QUESTION: Will in Mississippi is a fourth-year medical student about to graduate in a few months. He's accumulated $162,000 in student loans and isn't sure if he should enter into forbearance or begin paying them during his residency. He will make $48,000 a year and is married with three kids. Dave suggests living on the $48,000 and starting to pay off these loans if he can.
ANSWER: The first thing is to add no more debt. The second thing is to commit to, when you come out of school and get the big doc job, continue to live on less than $48,000 a year until you pay this ridiculous student loan back. As far as what to do with it in the meantime, your first goal is to live on the $48,000. If you can't do that, then yes, put it in forbearance.