200K, In the red

[walterjay7]

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Hello everyone. This is my first post. I'll be starting in late July at UNECOM with the class of 2007. I've just received my financial aid award. I'm estimating that I'll be over $200K in debt when all is said and done. I know many of you are in or will be in my same shoes. My question is, how do you deal with it. While I'm sleeping well at night still (and not taking it for granted😉 ) not a day goes by without me having a mini panic attack thinking about all that debt. I guess after a while it just becomes a part of life or once school starts you have plenty of other things going on to occupy your mind. I'm commited to being a physician. In fact I'd be more worried about myself if I didn't care about the money at all. I'd appreciate any advice from anyone who has gone through this. Thanks. To everyone going to UNECOM next year I look foward to meeting you!

 

[patrickhenson]

I finished undergrad 48K in debt. I am currently 100K in debt, with three years to go. My wife is 30K in debt from Grad School (and with a useless degree, I might add). I envision the family being 300K in debt when this is over, and I think...potentially half my salary for 6 years, or 1/4th for 10 years should do it. But I want to go into a high $$$ specialty (not because of the $$$, mind you, it just happens to work that way). If we bit the bullet and lived like we do now after residency, it could be paid off in three years. I dont lose sleep over that. Get out, make your 200K plus, and write those 2K checks every month. It will come out to about 15-17% of your take home, leaving you plenty for yourself 🙂

Hope this helps you be more at ease

 

[LovelyRita]

Hey there,
I'm a 1st year and I worry alot about the big debt, too. I'm trying to keep it as minimal as possible. My lifestyle changed somewhat since I started. I was out of college for 6 years making money. I always had cash in my wallet. I ate out 5 times a week, bought things without thinking twice, had the full cable package, bought gourmet food to cook with.

But now I budget. I have basic cable, basic phone service (no call waiting, no nothing) although I do have the cell phone for ~$40 a month with no roaming no long distance. I do not have DSL internet in my apt., although, I'm thinking of getting it when 2nd year starts. The food I buy is usually generic, and I freeze stuff. I always pack a lunch and I never eat dinner out. But I'm lucky since I like to cook I know how to make big quantities of stuff to last me through the week. I don't go shopping for clothes (bought a bunch before I started).

My family throws me a bone every now and then. To help with groceries or something. My boyfriend helps alot, too. He works full time.

Sorry for the dissertation...anyway, the bottom line: the more you borrow now, the more you'll have to pay back later. BUT I think that it's better to borrow money via student loans than to rack up credit card debt. Avoid that at all costs. Student loans are much more forgiving and cheaper interest-wise.

The real docs tell me to put the debt at the back of my mind and to concentrate on school.

Have a great year.
M.

 

[Kritenoel]

I just got my UNE financial aid award letter too! When I was interviewing people told me to think of it as an investment - we're not just doing it for the "fun of it" or because we all have this 200K laying around.

Truth be told I've worried about it too - I want to be a family physican in the state of Maine and from what I've gathered they don't make a whole lot of money. I'm going to look into loan repayment programs and I'll live like a college student throughout my schooling and residency so I can save as much as I can. I graduated in 2002 and this year "off" hasn't brought in nearly as much money as I was hoping it would - I'll be lucky if I break even because of all the things I've been paying for on my own! (health insurance every month, loan payments for my undergrad loans and car insurance 🙄 important, but not cheap, stuff!)

There's a thread for the UNECOM class of 2007 -

Come Join Us!

 

[DrSmiles]

Hey...I don't even have cable anymore Dr Mary C! I figure I never have time to watch much T.V. anymore anyway, and if I feel like it I can always rent a movie!😀
My loans are maxed out- I would love to borrow less, but you should also keep in mind that you don't want to be stressed about paying bills when you are in med school- you have enough stress with school as it is. So I just bit the bullet and when I start residency I plan to start paying back ASAP to get it over with.

 

[walterjay7]

Just wanted to say thanks. Knowing that other people are going through this helps alot. I also took money out to pay for a masters and then worked for two years before applying so I understand what its like to be in debt and know that I'm going to give up a few of the luxuries mentioned above. Sacrifices will obviously come with the job. I firmly believe its worth it, though, and greatly appreciate your honesty. I'm just going to enjoy the free time I've got right now, and stop thinking about the debt. since I can't do anything about it, I'm not going to let it bother me 😎 Thanks again everyone.