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PharmD......I start working as a pharmacist in a month, I'll be making $60/hr. No kids, no mortgage, and will be living with parents. I still haven't figured out how I'm going to pay these back though, specially with the 6.8 and 8% rates.
PharmD......I start working as a pharmacist in a month, I'll be making $60/hr. No kids, no mortgage, and will be living with parents. I still haven't figured out how I'm going to pay these back though, specially with the 6.8 and 8% rates.
Live with your parents for three years. Live on 30k and pay off 60k a year in loans. 250k is sure on the upper end of Pharm school though.
Last edited by Gatornation; 06-30-2011 at 10:02 AM..
Take home should be right around 6500 a month x 12 = 78,000 anually. Realistically, I plan to contribute 50K a year to the loans, knocking off 150K in the first 3 years and leaving me with a more "manageable" 130-150K
It is on the higher end, but I went to a private school (couldn't get into public) and made some bad decisions in accepting too much debt. Live and learn I guess.....
Take home should be right around 6500 a month x 12 = 78,000 anually. Realistically, I plan to contribute 50K a year to the loans, knocking off 150K in the first 3 years and leaving me with a more "manageable" 130-150K
It is on the higher end, but I went to a private school (couldn't get into public) and made some bad decisions in accepting too much debt. Live and learn I guess.....
250k is a big number but it's all relative to your income. You are much better off than the person making 30k who has 100k in loans.
Take home should be right around 6500 a month x 12 = 78,000 anually. Realistically, I plan to contribute 50K a year to the loans, knocking off 150K in the first 3 years and leaving me with a more "manageable" 130-150K
It is on the higher end, but I went to a private school (couldn't get into public) and made some bad decisions in accepting too much debt. Live and learn I guess.....
Not sure how that adds up. $60/hr yields a 125k income. You are saying you are going to lose 40% of that to taxes? Should be closer to 23-25%.
Not sure how that adds up. $60/hr yields a 125k income. You are saying you are going to lose 40% of that to taxes? Should be closer to 23-25%.
23-25% for fed tax (especially withholding 1 or 0, even though I've never paid that much, I've also never been in that bracket and haven't withheld 1 in 10 years).
Then ~8% FICA & medicare of the first $108k
Then 2-6% state tax
Then ~10% 401k
Then health insurance, anywhere from $0 to $400+/mo.
23-25% for fed tax (especially withholding 1 or 0, even though I've never paid that much, I've also never been in that bracket and haven't withheld 1 in 10 years).
Then ~8% FICA & medicare of the first $108k
Then 2-6% state tax
Then ~10% 401k
Then health insurance, anywhere from $0 to $400+/mo.
In CA state tax for that income is about 10%
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