200k in debt club

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ngkats

ngkats

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It has become clear to me that I will likely forgo an acceptance to my state school for a private school.

I submitted my FAFSA recently and suspect that I will get little to no aid from the school itself and will be left with loans to finance my education. And because of certain financial strains on my family, I really can't count on them to fund even a little bit of my upcoming tuition (something that unfortunately can't be represented on the FAFSA form).

What students going to med school next fall plan on taking out loans for all or nearly all of their tuition (supposing no school aid)?

It would be lonely being in the 200k debt club alone and I'm looking for some solidarity here.
 
Don't know where I'll be going yet, but I'll be surprised if I don't cross the 200K mark. After undergrad alone, I'm already at about 70K👎
 
This is the ****tiest club I have ever been a part of, but count me in. By the end of med school I will be well above this line...unless Bill Gates likes blond, blue-eyed pre-meds.
 
Siverhideo1985 said:
This is the ****tiest club I have ever been a part of, but count me in. By the end of med school I will be well above this line...unless Bill Gates likes blond, blue-eyed pre-meds.
Click to expand...

You could try to woo Warren Buffet instead. You have options!
 
I'm right there too! I'm too white and my parents are apparently too middle class for me to qualify for aid despite the fact that they wouldn't actually be able to afford paying for my med school haha. Going to state school and looking at a good 200k of debt at least!:scared:
 
Considering that many private med schools are in the range of $30k-$40k/year, unless one has family help, it's impossible to not get through school without being $200k debt. OP, you are NOT alone. $200k debt is sadly no longer an outlier.
 
Not at all. In fact, that's probably about the average indebtedness for people who actually have to go into debt. The average indebtedness is around $160k or something, and that factors in the numerous people whose parents are paying for their educations. that is, there are lots of 0's factored into that average. We need a median indebtedness published.
 
Nearly all of us 1st gen docs are in the boat with you since we dont have old school 400k+ salaried doctor parents. Many others with us as well yay us.
 
Hmm, I knew enduring the Texas heat would pay off sooner or later. 😀
 
In a weird sort of way, this thread is oddly refreshing.
Good to know you're not alone haha
 
Depakote said:
I'm projecting my cumulative debt to be somewhere to be around $220K... and that's before I start tacking on the interest that's already accumulating on my UGrad debt.
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Right there with you...and I'm sure the interest on my graduate school loans are starting to accumulate as well.

:barf:
 
How about the $300k club?

That is an honor I may be able to avoid with shrewd budgeting and delayed gratification. To stay below $200k is just too lofty a goal at this juncture.
 
What's the best way to go about repaying your loans? I know people will be pretty cash strapped during residency but do most people pay off large portions of their principal when they become an attending or do they spread repayment out over 20/30 years?
 
TheElement said:
What's the best way to go about repaying your loans? I know people will be pretty cash strapped during residency but do most people pay off large portions of their principal when they become an attending or do they spread repayment out over 20/30 years?
Click to expand...

I feel like there's going to be a wide variety of possibilities.

Single neurosurgeon -> quick payoff.
Married w/ 3 kids FP -> 20 years of minimum payments.

and everything in between.
 
Currently, it looks like I'm going to be in the same boat.
 
I was looking at the numbers and the minimum debt I will have is 187,000 and that is if I live with my parents during the M3 and M4 years. 187,000 is the minimum debt but it may end up much higher.
 
i just got my first fin aid package from a state school and with their award i would be ~150K in debt.. but chances are excellent that I will go to a private school and Im sure I will be taking out many more loans, so I will be there right with you guys 🙂
 
Ahoy, my fellow club members. Thank you for your replies.

How strangely comforting to know that there is many and will be many in the 200k in debt club.

We should all go for out for a drink together, but let's be real: no one here can afford it.
 
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ngkats said:
Ahoy, my fellow club members. Thank you for your relpies.

How strangely comforting to know that there is many and will be many in the 200k in debt club.

We should all go for out for a drink together, but let's be real: no one here can afford it.
Click to expand...
im sure we can afford happy hour.. from 4-7pm or so in places haha
 
Joining this sad, sad club. And I'm going into this with a mortgage that's upside-down (we'll have to rent the house) and two kids. I have the fear to the point that the Army or a rural primary care commitment look mighty attractive to me right now.

I'll take that drink.
 
I just started my second year of undergrad and I am already 25k in debt...all of which have a beautiful 10-11.5% interest.

Greatest advice I got from my sociology professor, "Words of advice: just cause you bank with them doesn't mean they will cut you a deal on loans, they love to **** everyone...like my dog."

That cheered me up when I got my first letter bank from my bank.
 
Nanon said:
Joining this sad, sad club. And I'm going into this with a mortgage that's upside-down (we'll have to rent the house) and two kids. I have the fear to the point that the Army or a rural primary care commitment look mighty attractive to me right now.

I'll take that drink.
Click to expand...

Same here. It has crossed my mind just to join the National Guard. My friend is getting full tuition right now, oh and just got a new computer. 😱
 
andrewnwi said:
I just started my second year of undergrad and I am already 25k in debt...all of which have a beautiful 10-11.5% interest.

Greatest advice I got from my sociology professor, "Words of advice: just cause you bank with them doesn't mean they will cut you a deal on loans, they love to **** everyone...like my dog."

That cheered me up when I got my first letter bank from my bank.
Click to expand...

😱
 
ar2388 said:
i just got my first fin aid package from a state school and with their award i would be ~150K in debt.. but chances are excellent that I will go to a private school and Im sure I will be taking out many more loans, so I will be there right with you guys 🙂
Click to expand...

Wow, you got a finaid package already? That's mighty fast of them!
 
I love to laugh at those idiots in DC down the street from where I work that bitch about the healthcare system. Why are Stafford loans fixed at 6.8% for grad school even though the prime rate right now is in the 4s? Why isn't the interest tax deductible (incomes over $70k, all docs)? And why are tuition rates for public med schools rising faster than the rate of inflation? And they wonder why there are no PCPs and they all specialize?

I'll probably end up going to the private school in my state (Miami) because it's only $7k more expensive this year to attend than the other school I got into (USF). USF's tuition has been rising substantially so the two will be close to costing the same by my 4th year from what I can predict. I'll go with the school with a better reputation if it only costs me $20k more over four years now when it cost $40k+ over four years in the past making USF more appealing.

Did I mention how medicare doesn't even increase funding for residency programs? LOL! 👎
 
Siverhideo1985 said:
This is the ****tiest club I have ever been a part of, but count me in. By the end of med school I will be well above this line...unless Bill Gates likes blond, blue-eyed pre-meds.
Click to expand...


haha i like blonde, blue-eyed pre meds! 😉 😉 haha, but I doubt my 220K plus debt after i go through med school will be any help compared to Mr. Gates. ha!

Although I can say that i will make it through undergrad debt free! woo!
 
Myuu said:
You could try to woo Warren Buffet instead. You have options!
Click to expand...

I still have standards 😀 (At least Bill Gates got the rugged good looks)...*shudder*

DrGonz said:
haha i like blonde, blue-eyed pre meds! 😉 😉 haha, but I doubt my 220K plus debt after i go through med school will be any help compared to Mr. Gates. ha!

Although I can say that i will make it through undergrad debt free! woo!
Click to expand...

If we join forces we can open up the 500k debt club...now that is a club reserved for the true VIPs of educational debt accumulators.
 
my way out of debt: marrying oprah.
 
Nanon said:
Joining this sad, sad club. And I'm going into this with a mortgage that's upside-down (we'll have to rent the house) and two kids. I have the fear to the point that the Army or a rural primary care commitment look mighty attractive to me right now.

I'll take that drink.
Click to expand...


Yes, but we are still going to be in debt. Our debt is just time instead of money... 😉
 
Nanon said:
That's the thing - as far as I know, time I got.
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But you could win the lotto tomorrow and then you'd have time and money (well, if the lotto was big, $5 isn't going to help you much...😛).

I like the Navy, so being indebted with time is easier for me to handle than money, but that's just my choice. Without the Navy, I'd definitely be in the "way over 200k" club (my two choices have 45k and 49k tuition 🙄)
 
This morning when I woke up I had forgotten about my forced membership in this crappy club.

now i'm sad again.
 
ngkats said:
This morning when I woke up I had forgotten about my forced membership in this crappy club.

now i'm sad again.
Click to expand...

Just be happy to be a member... remember, there are gonna be approximately 25000 people this cycle who would kill, and would pay even more, just to get one acceptance to med school.
 
funkydrmonkey said:
Just be happy to be a member... remember, there are gonna be approximately 25000 people this cycle who would kill, and would pay even more, just to get one acceptance to med school.
Click to expand...

in all honesty, I totally agree.

just being tongue in cheek
 
funkydrmonkey said:
Just be happy to be a member... remember, there are gonna be approximately 25000 people this cycle who would kill, and would pay even more, just to get one acceptance to med school.
Click to expand...

I see what you are getting at, but I don't think that's a valid reason to not be incredibly stressed about the massive amounts of debt most of us will be in for the next few decades. People who don't get in this cycle can spend a year or two fixing up weak spots in their applications and try again. People without parental monetary support who sign on for 200K in loans are going to spend a lot longer than a year getting out from under that burden. Just because we were fortunate enough to get accepted doesn't mean it's a cake walk from here on out.
 
linguini said:
I see what you are getting at, but I don't think that's a valid reason to not be incredibly stressed about the massive amounts of debt most of us will be in for the next few decades. People who don't get in this cycle can spend a year or two fixing up weak spots in their applications and try again. People without parental monetary support who sign on for 200K in loans are going to spend a lot longer than a year getting out from under that burden. Just because we were fortunate enough to get accepted doesn't mean it's a cake walk from here on out.
Click to expand...

I don't think it was at all suggested that life is a cake-walk, only that we are fortunate to even be in this hole we're all digging.
 
Myuu said:
I don't think it was at all suggested that life is a cake-walk, only that we are fortunate to even be in this hole we're all digging.
Click to expand...

Fortunate to be in debt for the greater part of my career? Maybe we just look at it differently but I don't consider that a positive thing. Don't get me wrong - I'm thankful for the opportunity to pursue an MD; I am not thankful for the cost of that degree.
 
linguini said:
Fortunate to be in debt for the greater part of my career? Maybe we just look at it differently but I don't consider that a positive thing. Don't get me wrong - I'm thankful for the opportunity to pursue an MD; I am not thankful for the cost of that degree.
Click to expand...

Is anyone?😕
 
After undergrad and a post-bac I'm 110 K in the hole. I start medical school this fall and I expect be about 280 K in the hole when its all over. I would not be surprised if it goes as high as 325 K. I'm scared, but I'll get through it.
 
I will be pushing 300K. I second whoever said earlier that this is an undoubtedly ****ty club to be a member of.
 
linguini said:
Fortunate to be in debt for the greater part of my career? Maybe we just look at it differently but I don't consider that a positive thing. Don't get me wrong - I'm thankful for the opportunity to pursue an MD; I am not thankful for the cost of that degree.
Click to expand...

That's about how I feel. Nicely said.
 
linguini said:
Fortunate to be in debt for the greater part of my career? Maybe we just look at it differently but I don't consider that a positive thing. Don't get me wrong - I'm thankful for the opportunity to pursue an MD; I am not thankful for the cost of that degree.
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Amen to that, especially when you consider that you can learn everything in the first two years for under 200 bucks buying used books on Amazon. Pretty awesome, huh?
 
MilkmanAl said:
Amen to that, especially when you consider that you can learn everything in the first two years for under 200 bucks buying used books on Amazon. Pretty awesome, huh?
Click to expand...

Depressing...

Reminds me of: "You dropped a hundred and fifty grand on a f-ing education you couldah got for a dollah fifty in late chahges at the public library." Name that quote 🙂
 
matt damon from good will hunting...awesome quote
 
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