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Cost of Podiatry school
- Thread starter dudestheman90
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When I asked a current student this question he told me, "Everyone is going to have the same amount of debt. That is just how it is. Studying medicine is expensive."
I was O.... ahhaha
I will have less debt than the average student just because I am fortunate enough to have a podiatry school withing 15 miles of my house.
I was O.... ahhaha
I will have less debt than the average student just because I am fortunate enough to have a podiatry school withing 15 miles of my house.
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as stated above, everyone graduating from health professional schools will have an enormous debt unless your family is financially privileged. the only way to make it better is by dealing with it. there's nothing we can do except trying our best in school to get good grades so that we are eligible for scholarships. I will be commuting to TUSPM since I don't live so far but I will still have a debt of around $180000 which includes undergrad student loans. and most student graduating will have a debt of that size.
I talked to many MD/DO/DPM when i was volunteering and they told me that even though having a debt that is large is stressful, it's manageable as long as you love what you do and is good at it.
I talked to many MD/DO/DPM when i was volunteering and they told me that even though having a debt that is large is stressful, it's manageable as long as you love what you do and is good at it.
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The tuition cost is very large and is mostly beyond your control. The schools do offer scholarships for academic excellence and they are highly competitive.
Cost of living expenses are within your control, to an extent, and can make a big difference. Anyone who tells you that a few grand won't matter down the road has never paid off a loan. Don't try and live like a doctor as a student. Always have a roommate/roommates. There are people in my class paying ~$300 a month on living expenses/power/etc. Buy a crockpot - you can't afford to eat out. I can post a link, but the department of agriculture provides food cost estimates for different budgets and they suggest a frugal individual can live on ~$200 a month grocery budget. Settle your carloan before you come to school. You don't have to have an amazing phone or phone-plan and a lot of students don't. Text books are available at your school library and unless you want them the night before the test there will almost never be a line. Little things do add up. If all of these things seem too hard .. marry someone wealthy. And since I'm obligated to say something great about DMU - attend the cheapest school.
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thank you for providing this info. it's good to hear about this issue from a current pod student. but i was wondering, how do students take care of the costs during their clinical years when they are traveling? should we save up some money?
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http://www.dmu.edu/financial-aid/tuition-and-budget-information/doctor-of-podiatric-medicine/
Most students will borrow the money and there is additional money allocated towards this expense in student loans (see the link above). Like most "cost of living" expenses the best you can hope to do is contain your expenses through frugal living. I am just a 1st year, but from listening in on some 3rd years the other day there are opportunities to extern/clerk at locations which provide "subsidized" housing. That's something I intend to investigate when I get closer to it. Hopefully there will be some kindly locals looking for a clean, quiet, student (who is paying in cash) who just needs an extra room for a month.
Most students will borrow the money and there is additional money allocated towards this expense in student loans (see the link above). Like most "cost of living" expenses the best you can hope to do is contain your expenses through frugal living. I am just a 1st year, but from listening in on some 3rd years the other day there are opportunities to extern/clerk at locations which provide "subsidized" housing. That's something I intend to investigate when I get closer to it. Hopefully there will be some kindly locals looking for a clean, quiet, student (who is paying in cash) who just needs an extra room for a month.
We got royally f7$&(ucked over tuition wise compared to our parents, but it is not a financial death sentence. Live with roommates, gets the most fuel effiicient basic car you can find, ditch the cable plan, down grade your phone to what you need. I live well on my salary now, and when I am an attending I will make 2-3x what I make now, and my plan when I become an attending, is to live how I like now. By doing that those loans will be gone in short course. The problem is many believe (and society pressure) that if you make 100k, you have to live like you make 100k and doing other wise is not right, that is what gets people in trouble. With some financial discipline you will get these loans off the balance sheet in no time.
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In these days, the only extra bills you should have are the internet and cell phone. You can find everything on the internet (including cable for free). I really don't see a point in having a home phone, unless you want telemarketers ringing it up.
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My question is...
How do people, fresh out of school, start their own practice, have $ to pay off their nurses/practice, have money to support their family/personal life, while paying off that $200k debt?? I talked to the podiatrists I shadowed, but most of them were baby boomers where their debt was not very much back in the day.
I know of one way that will relieve the debt: Military, but there's gotta be a different way to pay off this massive tab and live comfortably!
How do people, fresh out of school, start their own practice, have $ to pay off their nurses/practice, have money to support their family/personal life, while paying off that $200k debt?? I talked to the podiatrists I shadowed, but most of them were baby boomers where their debt was not very much back in the day.
I know of one way that will relieve the debt: Military, but there's gotta be a different way to pay off this massive tab and live comfortably!
people don't really start there own practices these days. from my knowledge people are joining group practices to be more cost efficient
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There are income based repayment options that will help you, especially during residency, where you are expected to start repaying your $18,000 a year when you are only making ~50,000. but you still have to get them* paid back in ten years. So you pay less up front and more down the road. Don't worry about the debt. How many doctors do you know that are hurting financially? probably not that many
*there are tons of different types of loans with different terms. most are 10 year payback
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I'm not a member, but DMU has a practice management club (other schools probably do also). That would likely be a good place to learn about the challenges and benefits of attempting to start a practice from scratch. Reading the posts of attendings on this forum concerning the cost of new hires it should be pretty clear that any overhead related cost that a existing practice picks up for you will be a cost you'll have to find capital to address if you start from scratch. Things like malpractice, hospital membership/fees. I think Feli has also had some interesting comments concerning the opportunity to learn from a partner and how to better practice and bill.
