How Much Debt Did/Will You Have Before Starting Professional School?

GI Bill + savings + paid for car = no debt!

Of course, that's the plan for now, I haven't actually started school yet.

I took out a loan to pay for my post-bacc classes.

Prior to that, I've been very fortunate enough to skate through two my first two degrees with scholarships/fellowships. Not bad for someone who didn't think college was even an option in the first place.

I will have a small amount of unpaid Stafford loans from undergrad that I will probably just defer through med school. While I have additional consumer debt that I will shoulder through the remainder of this year, I intend to pay those off with an early withdrawal from my retirement account in the next fiscal year (to minimize my tax burden).

I put none because I don't have credit card, auto, or educational debt. But, I married a DO with about $200,000 in medical school debt (no other debt). Technically this is not mine, my name is not on it and we will leave it that way in case of the worst.

The only debt I have is a mortgage balanced by lots of equity. I have a solid career and graduated >5 yrs ago. My do-it-yourself postbacc has allowed me to avoid expensive education debt.

Car payment + post-bac student loans + credit card (obtained solely for med school purposes and promptly run up higher than I would have liked with secondary fees/airfare/hotel costs)...

I was super excited to receive a number of acceptances, but I still maintain that medical school is inherently elitist. It is practically impossible to be middle class (well, lower end of middle class) and actually have the available funds for application expenses. My secondary fees alone would have taken a big chunk of our savings. My husband and I pay our bills on time, try and save for unexpected expenses, and generally get by, but we don't have thousands on hand to drop on fees, etc. C'est la vie, I guess. It'll all work out in the end when I am an MD, right? RIGHT?!?!?!?

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ive got about 15k from undergrad loans

It's all educational debt--no consumer debt here, but 2yr degree+ 4 yr degree + post-bacc = $$$ It would have been best if I knew I was going to go this route BEFORE I graduated from college...however, I am making payments on the student loan while I still have a job even though I am not required to do so.

I second felix on this. bachelor's plus masters is >65K (ouch). I'm dutifully making extra payments now and hope to at at least get the unsubsidized stafford loans down to keep interest down while in school. plan is to make interest payments while in school. no car debt, no other consumer debt.

honestly though, i'm not too worried. yes, graduating med school with likely 250K total debt is scary but, that equates to about a monthly payment of 2500 (this is an approximation given by stafford loans) x 10 years. i hope to be making 190K or more which is about 9K/month (that's after taxes/soc sec, etc is taken out) so i'll still have 6K to live on (alot more than i currently have and i'm currently "comfortable").

Student loans only, and most of my unsub staffords are paid off. I guess I am lucky.

I have about $16k in undergrad student loans left unpaid (only started out with about $20k). My car is paid off and I have no credit card debt. So I'm feeling pretty good about my debt future.

I'll have about 80k in debt from my PharmD. It would've been higher but I'm working while in school right now to defray my housing and food cost. LECOM unfortunately doesn't give much in the way of scholarship.

Sighs* need to find myself some less expensive medical schools or I will be 300k+ in debt.

None!

I realized early on in my previous career that I didn't want to stay there, though I had yet to decide on medicine. I ended up saving for 4-5 years from a fairly high paying job so that I would have the freedom to leave when I wanted. I've been living on this savings for the last two years, and expect it to last for another one. It won't last through the first year of medical school, however. It should get me there though, whether I get in this year or next. If I don't get in on those cycles, well, I'll cross that bridge if I come to it.

Anywhere from $2-3k thanks to being at a state school.

A huge mortgage (no other loan) - which is affordable as long as both husband and me earn, but will be a stretch once I have to quit for med school. So, will sell and buy a smaller home if I stay in CA and buy a similar size home if I relocate, even though I love my home in SF area. Plan to sell my options to pay for med school.

So, yes, there will be a big drop in savings (and income, of course), but should be able to comfortably make it w/o additional loans.

One thing that I will miss for sure, is my paycheck. I have two boys - so I want to save for their education as well.

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90k from grad school...glad to see I'm not the only one though....[sigh]...neurosurg here I come.

Undergrad + long graduate degree program + OOS med-school = I'm going to owe more money in student loans than I've ever even HEARD of anyone owing. And I'll be nearly 40 years old when I finish residency.
Freaking. Out.

FutureDr8429033 said:

Undergrad + long graduate degree program + OOS med-school = I'm going to owe more money in student loans than I've ever even HEARD of anyone owing. And I'll be nearly 40 years old when I finish residency.
Freaking. Out.

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Never said we were all sane, lol. Did a calculation not factoring interest and I came to about break even with myself if I had stayed a PharmD at the age of 57. That is assuming a 200k/year salary as a physician which is high for the majority and assuming medical school <30k/year.

Hey, but its personal satisfaction and not money right.

PharMed2016 said:

Never said we were all sane, lol. Did a calculation not factoring interest and I came to about break even with myself if I had stayed a PharmD at the age of 57. That is assuming a 200k/year salary as a physician which is high for the majority and assuming medical school <30k/year.

Hey, but its personal satisfaction and not money right.

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You're saying 200k/yr is high for a physician? I don't think that's true/really hope it's not, otherwise I'll be in debt until half-way thru the frikkin afterlife.

As far as I can tell, 200k/yr might be on the higher end for mid-career primary care, but probably about average for specialists and low for surgeons... at least I hope that's the case.

None. Scholarships have given me a full ride through undergrad and will continue to until I graduate.

Military + Post Bacc = No cost

Trust Fund + Gi Bill = Med school without any debt.

I got a really lucky lot in life.

A lot of zoidbergs on this thread...

teddy bear doc said:

I was super excited to receive a number of acceptances, but I still maintain that medical school is inherently elitist. It is practically impossible to be middle class (well, lower end of middle class) and actually have the available funds for application expenses. My secondary fees alone would have taken a big chunk of our savings. My husband and I pay our bills on time, try and save for unexpected expenses, and generally get by, but we don't have thousands on hand to drop on fees, etc. C'est la vie, I guess. It'll all work out in the end when I am an MD, right? RIGHT?!?!?!?

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I have to disagree. I was middle class and busted my butt to apply to 3 cycles, 30+ schools in the second and third cycle. People who are lower economically can get fee waivers for the apps and for the secondaries at most schools. Interviews can be rough if you have to travel for them, but if people want it they can find a way to pay. Of course it's harder when someone doesn't have excess money to spend, but if someone really wants it they'll find a way to make it happen.

PharMed2016 said:

Never said we were all sane, lol. Did a calculation not factoring interest and I came to about break even with myself if I had stayed a PharmD at the age of 57. That is assuming a 200k/year salary as a physician which is high for the majority and assuming medical school <30k/year.

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I agree with 0919. Depending on what source you look at, 200k is right around average. It might have been high 10 years ago, but the most recent data shows that many, if not most fields earn on average well over 200kSecond page of the Forbes article has the average pay for various fields in 2012 (before benefits and bonuses). Second link is to a professional recruitment survey.

http://www.forbes.com/sites/jacquel...e-best-and-worst-paying-jobs-for-doctors-2/2/

http://www.merritthawkins.com/physician-compensation-and-recruiting.aspx

0919mmk said:

You're saying 200k/yr is high for a physician? I don't think that's true/really hope it's not, otherwise I'll be in debt until half-way thru the frikkin afterlife.

As far as I can tell, 200k/yr might be on the higher end for mid-career primary care, but probably about average for specialists and low for surgeons... at least I hope that's the case.

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Dang, if I had to survive on 200K a year I would never break even or be able to pay my taxes. Try more like 250-300K and I am not mid-career.