Am I the only one that's getting stressed out about paying for med school?

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Evergrey

Evergrey

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  1. Medical Student
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Wow I have been working on financial aid forms and, hands down, this is the worst the application process has been. Interviewing ransacked my bank accounts, and thinking about spending $200,000 on anything makes me wanna vomit. Anyone else feel the same as me? Spending intimate time with my finances (and lack thereof) is really unfun.

I can't even imagine how much residency will suck. Underpaid, overworked, and with compounding interest that practically exceeds your salary... Can't wait!

students-loans2.jpg
 
we'll all be mostly in this boat so no worries...plus you can't beat telling people "yeah your job is cool, but I save lives" haha
 
If you think about it, that's the price of a home. We can do this. The award will be worth it.
 
If you think about it, that's the price of a home. We can do this. The award will be worth it.
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I dont mean to offend but is that statement is suppose to be reassuring? Most people only buy and pay out one house in their lifetime. And it usually takes them 20+ years to pay off a mortgage. So going to medical school is like doubling the average lifetime debt. I understand that physicians make a good amount of money but comparing it to buying another house isnt a good way of looking at it in my opinion.
 
The more interviews i attend the more i get worried about this. But honestly then i look at the career paths my friends have layed out and worry less. For example the law school kids: similar 200,000 loans except their job prospects are much less encouraging. The reality with them is most will make residency salary the majority of their lifetime if the economy continues this way.
The trade school/community college kids: looking at 20k-30k/ year jobs.
Yes i will have to take out 200K+ in loans, but residency will pay 50k/ year and after that i will hopefully make about 12k a month. So paying the 2k for loans monthly really doesnt seem that scary. That would leave me with 10k for living expenses which is almost triple the national average.
 
IHOPness said:
If you think about it, that's the price of a home. We can do this. The award will be worth it.
Click to expand...

DOCTAfoHIRE said:
I dont mean to offend but is that statement is suppose to be reassuring?
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I was going to say. This is what one of my friends reminds me when he wants to question my commitment to being a doctor.

I think I would be more stressed out about the debt if I weren't sure this was the path I wanted to take. But I'm convinced that this is what I want to do, so I will do what it takes to accomplish it.
 
You get over it quick. You stop looking at your loan statements complete with your repayment plan rather quickly. It is what it is and for the most part its impossible for anyone to fathom 200k of debt. So you just accept that this is the path you chose and go with it.

Not only that but once you start you're in. Because most people couldn't afford the loan payments for 50k, 100k, 150k of debt without finishing and being paid a physician's salary.

My bank insists on sending me my repayment plan every quarter. I currently owe 168k and when my repayment plan starts in Dec 2011 I will owe $2500/month (obviously not going to work on a resident's salary so forbearance or IRB here I come).

It will all work out in the end. Few physicians are unable to pay off their debt. And if the Public Service Forgiveness Program stays then you can pay income based repayment for 3-6 years (depending on residency/fellowships) and then work for a non-profit hospital for the remaining 4-7 years and have the rest forgiven which can be pretty significant.
 
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I'm pretty lucky in my total amount will be around 75k, but most disgusting is that I've already accumulated 3.5k in interest. Buyer beware.
 
I don't think debt will be that big of a deal because we'll be doing awesome things with most of our time, we'll have decent job security, and also because I don't really spend much money anyway.
 
I'm sure many people who are in it or currently applying can commiserate. You bring up a great point that I hope others will think about too. These numbers are hard to swallow but it is very responsible of you to be considering this now. You will likely not be super surprised and bitter by the end of it because you'll know what to expect. Sorry to add to the stress, but you hit on most of the main factors when it comes to debt in medicine. There are also quite a few other expenses along the way to add to the ever climbing pile. Thus, pre-meds really have to answer this question, will it be worth it? You can easily enter other types of jobs that help people without all that debt. Heck, it can even be health related which less debt and better lifestyle. I can say that if you truly love it, it will definitely be worth it!

On a side note, one of the happiest moments of my life was when I filled out my last FAFSA in third year. I hate that god awful form. NEVER AGAIN! Good luck to you. :luck:
 
i think people overlook the debt because they are forgetting that money they pay is the money after taxes, 200k, would simpily be 250 depends on ur state i guess.
 
The debt is worth it. Repaying your debt help move the economy and if you pay your card right you will be able to afford to pay it back.

If debt really does bother you there are cheaper options DO schools, PA and good old Nursing. They save lives too.
 
Haha, OP you are not the only one! I am an UG, and I was already getting worried about med school finances and the $200K loans when I reminded myself: Screw this. Imma be a doctor one day!!!
 
Yes, the debt can be overwhelming at times. Apply to as many scholarships as you are eligible for.
 
evergrey said:
wow i have been working on financial aid forms and, hands down, this is the worst the application process has been. Interviewing ransacked my bank accounts, and thinking about spending $200,000 on anything makes me wanna vomit. Anyone else feel the same as me? Spending intimate time with my finances (and lack thereof) is really unfun.

I can't even imagine how much residency will suck. Underpaid, overworked, and with compounding interest that practically exceeds your salary... Can't wait!

students-loans2.jpg
Click to expand...


i am gonna have over half a million worth of student loans by the time i am done with medical school!!! Am i scared, absolutely not! Medicine is priceless! I love medicine!
 
Yea it's kinda sad how a lot of people worry about med school debt way before they're even accepted. :scared:
 
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torshi said:
Yea it's kinda sad how a lot of people worry about med school debt way before they're even accepted. :scared:
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actually thats not sad at all. Its mature and informed. 'how are you going to pay for medical school' or 'how will you deal with the debt load' are very common interview questions. Everyone who is investing the 5,000-10,000 dollars to apply better have worried about the debt at least a little long before they decided to apply. It shows maturity and is a sign that an applicant has truly considered all the facets of the profession and all the sacrifices involved.
 
I try not to think about it. Every once in awhile if my thoughts stray to student loan debt I get this feeling that I'm about to be yanked underwater, but I've decided not to panic until after I get the financial package from my school. :xf:
 
torshi said:
Yea it's kinda sad how a lot of people worry about med school debt way before they're even accepted. :scared:
Click to expand...
Agree, it's sad and also irrational.

Think of how much debt it takes to buy a place to live. No one loses sleep over that, and that's something people do everyday with a large amount all at once. So long as you stay within range of what you can afford there's no problem. School debt is MUCH less than most people's mortgages (except those living in low cost areas).

It's one thing to think about it, something altogether different to worry about it.
 
eablackwell said:
I try not to think about it. Every once in awhile if my thoughts stray to student loan debt I get this feeling that I'm about to be yanked underwater, but I've decided not to panic until after I get the financial package from my school. :xf:
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This is a great idea and we all should follow suit. Worry about it when you have it to worry about, then plan a solution and execute it.
 
yes. you are the only one. i assure you no one else feels this way.
 
Evergrey said:
Wow I have been working on financial aid forms and, hands down, this is the worst the application process has been. Interviewing ransacked my bank accounts, and thinking about spending $200,000 on anything makes me wanna vomit. Anyone else feel the same as me? Spending intimate time with my finances (and lack thereof) is really unfun.

I can't even imagine how much residency will suck. Underpaid, overworked, and with compounding interest that practically exceeds your salary... Can't wait!

students-loans2.jpg
Click to expand...

Think about it as an investment. I have a mortgage to pay and I think about as such.
 
I've never heard of a doctor who wasn't able to pay off his debt (and by doctor I mean one that actually got into residency and found a job).
 
torshi said:
Yea it's kinda sad how a lot of people worry about med school debt way before they're even accepted. :scared:
Click to expand...

I actually disagree with this. If I know that I want to be a doctor and have gained enough clinical experiences to confirm my desire, it is quite rational to think of the hundreds of thousands of dollars of debt that I will be in after I graduate from medical school. I assure you that I don't spend my free time thinking of acquiring that much debt IF I get accepted. I prefer to be optimistic hoping that my hard work will pay off while keeping in mind that I will get in debt but hopefully pay it off after becoming a doctor.

Musclemass said:
Agree, it's sad and also irrational.

Think of how much debt it takes to buy a place to live. No one loses sleep over that, and that's something people do everyday with a large amount all at once. So long as you stay within range of what you can afford there's no problem. School debt is MUCH less than most people's mortgages (except those living in low cost areas).

It's one thing to think about it, something altogether different to worry about it.
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Some of us are unfortunate enough to not have enough money to buy a house or pay a mortgage. I live in an apartment. However, I do understand your comparison.

alwaysaangel said:
actually thats not sad at all. Its mature and informed. 'how are you going to pay for medical school' or 'how will you deal with the debt load' are very common interview questions. Everyone who is investing the 5,000-10,000 dollars to apply better have worried about the debt at least a little long before they decided to apply. It shows maturity and is a sign that an applicant has truly considered all the facets of the profession and all the sacrifices involved.
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👍
 
eablackwell said:
I try not to think about it. Every once in awhile if my thoughts stray to student loan debt I get this feeling that I'm about to be yanked underwater, but I've decided not to panic until after I get the financial package from my school. :xf:
Click to expand...

Musclemass said:
Agree, it's sad and also irrational.

Think of how much debt it takes to buy a place to live. No one loses sleep over that, and that's something people do everyday with a large amount all at once. So long as you stay within range of what you can afford there's no problem. School debt is MUCH less than most people's mortgages (except those living in low cost areas).

It's one thing to think about it, something altogether different to worry about it.
Click to expand...

WorldChanger36 said:
This is a great idea and we all should follow suit. Worry about it when you have it to worry about, then plan a solution and execute it.
Click to expand...

Definitely reasons why business courses should be taught in medicine. Tremendous naivety about student loans. This isn't small change we are talking about guys, this is hundreds of thousands of dollars. Anyone who has that debt or suffered through it can understand what that feeling is like.

Here are a few points to consider
1) Not everyone is in a position to take off quite a number of years with no to low pay. Some people do not come from well off families. And I don't mean families that are middle class so the student ends up borrowing all the loans but the rest of the family can take care of their own problems. I mean med student will also have to support family during those years due to sick, aging, disabled or no parents etc. There are also plenty of other reasons for financial concern.

2) The interest for student loans are higher than what they've been before and interest can start accruing after med school ends. It will NOT be easy to pay off your loans during residency. Even if you are single and live frugally, if you want easy accessibility to your hospital, the rent and cost of living will be higher.

3) It is incredibly silly to not plan ahead before your financial aid packet comes in. I can say that because I was made a huge mistake in choosing the wrong loaner. With the economic downfall, my loans kept getting passed on to different people. What does this mean? I lose the benefits of having the same loaner for all 4 years. These benefits include payment extensions, flexible payment plans, interest forgiveness and a certain percentage off the loans if you make stable monthly payments. Now, I'm not sure who has my loans because the freaking government had to sell my loans off to some other company! It was poor planning on my part and I accept that responsibility, do not make the same mistake I did.

4) Things happen in life. You just might need extra cash that you don't have one day. What do you do then? Rely on your family? Hope for a miracle?

5) Poor planning and bad promises are what got us into this economic crisis right?
 
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I'm stressed out about applying to med school. I expect to spend $500-1000 on MCAT prep books, $235 for the MCAT, ~$1000 on AACOMAS/AMCAS, who knows how much on secondary fees, $500 for one nice suit/shoes/ties/other interview wear. I can't imagine how much more this would be if I wanted to apply to schools in the south or west coast (airfare, taxi fare, hotels, food, etc.)
 
I think March/April is by no means too late to start looking for lenders. Honestly, for those who come from a low income family, there are only so many options they have (aside from choosing lenders).

I agree that you should have thought things through earlier than getting your financial package, but I'm assuming before applying to med school you hammered out a few things:

1) You were willing to go deep into debt for this career
2) You were able to live with the possibility of surviving on loans alone for years

Otherwise, if you're applying and getting acceptances and suddenly you say "Oh no, I'm 46 years old with 6 children and my spouse is unable to work. My loans won't cover the cost of living and raising my family, what do I do?" Then it may be time to panic a bit. However, someone in this type of situation should have been looking for scholarship possibilities ahead of time, and has a good chance of a decent finaid package depending on the school.
 
Musclemass said:
School debt is MUCH less than most people's mortgages (except those living in low cost areas).
Click to expand...

I can see school debt being MUCH less than mortgages of those living in large cities in California and New England, but most houses aren't that expensive... my mom owns three homes, and all of them cost less than $200K (one is even in a large city).

I just got my the rest of my loans for first year, and I'm looking at $47K for just this year in loans. Considering that CoA goes up every year (due to tuition increases, longer time in school, boards, etc) and I'm currently getting need based grants that I might not get in future years, I will easily have $200K in debt when I graduate.

SuperHiro said:
2) The interest for student loans are higher than what they've been before and interest can start accruing after med school ends. It will NOT be easy to pay off your loans during residency. Even if you are single and live frugally, if you want easy accessibility to your hospital, the rent and cost of living will be higher.
Click to expand...

In many cases, interest starts gathering at first distribution. I only have about 19K in loans that are subsidized; the remaining 30K are unsubsidized and are currently gaining interest as we speak.
 
mvenus929 said:
I can see school debt being MUCH less than mortgages of those living in large cities in California and New England, but most houses aren't that expensive... my mom owns three homes, and all of them cost less than $200K (one is even in a large city).

I just got my the rest of my loans for first year, and I'm looking at $47K for just this year in loans. Considering that CoA goes up every year (due to tuition increases, longer time in school, boards, etc) and I'm currently getting need based grants that I might not get in future years, I will easily have $200K in debt when I graduate.
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Curious, how are you getting need based aid when your mother owns 3 houses??? Sorry to be nosy, I'm stressing about not qualifying for any need-aid because my parents are preparing to retire within the next three years so they have substantial income but I have been living independently for 5 years and don't earn nearly as much but still have to give their information.. but I thought most schools required you to provide both your information as well as parental. Did you find a loophole?
 
Debt was probably the biggest or second biggest factor for my in my school choice, even though it didn't start out that way.

It's kind of depressing to get your loan statement in the mail and it tells you you've already accumulated $5 in interest but your school hasn't even given you your check yet and you're only 2 days into classes. :laugh:
 
silly question, but where are you guys getting like 50K in loans from? gov't, bank etc?
 
just wait until you get accepted. Most schools have preferred lenders...theyll tell you what to do.
 
alwaysaangel said:
Everyone who is investing the 5,000-10,000 dollars to apply better have worried about the debt at least a little long before they decided to apply.
Click to expand...
So quick question but how do you figure 5k-10k in just applying?
 
Colorados said:
So quick question but how do you figure 5k-10k in just applying?
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Thats how much most people spend for the whole process. Its pricey. But very dependent on the person and how broadly they apply and where they live.

When I applied 4 years ago I applied to 20 schools and traveled to only 4 interviews (thank goodness for an early acceptance or that would have gotten MUCH pricier)

Breakdown:
MCAT $500
MCAT course $1800
So $2300 just for the MCAT which I consider to be part of the application process because its all in the same year.

Primary: $768 (160 for the first school + 19 x $32 for each extra)
Secondaries: $1125 (say you get 15 secondaries at about $75/each, when I applied they ranged from $30 to $130)
Suit: $100 (if you do thrift store/super cheap stuff - thats the LOW end)

$1993 for initial application stuff, no interviews yet.

Interviews are the most variant because its completely dependent on where you live and where you interview/how many interviews you go on. If you live in NY and only interview in NY it will be cheap. If you live in California (as I do) and have to travel to the east coast a bunch then its expensive.

So I'll use myself as the example for interviews. I went to 4 schools. I lived in Northern California and went to Washington, DC; New York, Kentucky and Southern California.
Washington DC - $450 flights, $200 hotel, $50 transportation/food
New York - $450 flights, stayed with school host, $150 rental car
Kentucky - $400 flights, $50 hotel, $50 rental car
Southern Cali- $150 flight, stayed with my parents

$1950 for interviews

So about $6243 from MCAT to acceptance. And that is one of the lower end estimates, because it assumes you don't submit all the secondaries and don't go on very many interviews. Even if you don't take an MCAT course it doesn't knock it down my much.

I know people who hit $10k because they submitted 30 apps and 25 secondaries and went on 10 interviews.

So that is why I say 5-10k to apply to medical school.
 
Also, know that recent legislation has fixed our loans ar 6.8%. That is a hefty rate and more than many mortgages.

Many of the fresh grads from residency have their loans at ~2%. It's pretty easy to manage your debt when you almost make more in a CD. So take what the elders say with a grain of salt.
 
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DrBowtie said:
Also, know that recent legislation has fixed our loans ar 6.8%. That is a hefty rate and more than many mortgages.

Many of the fresh grads from residency have their loans at ~2%. It's pretty easy to manage your debt when you almost make more in a CD. So take what the elders say with a grain of salt.
Click to expand...

Yeah, my old undergrad loans are crazy low. My mortgage is around 5.2%. The new student loan rate is horrid 👎
 
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