Exactly how we Borrowed funds through the IRS to pay back a Quarter-Million Dollar financial obligation in Six Months

Exactly how we Borrowed funds through the IRS to pay back a Quarter-Million Dollar financial obligation in Six Months

For we, that has been our mixed debt obligations upon completing our particular residencies in June 2013. Once we graduated from medical school this year, we actually had somewhat less financial obligation, but our earnings Based Repayments during residency are not also sufficient to keep pace aided by the 6.8% interest price, so our financial obligation continued to develop during residency. Given that the American healthcare Association states that the common 2013 medical graduate has accumulated $169,901 in debt That figure is gloomier compared to AAMC reports-ed, numerous brand brand new graduates will discover on their own in a comparable situation. Actually, $242K for 2 health practitioners is great, showing the truth that smart decisions that are financial brand brand new of these two-ed. After doing a fast calculation and realizing our $242,000 loan at 6.8% would develop by roughly $17,000 yearly, we made a decision to make erasing financial obligation our main priority. Fundamentally, we had been in a position to pay back our whole debt in five-and-a-half months by residing below our means, funneling money into our loans aggressively, and acquiring an interest-free loan from the IRS. Continue reading Exactly how we Borrowed funds through the IRS to pay back a Quarter-Million Dollar financial obligation in Six Months