By: Devin Luckey
What is an Orthopedic Surgeon?
College attending: Harvard in Cambridge, MA
Tuition per semester: $22,639; Medical school- $31,775.50
Total tuition to obtain degree: $181,112 + $254,204 (Med school)= $435,316
School loan terms:
Time: 20 years
Loan balance after deferment: $476,286.20
Additional interest for 2 year deferment: $40,970.20
School loan payment after deferment: $2,231.62
- 3.79% interest rate
- 30 years
- Loan Balance- $600,000
Monthly Payment: $2,792.33
Total Interest Over the Life of the Loan: $1,005,238.80
- 3% rate
- Time: 4 years
- Loan Balance: $48,983
Monthly Payment: $1,083.21
Total Interest Over the Life of the Loan: $51,994.08
- Monthly Income: $20,036.66
- Total Expenses: $18,474.74
- Overall Net Worth: $1,561.92
- During this project I learned that you must consider every possible thing in your budget to ensure that you have enough money to pay for it all.
- Throughout the project I had to adjust the time of my house loan and my school loan. I did this because wanted to pay my school loan off faster, so I changed the time of my house loan to 30 years in order to be able to afford it and have a reasonable amount of money left over.
- My initial ideas of beginning adulthood was that it was going to be expensive and hard, but if I worked hard and got a good job it would all work out in the end. I now realize that everything about adulthood cost much more than I originally thought it would. Plus if you strategically pick your house, school, and car loans you can pay them off and still own nice things.