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Here's some more food for thought. The ICR payment of about $585/mo does not cover all of the interest. Basically this payment helps chip away at it and it reduces the rate to 6.75% for all of them across the board. With the average rate calculated by relentless as 7.367, this is a reduction of 0.61...

So I looked into federal consolidation on the income contingent repayment (ICR) plan. Doing that would get me a 7% rate. If I did auto-debit, it would reduce the rate to 6.75%. Payment would be $585/mo (each) based on PGY1 salary and the payment on interest is tax deductible. I think we're going to ...

We will have good health ins as well as life/short and long term disability while in residency. We also have the option to consolidate all of our loans with the fed govt at a rate of 7% and we could start income-based repayment. If we consolidate, we have to start repayment. I'll have to look at wha...

Thanks! Very good advice. Any thoughts on establishing an emergency fund? Or would the money be better spent paying down the debt? We would like to eventually buy a house when out of residency, so we were going to use our emergency fund for a down payment when the time came. Any thoughts?

My wife and I are both about to graduate med school and start our residencies this July. We are working on a financial plan/budget and have hit a few snags. We will each have about $240k in loan debt and plan on going into forbearance (subsidized/unsubsidized Staffords at 6.8% make up about 2/3, PLU...