Using the MedLoans® Organizer and Calculator (MLOC) Throughout Medical School

Reviewing Repayment Scenarios

The MedLoans^® Organizer and Calculator (MLOC) was specifically created for medical students and residents. The MLOC tool can help borrowers understand total estimated borrowing costs, review different repayment strategies, and examine total interest costs for various repayment plans.

In the Entering Medical School section, we showed you what a monthly payment may look like if you borrowed during your first year of medical school. In this section, we will show you what monthly payments may look like if you begin to borrow later in medical school. You will have many repayment options; however, the Standard Repayment plan numbers shown below are used to demonstrate that monthly payment amounts will change based upon the total amount borrowed.

Some students may not need to borrow loans each year of medical school, and if you can limit your borrowing, that’s always advisable, whenever possible. If you begin borrowing after your first year of medical school, you will want to use the MLOC tool to keep track of your loans and to review what your repayment options may look like after graduation from medical school.

If you borrow $50,000 for your first year of medical school, it may be safe to assume that you may continue to borrow each year of medical school. In the chart below, we show what possible monthly payments may look like if you start borrowing $50,000 per year at specific points in time throughout medical school. The information below is based on a resident who chooses to postpone payments during their 3-year residency program and then begins to make payments in the Standard repayment plan post-residency. When reviewing the chart below, please keep in mind, most physicians will generate a post-residency, net monthly salary of $11,000/month or more.