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150K in debt. Can I quit med school?

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Hey guys … I just answered this question on a forum thread at The Student Doctor Network

I’m 38, about to start 2nd year, and realize this is not the path for me. Oops. I have a BA in Psychology. Is there any way to get out with this much debt? -GotstaGo

Hey GotstaGo. Sorry to hear about that debt total, that’s painful. Fortunately, the Department of Education has repayment plan that should be beneficial to you. The IBR plan (or Income Based Repayment plan) is a plan setup by the Department of Education to keep payments manageable in situations like yours. For most eligible borrowers your loan payment should be less than 10% of your income. Also, any balance left over after 25 years of qualifying payments will be forgiven by the Government.

A word of warning though, the balance that’s forgiven will likely be taxed as income so it’s a good idea to pocket some savings along the way. Hope this hopes and good luck!

Kris

iGrad.com

* Note: This response was transcribed and posted by my virtual assistant.

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