All you residents and attendings out there, I'm wondering if it's no longer making financial sense to take on "good" educational debt in pursuit of a medical career!!! Most places list approx $150k as the average debt a graduated MD has, but from what I can see, private schools charging $50k/yr and even Calif state schools $38k/yr, the average must be a lot higher.
I calculated that after 4 yrs, borrowing approx $80k/yr at 6.8%, I will owe 360k (not including UG debt apprx 60k), I further calculated that after 4 yrs resid making minimal payments, that debt would grow close to 460K or even close to 500K. WTF!!!!!!!
I want to hear from attending/residents about what you all think about this.... At some point, does it b/c necessary to put a limit on what you'll pay to study medicine? Are we entering some new era where 300K debt is a new 'norm' and not to be concerned? I know plenty of other classmates that are not thinking twice as they sign those promissory notes each year for 70 and 80K assuming it'll all work out b/c they're going to be raking it in as attendings, but I just can't see it!! I can't see owing >350k, even at an attending's salary, not placing someone in financial jepoardy.
Pls give me your thoughts, what do you all think about this, would you sign up for this type of debt if that was the cost of attendance? Pls. try to keep replies strictly to the current debt load many med students are being asked to take on and not about options like the military, hrsa, "if medicine was truly your calling you'd.....", or encouragements to live like a pauper and pay 80% of one's attending salary to the loan company, etc. I suspect those of us in class 2014 and later are really entering a whole new era of extreme debt burden, I really can't even grasp the implications of it..........
I calculated that after 4 yrs, borrowing approx $80k/yr at 6.8%, I will owe 360k (not including UG debt apprx 60k), I further calculated that after 4 yrs resid making minimal payments, that debt would grow close to 460K or even close to 500K. WTF!!!!!!!
I want to hear from attending/residents about what you all think about this.... At some point, does it b/c necessary to put a limit on what you'll pay to study medicine? Are we entering some new era where 300K debt is a new 'norm' and not to be concerned? I know plenty of other classmates that are not thinking twice as they sign those promissory notes each year for 70 and 80K assuming it'll all work out b/c they're going to be raking it in as attendings, but I just can't see it!! I can't see owing >350k, even at an attending's salary, not placing someone in financial jepoardy.
Pls give me your thoughts, what do you all think about this, would you sign up for this type of debt if that was the cost of attendance? Pls. try to keep replies strictly to the current debt load many med students are being asked to take on and not about options like the military, hrsa, "if medicine was truly your calling you'd.....", or encouragements to live like a pauper and pay 80% of one's attending salary to the loan company, etc. I suspect those of us in class 2014 and later are really entering a whole new era of extreme debt burden, I really can't even grasp the implications of it..........