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As a future healthcare provider, how do you manage your finances to pay off your student loans as quickly as possible before you begin to start a family?
I will have 160k in student loans in 2032. I maxed out my Roth every year since 2025, and I have a 403B plan with my employer.
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Priscilla’s Answer
I graduated with about half that much in loans and was able to pay it off in a little over 5-6 years. I was very tempted to complete a program that would have left me 150k in loan repayment, but ultimately decided against that for the financial reasons.
For repayment, at baseline, I aimed to keep my fixed costs like rent, low. I do live in a high-cost city, but even then there are ways to look for lower cost opportunities over time. For other costs, I follow commonly shared tips like buying things on sale, being mindful of what you buy so you don't throw away half your groceries, etc.
The main thing that sped up my loan repayment:
- Include your monthly loan payment in your budget. Then, if you have extra money at the end of the week/month/etc , apply whatever amount of it you feel comfortable toward additional payment toward your loan(s). Basically make more payments, even if they're small, in between payment dates. Everything you pay over your monthly payment would apply to your principal loan amount rather than interest, so that's a nice way to speed up repayment.
- However, to balance the point above, I also didn't fret too much about paying off my loans above all other priorities. Because there is the concept of it being "good debt." And the interest on my loans was quite low, as far as loan interest goes. So, for example if I had extra money leftover I would apply some toward extra loan payment, some toward extra savings/investment/etc.
Hope this helps a little bit!
For repayment, at baseline, I aimed to keep my fixed costs like rent, low. I do live in a high-cost city, but even then there are ways to look for lower cost opportunities over time. For other costs, I follow commonly shared tips like buying things on sale, being mindful of what you buy so you don't throw away half your groceries, etc.
The main thing that sped up my loan repayment:
- Include your monthly loan payment in your budget. Then, if you have extra money at the end of the week/month/etc , apply whatever amount of it you feel comfortable toward additional payment toward your loan(s). Basically make more payments, even if they're small, in between payment dates. Everything you pay over your monthly payment would apply to your principal loan amount rather than interest, so that's a nice way to speed up repayment.
- However, to balance the point above, I also didn't fret too much about paying off my loans above all other priorities. Because there is the concept of it being "good debt." And the interest on my loans was quite low, as far as loan interest goes. So, for example if I had extra money leftover I would apply some toward extra loan payment, some toward extra savings/investment/etc.
Hope this helps a little bit!
I'm excited to put your great advice to good use!
Ramez