Worth of Total Loans- prerequites thru med/dental school

[sengineer]

I realize this has been posted about before but I just want to get some perspective from non-traditional students out there especially > 30 year olds with families etc. I recently read some posts from a working dentist and a final year resident who complained about the school loans they accumulated and that they see no financial reward from their chosen careers at that point they are now. Don't get me wrong; I am not in it for the financial gain. I have chosen to go back for the true realization of fulfilling a career choice I did not have the opportunity to have before which ironically was because of the cost of education. But just wanted to get some views from others who still have families to support which is not a reality for young people coming out of school. I am working in engineering and it has been so completely disheartening, unfulfilling and frustrating that medicine is the only choice for me. I have been paying of current debts so that when I do get accepted, my wife will shoulder the financial burden of our expenses which is still going to be tough with kids etc. My question is to get a perspective from those who do not have financial support from others and will be piling up the loans; but still see it as manageable down the road.
Good luck to everyone here.

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[gmcguitar4]

I am not over 30 nor do I have kids..but I will have a ton of loans..my undergrad loans are basically 100k including interest...not fun. By the time I finish med school and residency I would like to have a family by then and will have all this debt to worry about. I am probably looking at around 400-500k of debt including interest at that point. I have talked to a bunch of doctors..all specialists though...and they said don't worry about it you will pay it off no problem. Unless there are some crazy drastic chances to health care in the next 20 years..I am not too worried. Will I struggle for a little bit..probably.

 

[random2708]

We were one of those households that racked up silly consumer debt, driving nice SUV's and trucks, new (though modest home), credit cards, living off our two salary $125,000 household income, until about 10 years ago when we just stopped. We are debt free except for a small mortgage (one a much older, more modest acreage). Even with my having consistently dropped my hours of work each semester for the past two years of undergrad we remain debt free.

I absolutely refuse to acquire debt for this dream. It is enough that my family is forfeiting my time and earning potentials so I can chase a dream, for them to have to pay interest on it would be an insult to them.

That said, if I were to be accepted I believe then that the probability of my being a physician is high enough that I would stop working altogether and borrow for the cost of med school. We have set ourselves up so that we have some money for the tuition, we own rental properties that are not incredibly time intensive (usually) and we have some retirement type income available to us. So living expenses should not have to be included in the borrowing, though if we end up a two household location (depending on where I might get accepted) then that may change.

From there its a straight mathmatical process to compute the interest on the expected borrowing vs expected salaries. . . if that's what you were asking.

Good luck with your decision.

 

[marinehrnt]

I'm in a similar situation being over 30, married and with a baby on the way. This is the main reason that I'm applying for the HPSP scholarship. Without it I would be taking out loans for tuition and living expenses which would be well over 450k by the time I finished residency. I know it can be paid off but I really don't want to be strapped with that kind of stress for the next 15-20 years. The military route is not for everyone and in some cases may not even pay out financially in the end depending on the specialty you end up in. Since I already have six years prior service and understand the military lifestyle I'm willing to make the gamble. I hate debt and having a $4,000 a month student loan payment for the next 15 years is too scary for me. But like I said the military is not for everyone.

 

[sengineer]

Thanks for the responses everyone. I really appreciate it. I have made it my goal to try and clear all debt before going into school and the military option was a consideration. My wife was not too happy with that but I have served for my native country before so not afraid of what it involves. I guess for now, the best is to take it one day at a time and see what happens.

 

[Daneosaurus]

Along the same lines, I also have 6 years of military service - Marine Corps. However, I had a medical discharge for an orthopedic injury. I am doing my prereqs now, and plan on taking the MCAT spring 2014. HPSP is not an option for me due to being disabled. We (my wife, kids and I) make it by on the GI Bill stipend, pell grant, disability, and savings. I'm trying to make this carry us through till I get through my UG and into med school. From there, I'm hoping to sweet-talk the VA into paying for med school from the Vocational Rehab and Employment program. I qualify for this program now, but my degree plan is biochem, and they will only pay for a degree that leads directly to employment.

My wife is a nursing major.