Fear of Debt?

[MyOwnPath]

How much are you guys going to have in debt, total, at the end of medical school (not residency)?

My undergrad totaled to about 70K (private top 15), and medical school will probably add another 150ish for $220,000. Yikes, seems like way too much.

What about you guys? And how are you dealing with it? Are you going to try to pay it off during residency?

I'm thinking maybe it's a good idea my goal enter date is Fall 2014, because I will have saved up about 60K by then from working...though it means I'll be starting when I'm 25 (do you guys think that's way too old to start?)

So...share your plans!

---

Members don't see this ad.

 

[dntke1518]

In that time that you have saved up that $60K you have lost two years of salary which is far greater than the money that you have saved. Unfortunately the debt is undeniable for most of us (excluding those doing HPSP or some other compensation program). Best to get into it while you can.

 

[Oo Cipher oO]

How much are you guys going to have in debt, total, at the end of medical school (not residency)?

My undergrad totaled to about 70K (private top 15), and medical school will probably add another 150ish for $220,000. Yikes, seems like way too much.

What about you guys? And how are you dealing with it? Are you going to try to pay it off during residency?

I'm thinking maybe it's a good idea my goal enter date is Fall 2014, because I will have saved up about 60K by then from working...though it means I'll be starting when I'm 25 (do you guys think that's way too old to start?)

So...share your plans!

I hear ya. I'm pretty debt aversive as well. Thats part of the reason I'm doing the military HPSP (the other important reason is I want to serve as an officer). I don't think most medical residents will be paying much more than the minimum payments on their student loans. Once you become an attending just be smart and not run out and buy a new car, big house, etc. Pay back your loan at a good pace and you'll be fine. Sure we are digging ourselves into a big hole with debt, but we will have a bigger than average shovel to get back out.

 

[museic]

I'm honestly a scrooge when it comes to money. I watch it religiously and have a strict monthly budget. When it comes to loans I'm looking at being around the 350-400k range. Undergrad was not bad but I did an aviation program and flight fees added up to ab 60k, plus 40k for tuition and add about 270k for med school and viola. I've met with a very successful financial advising group and the attitude was basically "deal with it".

My plan is to hopefully pick a moonlighting residency and consolidate non fed loans asap, chip away at those and whip out the gov't individual repayment plan for federal loans. Pay minimum $$$ for 10 years and have the difference forgiven from the public sector loan forgiveness program. My biggest piece of advice would be to avoid private loans, even if it means lower interest rate. With things like HR4170 being presented it is only a matter of time before some sort of bill is passed to help with the student debt. It is unsustainable and once push comes to the end of the American economy the gov't will do something.

Finally, even though I'm a moderate on the right I would suggest voting democrat since the GOP does not give a crap about anyone who makes below 500k a year. Hence they really don't like loan forgiveness.

One more thing...once you start making an attending salary, don't go ape crazy buying things for a couple years. Keep living like a resident and allocate all that extra cash towards your debt. Even if it's for one year you can pay down a massive portion of your loans.

 

[torshi]

First two years for me were free- last two years minor scholarships, no debt so far, and most likely planning on HPSP

 

[MedPR]

I already have ~$120k of undergrad debt. Not worried about it one bit

 

[05silvergt]

I'm sorry, but I really don't see how someone can justify attending an undergraduate institution that is going to leave them with such large amounts of student loan debt. I mean $120k is absurd, and so is $70k. Sure, you went to a well known private school, but how is that education earning you anything better than someone who went to their state school and will get into the same medical school as you?

I currently have ~$12k in debt and the idea of adding another $150k or so is mind blowing. That's a mortgage.

 

[donkeykong1]

looking at about 300k ugrad+med school debt by the time im done. will have work hard my first 5-10 years as an attending to pay that down.

 

[MedPR]

I'm sorry, but I really don't see how someone can justify attending an undergraduate institution that is going to leave them with such large amounts of student loan debt. I mean $120k is absurd, and so is $70k. Sure, you went to a well known private school, but how is that education earning you anything better than someone who went to their state school and will get into the same medical school as you?

I currently have ~$12k in debt and the idea of adding another $150k or so is mind blowing. That's a mortgage.

Not everyone wants to stay close to home.

 

[COMedic2Doc]

Looking at about 300k in debt when all is said and done. That being said, I'm also an older non-trad student. Will be considering the HPSP scholarships as well as other options.