A successful life is not really about “finding yourself”. It is about creating yourself.

— vlad1959

NOVA TIMELINE - Fall 2014

FALL 2014 - NOVA DO TimeLine

1. 1/01/13 Start collecting LOR's for Interfolio file (Fall & Winter prof.) - sent directlly to schools (not AACOM)!
2. Read SDN DO Thread
3. 1/01/13 Review AACOM Manual
4. 1/01/13 File out "MOCK" AACOM on-line application
5. Register for MCAT 2/15/13 (last day to register 6/30)
6. Register for MCAT Princeton Review 9 weeks Course ($1,899-$200 discount, good for 1yr)
7. Begin working on AACOM app. - opens 5/01/13, but can only submit after 6/1 (note: app deadline for NOVA is 1/15/14 for FALL 2014)
8. - NOVA class 2012: sciGPA 3.31, cGPA 3.41, MCAT 27
9. - Note: Summer 2013, sciGPA 3.13, cGPA 3.43 (Bio1, Phy 1,2 all A's = sciGPA 3.25 = more competitive to apply for FALL 2014!) 
10. Wait for Winter 2013 grades (5/2) before "submitting" final AACOM app.(note: AACOM only begins processing after Winter grades posted!).
11. AACOM Supplemental due by 8/15
12. Take MCAT 7/14/13
13. Submit Summer grades to AACOM 8/6 (BC classes ends)
14. MCAT test score release date 8/14 (submit to AACOM)
15. AACOM sends updated files to Schools
16. Set-up NOVA DO folder, prepare mock interviews, read med issues., volunteer
17. DO interviews schedule Sept 2013 - April 2014
18. Determine how to pay for Med Sch, NHSC, Complete 14/15yr FASFA,

Note:
AACOM Primary: Transcripts, MCAT
AACOM Supplemental : LOR, Clinicals, Personal Essays, etc

How long does it take to repay medical school loans?

I'm hoping you let me offer another answer to this question. Everything that DrDave said is absolutely right (with the only exception being that an extended term for paying off school is 30 years, not 20 but that is insignificant because lenders will pretty much let you set up any term you want). And his advice is sound. What I'd like to help with though are some ideas that will help you to realize how important it is to dramatically decrease the first part of DrDave's equation (how much loans you take out).

Let's assume for a minute that you take out around 300K in loans between medical school and undergraduate school. This is pretty common for private medical schools. Please remember your interest will be accruing during residency so at 7% (low side) interest rate after 4 years of a psychiatry residency you will be 400K in debt. Then comes repayment. Your monthly payment on a 10 year plan is $4645, and on a 30 year plan is $2661.

Now let's assume you can half that debt (this is extremely doable) to 150K on graduation. That is 200K at end of residency and 10 year payment is $2,322 (Int rate 7%) and 30 year is $1,330.

If you want to be wealthy in your life (most doctors do not retire millionaires even though the median income of millionaires is 130K a year and doctors median income is 190K a year), so if you want to be out of the norm for doctors and retire wealthy, a 30 year plan is just plain out. That big a payment for that long will kill you. So 10 years is what you should shoot for. On a psychiatry pay (160K a year on average), a 10 year plan with 300K after graduation is very VERY difficult. But a 10 year plan with 150K at graduation is very doable, and you should even be able to pay that off more quickly (5 years or less in some cases depending on your income). That will open the door for you to get the debt monkey off your back and start becoming wealthy.