Another question about tuition...

[mizzoudude]

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I have posted a question about this before...just looking for some more info..bear with me...

As most of you know, I will be applying next year...
Say that I get into AZCOM or TUCOM-NV...I will be paying about 54K a year...is that a maneagable sum after one graduates?

That almost totals to about 250K and probably about 300K after interest...how do people manage that? No offense or anything...just curious...I suppose it is like a 2nd mortgage that one will be paying off in 10-15 years....

 

[DarkWingDuck]

I have posted a question about this before...just looking for some more info..bear with me...

As most of you know, I will be applying next year...
Say that I get into AZCOM or TUCOM-NV...I will be paying about 54K a year...is that a maneagable sum after one graduates?

That almost totals to about 250K and probably about 300K after interest...how do people manage that? No offense or anything...just curious...I suppose it is like a 2nd mortgage that one will be paying off in 10-15 years....

My primary care doctor, a d.o. who graduated from Nova Southeastern U., was still paying her student loans off 10 years later. I was kind of surprised because she owned her own practice. Yeah, I guess it's like a 10 year car payment.

 

[dr.z]

Even if you went to a private MD schools, you'll owe something similar.

 

[OSUdoc08]

I have posted a question about this before...just looking for some more info..bear with me...

As most of you know, I will be applying next year...
Say that I get into AZCOM or TUCOM-NV...I will be paying about 54K a year...is that a maneagable sum after one graduates?

That almost totals to about 250K and probably about 300K after interest...how do people manage that? No offense or anything...just curious...I suppose it is like a 2nd mortgage that one will be paying off in 10-15 years....

If you make 250k a year, then it is only 1/10 of your salary over 10 years. Big deal.

 

[Kubed]

It's just part of the price of med school. It's worth going, so it's worth paying for it.

 

[mizzoudude]

If you make 250k a year, then it is only 1/10 of your salary over 10 years. Big deal.

OSU Doc...it is going to take a while before you make 250K especially as a primary care physician...they usually make 150K on average...so it will be quite tough to pay of the debt...

But as the last poster said...I guess it is worth paying that much...

It is just incredible that many people make it though....

I am just worried that most of these people have mommy and daddy pay for it and perhaps I am the only naive one taking out 250K in loans and will be paying it off for the rest of my life...haha...I was just looking for comfort in people saying that they have that much in loans and will be paying it off after they start working....

 

[OSUdoc08]

OSU Doc...it is going to take a while before you make 250K especially as a primary care physician...they usually make 150K on average...so it will be quite tough to pay of the debt...

But as the last poster said...I guess it is worth paying that much...

It is just incredible that many people make it though....

I am just worried that most of these people have mommy and daddy pay for it and perhaps I am the only naive one taking out 250K in loans and will be paying it off for the rest of my life...haha...I was just looking for comfort in people saying that they have that much in loans and will be paying it off after they start working....

ER docs in Oklahoma start at 250-300k/ year

 

[FutureDocDO]

ER docs in Oklahoma start at 250-300k/ year

That's a lot. It's only 180k where I live.

 

[Doctor Bagel]

OSU Doc...it is going to take a while before you make 250K especially as a primary care physician...they usually make 150K on average...so it will be quite tough to pay of the debt...

But as the last poster said...I guess it is worth paying that much...

It is just incredible that many people make it though....

I am just worried that most of these people have mommy and daddy pay for it and perhaps I am the only naive one taking out 250K in loans and will be paying it off for the rest of my life...haha...I was just looking for comfort in people saying that they have that much in loans and will be paying it off after they start working....

you're right that you should assume your salary is going to be closer to $150k than $250k. sure, some specialties pay more, but we entering students don't know for sure what we're going to wind up doing. however, even then, you're still okay without the parents helping you out. you're just going to be paying off those loans for a long, long time. resistance to borrowing at all is just going to keep you trapped in this middle class to lower middle class background that you always mention coming from.

 

[mizzoudude]

you're right that you should assume your salary is going to be closer to $150k than $250k. sure, some specialties pay more, but we entering students don't know for sure what we're going to wind up doing. however, even then, you're still okay without the parents helping you out. you're just going to be paying off those loans for a long, long time. resistance to borrowing at all is just going to keep you trapped in this middle class to lower middle class background that you always mention coming from.

That is a good point exlawgrrl....I just wanted to be comforted by the fact that others also borrow approximately 250K in loans without the help of their parents.
Could this be another reason that many DOs go into FP/IM? To get through residency and start paying off loans?

Also, I was thinking...please help me think about this....say I do get into a DO school (i.e. TUCOM-NV or AZCOM)...I am thinking about buying a house and having 2-3 roommates (that perhaps also go to the COM).....by doing so, the borrowed money (going towards "rent") will be invested in the house. After 4 years of school, one could perhaps sell the house and make a little of the money back. I mean...what if there were 3 of us....paying $600 each...that is $1800 towards the mortgage each month...could get a decent house for that money right?

Do people do this?

 

[(nicedream)]

Could this be another reason that many DOs go into FP/IM? To get through residency and start paying off loans?

If anything, it's a stimulus to specialize so future income is higher.

 

[(nicedream)]

deleted

 

[OSUdoc08]

That is a good point exlawgrrl....I just wanted to be comforted by the fact that others also borrow approximately 250K in loans without the help of their parents.
Could this be another reason that many DOs go into FP/IM? To get through residency and start paying off loans?

Also, I was thinking...please help me think about this....say I do get into a DO school (i.e. TUCOM-NV or AZCOM)...I am thinking about buying a house and having 2-3 roommates (that perhaps also go to the COM).....by doing so, the borrowed money (going towards "rent") will be invested in the house. After 4 years of school, one could perhaps sell the house and make a little of the money back. I mean...what if there were 3 of us....paying $600 each...that is $1800 towards the mortgage each month...could get a decent house for that money right?

Do people do this?

This wouldn't make any sense.

You can't correllate higher tuition with DO schools anyway. The most expensive medical school is the MD school, University of Colorado, with a tuition of $60,000.

 

[BayesianDoc]

I would rather make 150K+ as physician and have student loans of 200K than make 70-90K at my old job w/o student loans. I plan on taking forever to pay off my loans b/c the rate of return on my investments is higher than my SL interst rates.

 

[Munchkin6245]

I came to Iowa with my last paycheck and a student loan receipt for $51000 the full amount that I'm allowed to borrow a year. I have nothing in savings, about $8000 in credit card debits, and I just recently refinanced my car for ANOTHER 6yr loan. I come from poor rural Texas where mommy and daddy's help stopped when I got a job my sophomore year in high school but I'm not worried about not making money right now and being incredibly indebt. By the time I'm going actually practice the salaries will also increase, not by much, but it'll happen. So yes, it is feasible to finance it all. Plus you can buy a house and use the rent money you get from your roommates to pay back the mortgage. You just need the down payment unless you're going to go 100% financing in which you will have a horribly high APR. But if you have the money from roommates you should be able to pay the monthly mortgage. Just remember that you need to have some equity in the house after 4 years to be able to sell it for a profit. And there's no guarantee that you'll sell it right away when you need to move for rotations/residency. Don't let the money thing scare you away. You'll live

 

[mizzoudude]

Good points...thanks Munchkin

I came to Iowa with my last paycheck and a student loan receipt for $51000 the full amount that I'm allowed to borrow a year. I have nothing in savings, about $8000 in credit card debits, and I just recently refinanced my car for ANOTHER 6yr loan. I come from poor rural Texas where mommy and daddy's help stopped when I got a job my sophomore year in high school but I'm not worried about not making money right now and being incredibly indebt. By the time I'm going actually practice the salaries will also increase, not by much, but it'll happen. So yes, it is feasible to finance it all. Plus you can buy a house and use the rent money you get from your roommates to pay back the mortgage. You just need the down payment unless you're going to go 100% financing in which you will have a horribly high APR. But if you have the money from roommates you should be able to pay the monthly mortgage. Just remember that you need to have some equity in the house after 4 years to be able to sell it for a profit. And there's no guarantee that you'll sell it right away when you need to move for rotations/residency. Don't let the money thing scare you away. You'll live

 

[mizzoudude]

This wouldn't make any sense.

You can't correllate higher tuition with DO schools anyway. The most expensive medical school is the MD school, University of Colorado, with a tuition of $60,000.

I believe that is the out of state tuition...the in-state is somewhere around $17K

I do not know how many people choose to pay the $60K in tuition there....