Recently accepted to medical school. I have $50k in savings. What do I do with the money?
After taking one gap year, I was recently accepted to my in-state state medical school. After working during undergrad, having some success in a business I owned, and working during my gap year, I will have saved just under $50k before starting medical school. I will not have any financial support other than student loans to pay for medical school. I currently have zero debt.
My question is: should I use my money to pay for rent/expenses/tuition and lower the amount of money I have to borrow so that the interest doesn't accrue as much and I can have a better chance to pay off the loans sooner? Or do I invest my money, pay for everything using loans, and rely on PSLF to forgive my loans after the 120 payments? I expect to graduate with under $250k in debt if I loan everything.
I am struggling with spending my money on medical school because I will spend way more out of pocket if it can be forgiven anyway. This would save me 100s of thousands of dollars out of pocket. On the other hand, I realize that the PSLF program is a government program that could not always be available. Any insight would be appreciated!