article: It’s time for innovation in how we pay for medical school

[aklark]

Great article. Tuition only accounts for <5% of a med school's budget but can dramatically alter a student's future personally and professionally. There's lots of partial fixes, but I'd like to see schools looking for efficiency and resisting the temptation to increase tuition just because students can borrow PLUS loans up to infinity.

http://wingofzock.org/2014/07/01/its-time-for-innovation-in-how-we-pay-for-medical-school/

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[Igor4sugry]

Same can be said about undergraduate education. I think medical students need to realize that not only are they guaranteed a high salary (at least 150k), but they have the MOST options for getting rid of their debt.

I don't think other students (law, MBA, undergrad/grad programs) will have much sympathy for us.

Ways to get rid/minimize your debt.
1. Job with loan repayment as part of contract
2. Very high paying job in crappy area (live there for few years, live like a resident on 50k and spend the rest on loans, in 2-3yrs done).
3. Simply living like a resident for 3-5yrs and paying off your loans, saving for retirement, saving for a 20% house downpayment
4. PSLF
5. Refinance (this is specifically for physicians, companies like SoFi and DRB)
http://whitecoatinvestor.com/refinance-your-medical-school-loans-at-a-lower-rate/
6. Military route
7. National health services route

 

[LupaCupcake]

When I was at my first duty station an officer was speaking to us and he said "live a rank below your means, save the extra" and that stuck with me. People increase their spending when they get paid more even if they have debt. Live below your means, use the remainder to pay off debt and build a nest egg.

 

[Silent Cool]

Great article. Tuition only accounts for <5% of a med school's budget but can dramatically alter a student's future personally and professionally. There's lots of partial fixes, but I'd like to see schools looking for efficiency and resisting the temptation to increase tuition just because students can borrow PLUS loans up to infinity.

http://wingofzock.org/2014/07/01/its-time-for-innovation-in-how-we-pay-for-medical-school/

What a LAF. "Innovation" in how we pay for education. Here's some innovation for ya: get rid of government subsidies of all higher education and allow the market to set the costs. That's how it USED to be, and when it was the cost of education was low and affordable.

As per usual, government intervention is the problem.

Government is cruel; the market is kind.