.5 times what I am using a year to get through, but I am at one of the best deals in the nation for med school.

First off, realize that the Stafford Loans will almsot surely not actually be at 8.25%. In fact currently they are in the mid 5% range. I have not received all my paperwork for my loan this year so I don't know the exact percentages yet. Other good news is that you will most likely be earning more than your estimate of $100,000 a year once you are finished with residency. $125,000 would be a better low end estimate unless you plan on working for the government or something(of course those jobs come with great benefits). And even more good news is that lots of practices will help you pay off your loans if you commit yourselves to them for a few years once you are done with residency. I know that here in GA the state pays $18,000/yr if you promise to work a year in an underserved area for every year of school they pay for. In addition, many of those practices then pay off $50,000-$100,000 of your loans on top of that.

I don't know what the actual tution and direct school expenses are going to be at your school, but unless it is truly insane, $60,000 seems like a lot to me. I am getting by(and not living like a pauper) on $18,000/yr for non-school stuff(house, food, transportation, entertainment, insurance, etc). I have classmates getting by on even less than that. No, you don't want to starve yourself or never have fun, but at the same time you don't want to be amking $3500/month loan payments for the first 15 years of your practice either.

ANyway, I realize this is long and I haven't given much specific info, but I hope I've helped some. Feel free to ask any questions about school itself, if you want me to talk you out of going(it's WAY harder than any mere undergrad degree), or more info about the programs I mentioned.

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