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why ? i don't get it.
why ? i don't get it.
Also, now that I'm on the other side of things, its interesting to see so many people so eager to spend the best years of their lives studying all day. When you're pre med you think " when I get to med school it will be better" Med school is a lot of studying guys......ALOT. You rarely have time for anything else.
why ? i don't get it.
http://www.bls.gov/oes/current/oes111011.htm
http://www.bls.gov/ooh/management/financial-managers.htm
http://www.bls.gov/oes/current/oes291069.htm
It's easier and faster than working your way to the top of a given company and pays just as well, guaranteed, so long as you don't fail out. All while not being hated for being an evil corporate executive/banker/whatever.
Try being in the hospital for 12hrs+ and still be expected to study... :\I'm studying with some new MS1's right now (Me MCAT, them med school classes) and they're like "What?! After 6+ hours of class, they expect us to study?!"
why not? when you're practically guaranteed a 6-figure income50K for a year of schooling ?!
why not? when you're practically guaranteed a 6-figure income
why not? when you're practically guaranteed a 6-figure income
Try being in the hospital for 12hrs+ and still be expected to study... :\
PAYE only eats 10% of your income per year. If you're making 200k+, you've still got plenty of money left over.talk to a doctor who has been practicing for a while. your monthly student loan payment will be more than your mortgage and car payment combined. these loans will become the ultimate "ball and chain". you just don't realize it when you sign the dotted line.
Our economy isn't exactly doing so hot. Going to school for a period of a couple years until the next bull is a wise choice, financially. You're putting in a time investment during crappy economic times for a sure outcome: 6 figure salary. I'm sure a lot of people and their families are putting in pressure to pursue medicine for this very reason.
talk to a doctor who has been practicing for a while. your monthly student loan payment will be more than your mortgage and car payment combined. these loans will become the ultimate "ball and chain". you just don't realize it when you sign the dotted line.
As others have said, you max out at 10% of income. You can also get your debt forgiven after 10 years if you work for a hospital.
As others have said, you max out at 10% of income. You can also get your debt forgiven after 10 years if you work for a hospital.
It's really not that bad, and I say that as an ex-banker.
The stock market is not the economy and is irrelevant for the vast majority of people. More people than ever are on food stamps and Medicaid. I'd say that indicates our economy sucks.Our economy is still in a bull market phase because the S&P 500 is still going up. Companies might be oversaturated with workers, so it might be harder to get a job, but the U.S. economy is still going strong right now.
I think the reason for more applicants is because there are more college graduates now than before, so more people are applying. All I know is that at my undergraduate college, applications went up around 40% in the past four years. However, that includes international applicants.
It's pretty simple. PAYE+PSLF=get out of debt damn-near free after 10 years.-----
I am sure that as an ex-banker you are financially savvy, but the average-joe-doctor won't know many things that you do.
talk to a doctor who has been practicing for a while. your monthly student loan payment will be more than your mortgage and car payment combined. these loans will become the ultimate "ball and chain". you just don't realize it when you sign the dotted line.
PAYE only eats 10% of your income per year. If you're making 200k+, you've still got plenty of money left over.
Given the choice between struggling to find a job in the corporate world or a guaranteed position in the medical world, you basically just answered why there's so many applicants. I have as many friends that never ended up getting jobs in their field or were unemployed for months or years as I do those that actually ended up being successful. Why play the game when you've got a guaranteed win in medicine? Have you ever heard of an unemployed doctor (that wasn't a pathologist)?The stock market is not the economy and is irrelevant for the vast majority of people. More people than ever are on food stamps and Medicaid. I'd say that indicates our economy sucks.
I've discussed before how the tax bomb can end up being as large (or larger) than your debt ultimately is, because it can be pretty bad. But when you factor in the compound interest you can earn off of investments and the devaluation of the dollar over 20 years, the tax bomb become substantially less scary. I'll have to run the numbers for a person like myself (400k in debt) that goes into primary care and does straight PAYE without PSLF and see how the numbers lookI agree with Mad Jack. There are others who have IBR set up and even still with the big "tax bomb" at the end of 20-25 years, you are debt free.
I've discussed before how the tax bomb can end up being as large (or larger) than your debt ultimately is, because it can be pretty bad. But when you factor in the compound interest you can earn off of investments and the devaluation of the dollar over 20 years, the tax bomb become substantially less scary. I'll have to run the numbers for a person like myself (400k in debt) that goes into primary care and does straight PAYE without PSLF and see how the numbers look
The stock market is not the economy and is irrelevant for the vast majority of people. More people than ever are on food stamps and Medicaid. I'd say that indicates our economy sucks.
There isn't an over-saturation of workers, there is a paucity of hiring as companies attempt to boost profits by increasing worker productivity, without dealing with the risk of hiring and taking on large expansions of their operations.Our economy is still in a bull market phase because the S&P 500 is still going up. Companies might be oversaturated with workers, so it might be harder to get a job, but the U.S. economy is still going strong right now.
I think the reason for more applicants is because there are more college graduates now than before, so more people are applying. All I know is that at my undergraduate college, applications went up around 40% in the past four years. However, that includes international applicants.
I believe PSLF is not taxable, while PAYE is. It's why PSLF is such a no-brainer.I remember residents mentioning ways you can reduce the tax at the end and it made the whole loan thing seem not too bad.
I believe PSLF is not taxable, while PAYE is. It's why PSLF is such a no-brainer.
http://www.finaid.org/loans/forgivenesstaxability.phtml
Actually, the number of residency openings is kept artifically low, so even if there are 200+ new schools (which isn't true anyway), there's still ~ same number of doctors. Around where I live, many doctors would stay practicing (which reduces the number of openings for younger doctors) except the paperwork and stress is motivating many to retire.SUPPLY vs. DEMAND rule. If we have 200+ new schools open, then it wont be that hard to become a doctor (SUPPLY increase). Or if the government cap doctors' salary at let say 50k/year (Demand decrease)
why ? i don't get it.
50K for a year of schooling ?!
talk to a doctor who has been practicing for a while. your monthly student loan payment will be more than your mortgage and car payment combined. these loans will become the ultimate "ball and chain". you just don't realize it when you sign the dotted line.
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I am sure that as an ex-banker you are financially savvy, but the average-joe-doctor won't know many things that you do.
7/10 trolling. Poor quality, but you netted quite a few bites.
I'm actually surprised at how many applicants there are this year so early. We're within a few hundred applicants of the total number of applicants from last year at my school and it's just the beginning of September.
I also noticed interesting trends (pure n=1, no scientific background), like schools going to their waitlist less and less each year. I was waitlisted at a school that traditionally takes ~40% of the class off the waitlist and only took about 1 - 2 off last year and some other schools have had similar results. The average age of medical students is also creeping up and a lot of people are taking 1+ year(s) off recently to strengthen their application and thus "jump in" with the traditional applicants in junior year. As others have mention, there are more reapplicants who would normally give up and do something else if not accepted believe that the job market is bleak and not much else to turn to so they are continuing to reapply. And finally, nontrads aren't uncommon anymore its very likely you'll be seeing a lot of people from second careers make the jump into medicine more so now than ever before.
So basically, as each year passes it'll just continue to get more and more competitive and things like an early application and applying broadly are more important now than ever before to compliment good GPA/MCAT/ECs etc. My friend is regretting not applying last year after hearing how many applications there are this year.
Serious question, how can you be expected to study MORE when you have rotations 60-70 hours a week? There just isn't mathematically enough time in the week to do that when you take into consideration eating, driving, grocery shopping, housekeeping, etc.