A controversial thread with 71,000 hits

If you're a medical student who has not yet decided on a field, understand this - everything you read now about reimbursement, salaries, job markets will most likely be different by the time you are done training (or at the latest several years into your career). Picking a specialty purely based on money is entirely asinine, likely moreso now than in the past.

jetproppilot said:

STUDENT LOAN DEBT.

I'M A MED STUDENT....I OWE 200K or 300K....WTF???

I wrote a very controversial thread years ago that is

more important now than when I initially composed it, considering our economy and the future of healthcare under Obama.

A MUST READ for med students.

It's been relocated to the

TOPICS IN HEALTHCARE area by SDN's "elders". (wink)

EVER READ A THREAD WITH 71,000 HITS?

If you want a piece of REALITY

you'll move your bootie over to Topics In Healthcare

and educate yourself to the reality of how you are paid as a doctor.

Very very important especially if you are starting your career, thanks to student loans,

THREE HUNDRED GRAND IN THE HOLE.

Click to expand...

I had 180 in student loans by the time i was out of residency and went out of deferment which I think is about 160 now after my first yr out of residency. I've been paying about 1000 per month automatic payments from my checking account. As part of my contract I got 20,000 sign on bonus and then 12,000 in student Loans annually as we'll as about 12,000 in production. My base as a hospitalust is 190,000 which I think is not too far off what can be obtained in primary care private practice not including bonuses. The first 12,000 in loan repayment from my employer was specifically targeted at the higher interest loan. Make sure if you make any lump sum payments that they dont just apply it equally to the whole loan. This is what the loan company tried to do to me and I had to get a letter from the hospital that made the payment asking that it be directed to the higher interest loan. I agree 300,000 is a big number. A number like that sounds like a private school, Caribbean school, or out of state? It's not just the number but the interest rate. I've only got about 35,000 at 6.5 % which I could pay off right now if I wanted. I've got 70,000 at 2.5 % which is not that far off of inflation and about 30 or 40 at 4.25%. I would think the interest rates are pretty cheap right now. I know the 70,000 I have at 2.5 % is about the same price in interest as the 35,000 at 6%. The total interest on the Loan is about 6,000 per year with about 2,000 per each of three loans with separate rates. I intend on paying off the 35,000 at 6.25 % shortly which will cut the interest to 4,000 per yr At just over 1 Yr out of residency. Hasn't seemed all that painful to me.