At the end of August, the student loan repayment pause will end.
The pause has given one medical school graduate a break.
If the pause isn't extended, she doesn't know how she'll make her payments.
As her start date approaches, she's struggling to find an apartment and pay back her loans.
The student loan repayment pause that was enacted during the Pandemic and extended until August 31 by President Joe Biden is not going to happen in August. I don't have enough money in my budget to pay off my student loans in full. I do not.
Every month, another $2,000 of interest is added to her loan balance, as evidenced by the fact that she graduated from medical school with almost half a million dollars in student loans. She said her loans were more than just tuition and living expenses.
You can't have a traditional job when you're in medical school because you have to study and do clinical work. It's difficult to maintain any kind of income or financial stability through medical school as you accumulate all this debt.
The amount of loans she needed to take out increased as the cost of living in New York increased. Hassan doesn't know how she'll make her payments if Biden doesn't extend it past August because of the pause on interest and repayment during the Pandemic.
She hasn't been able to get an apartment on her own because of her debt, despite landing a $60,000 a year job. She explained that she would only be able to afford an apartment with half of her income.
I'm going to be giving over 50% of my annual income to housing, but I'm not thinking about things like doctor's appointments, transportation, or food. Four years ago, when I started medical school, I thought about things I had never thought about before.
She predicted it would take a few years for her to earn a higher wage.
She lost her father to cancer when she was a child. Her mother was in debt due to treatments for her father. She needed to be financially independent by the time she got to college despite her mom's help.
Nobody can become a doctor on their own, because it's not very glamorous. It really hurts you financially by the time it's all said and done.
While her dad's cancer diagnosis inspired her to go into medicine, she frequently questioned the decision while she pursued her education.
I've wanted to quit medical school many times. It is hard to do in itself. I can't quit with all these loans because I have to. I don't know what I'm going to do. She wanted to know how she would go on to do anything else.
The student-loan payment pause is on the table right now, according to Biden. She will apply for deferment if the student loan repayment isn't extended.
She said that she would talk to her loan servicer to see if they could do a plan based on her income expenses.
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