How much debt can I have?

[rualai]

If fortune favors me and I work hard enough (mainly hard work) I'll become a full Doc. Through that path I'll have to go to an undergrad and a med school with the latter costing 3-4 times as much. After which during residency, from what I've read, I will not be paid very much at all let alone to pay off my loans. When I finally become an MD it will definitely become a lot easier (although not an instant guarantee) to eventually pay off all the student loans or debt I have etc.

Basically will the amount of debt I have matter (or completely determine) my future in terms of med school, residency program, and eventually at a practice or hospital I am able to go to or attend?

Will debt somehow undermine my ability to continue from step to step?

I know this is pretty early considering I still have half a year or so until I'm actually in college. I'm just really worried and want to have an idea of what to do once I inevitably become in debt from the cost of school and what I'll be getting myself into.

Thanks in advance!

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[link2swim06]

Getting loans generally isn't a huge issue. Paying them off is the bigger concern.

Undergrad can cost anywhere to free to 100K+. If you are smart you might be able to get a scholarship or go to a state school and work part time. I'd advise avoiding an expensive private undergrad unless you have someone else paying for your education or have a full ride.

Med school is going to be 200K+. Probably closer to 300K by the time you would get there. Scholarships are much harder to obtain in med school and you will not have time for a job.

During residency you will make ~50K per year....but your loans will continue to grow due to high interest rates.

In total you could easily end up paying 400-600K for this whole process after you consider interest.



Money will not limit you going to the next step but it's not something to be ignored either.

 

[moisne]

Getting loans generally isn't a huge issue. Paying them off is the bigger concern.

Undergrad can cost anywhere to free to 100K+. If you are smart you might be able to get a scholarship or go to a state school and work part time. I'd advise avoiding an expensive private undergrad unless you have someone else paying for your education or have a full ride.

Med school is going to be 200K+. Probably closer to 300K by the time you would get there. Scholarships are much harder to obtain in med school and you will not have time for a job.

During residency you will make ~50K per year....but your loans will continue to grow due to high interest rates.

In total you could easily end up paying 400-600K for this whole process after you consider interest.



Money will not limit you going to the next step but it's not something to be ignored either.

Inspiring isn't it? Don't worry about debt - do that 1-2 years before going to med school. Don't over spend and you should be fine. I hope to get out of med school with less than 60k loans and pay off during my residency years. But I am very very frugal - I once lived off of instant oatmeal (plane tube is like 3$ per bottle) for a month and stocked up on nutrients by the free food at my research group's weekly conferences. You will be fine. Get a job during undergrad and save up (I had 5 part time jobs at any given time) :| not recommended if you want to experience college

 

[Apoplexy__]

I hope to get out of med school with less than 60k loans and pay off during my residency years.

wut

Tuition at one of the cheapest med schools in the US is $30k/yr. If you got out of undergrad with zero debt and somehow were frugal enough and sacrificed grades to get a job to pay for living expenses, you'd still make it out with $120k, probably capitalizing to $150k after interest. Nevermind paying a more likely tuition ($40k+), paying for board exam expenses, interviews (pre-med and pre-residency), etc.

OP, link2swim hits it on the head. You'll be forced into debt unless you're lucky enough to have friends/family help pay you. The national average of med school debt is extraordinarily skewed by all the lucky kids who have wealthy family/friends -- expect to have $300k+ out of school and use your income in residency to barely get by making interest-only payments on that money.

The debt isn't crippling in the grand scheme of things, but it definitely determines your quality of life after school and makes earning potential a chief factor in selecting your specialty. I've found in med school that the people "just trying to pass" and settling on primary care either 1) can afford to because they're debt free due to people helping them out or 2) are naive and in for a life of paying off loans. $200k/yr of a more competitive specialty leaves you around $70k/yr after income tax, malpractice insurance, and loan payments. Imagine if that was $150k.

 

[moisne]

wut

Tuition at one of the cheapest med schools in the US is $30k/yr. If you got out of undergrad with zero debt and somehow were frugal enough and sacrificed grades to get a job to pay for living expenses, you'd still make it out with $120k, probably capitalizing to $150k after interest. Nevermind paying a more likely tuition ($40k+), paying for board exam expenses, interviews (pre-med and pre-residency), etc.

OP, link2swim hits it on the head. You'll be forced into debt unless you're lucky enough to have friends/family help pay you. The national average of med school debt is extraordinarily skewed by all the lucky kids who have wealthy family/friends -- expect to have $300k+ out of school and use your income in residency to barely get by making interest-only payments on that money.

The debt isn't crippling in the grand scheme of things, but it definitely determines your quality of life after school and makes earning potential a chief factor in selecting your specialty. I've found in med school that the people "just trying to pass" and settling on primary care either 1) can afford to because they're debt free due to people helping them out or 2) are naive and in for a life of paying off loans. $200k/yr of a more competitive specialty leaves you around $70k/yr after income tax, malpractice insurance, and loan payments. Imagine if that was $150k.

You are assuming no one has any savings.

 

[Apoplexy__]

You are assuming no one has any savings.

I'm assuming no one has $100k in savings without help from friends/family. Your situation, though very admirable, is extremely unique.