Class of 2018, how much debt are you expecting?

[blixxex]

Are you guys planning on working while in school? How much help are you families (spouse included) planning to help? How much loan?

My school states our living expenses are like 1400$/month, I'm not sure how they got this number but I have never rented a place before. M2 will be my first year off of my parent's insurance (reaching 26 then).

How many of you have cars?

Break down of finances? I am trying to brainstorm some ideas.

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[WillburCobb]

Just pole dance and everything will fall in place. That's what I'm going to do.

 

[ChemEngMD]

We counting undergrad and grad school incoming debt? lol

 

[Utenation]

Are you guys planning on working while in school? How much help are you families (spouse included) planning to help? How much loan?

My school states our living expenses are like 1400$/month, I'm not sure how they got this number but I have never rented a place before. M2 will be my first year off of my parent's insurance (reaching 26 then).

How many of you have cars?

Break down of finances? I am trying to brainstorm some ideas.

Several schools will not allow you to work during medical school.

I anticipate 150K including interest by the time I enter residency. The Mrs. is a nurse

 

[DoctorWhoo]

All of the debt...

 

[AdrianVeidt]

300 grand. Without any accrued interest.

Still worth it, IMO.

 

[justAstudent]

I think I'll be looking at something like 250,000 when I start residency. I don't anticipate working during school.

 

[OneTwoThreeFour]

80k undergrad (60k private). Parents have volunteered to pay off interest during med school, so probably 250k (unless some school makes me a very happy man)

 

[Oso]

Me in the future:

 

[Spinach Dip]

I figure, about (10^(10^10)) dollars.

That is a rough estimate.

 

[QuantumJ]

15k/year tuition. 20k maybe per year for living (depends on job opportunities for spouse). With all the miscellaneous stuff thrown in I guess I'm expecting 200k.

 

[Lucca]

15k/year tuition. 20k maybe per year for living (depends on job opportunities for spouse). With all the miscellaneous stuff thrown in I guess I'm expecting 200k.

20k per year living in Texas? Are you expecting a child Mr. QuantumJ?

 

[PistolPete3]

I am expecting in the neighborhood of 250k. It is a frightening (and frighteningly common) number.

 

[QuantumJ]

I could barely live on 18k as a PhD student and that was before wife's loans and I'm tired of living in a small apartment.

 

[circulus vitios]

I haven't received the financial aid package yet, but it's probably in the range of $70-75k per year. I hope to do research between MS1 and MS2, but it's a drop in the bucket if it's paid -- maybe a few thousand bucks for the summer.

 

[Entadus]

Probably $160K

 

[Medicalhopeful]

A lot. So far, I've been accepted to University of Colorado and I can't receive federal or state loans. COA is 85 grand. I am undocumented and I only qualify for private loans with a cosigner. I am praying for an in-state acceptance.

 

[moisne]

Just pole dance and everything will fall in place. That's what I'm going to do.

I am honestly looking at pole dancing haha. Would love a friend to do it with me as I'm nervous about the safety

 

[iceman55]

I am honestly looking at pole dancing haha. Would love a friend to do it with me as I'm nervous about the safety

Say you need some extra cash to pay for med school with? And it just so happens I got a lot of it! Spin around the pole, while you do a split. By the end of the night, you might earn you a scholarship.

 

[V5RED]

200-240k+44k from undergrad

My school estimates my COA as ~60k/year, but if I can find a cheap apartment and live fairly Spartan, I can cut that down quite a bit, hence the range.

My family will not be contributing anything to my medical school expenses.

 

[WillburCobb]

I am honestly looking at pole dancing haha. Would love a friend to do it with me as I'm nervous about the safety

Pretty sure no one wants to see me pole dance. But in relation to the theme of the thread I'm looking at about 260-270k in debt (undergrad+tuition+cost of living). Luckily I've found a very nice, completely furnished apartment within less than a mile from my school that costs about half of what most one beds start at where I'll be attending. Also the soon to be Mrs. WillburCobb makes a very decent income, will be moving in with her parents at no cost during years 1 & 2, has no debt, and has offered to make payments to my loans while in school. So as long as I don't royaly f-up I think things should work out nicely in regards to debt and finances.

 

[ChemNerd07]

I am honestly looking at pole dancing haha. Would love a friend to do it with me as I'm nervous about the safety

I always wonder how residencies would feel if they found out or if word would get around though... Lol

 

[moisne]

Here is my break down:
CUSOM estimates 56k/year (IS and include estimated living costs)

I'm can live super cheap and hope to knock down to 40-45k/year = 180k cost


http://www.xojane.com/sex/duke-university-freshman-porn-star?utm_medium=facebook
Pole dancing seems modest now.

 

[GoPelicans]

In the ballpark of 200K, IE enough that I will not be considering a primary care field as a viable option.

 

[Gene Parmesan]

$0.00

I've saved a few thousand dollars for a trip to Vegas this summer, where I'm gonna let it ride until I make $250,000. Total COA should be about $200,000, so I can spend $50,000 on hookers and blow while I'm there.

 

[Bulbasaur]

$300k total (160k stafford; hopefully some institutional loans; 100k parent loan)

 

[moisne]

$0.00

I've saved a few thousand dollars for a trip to Vegas this summer, where I'm gonna let it ride until I make $250,000. Total COA should be about $200,000, so I can spend $50,000 on hookers and blow while I'm there.

Let it ride like gambling? If so, I hope you have good luck!

 

[Skeeks]

~280K+19K from undergrad pre-interest. I have a wife and two kids with one more on the way.

 

[TheWeeIceMan]

$0.00

I've saved a few thousand dollars for a trip to Vegas this summer, where I'm gonna let it ride until I make $250,000. Total COA should be about $200,000, so I can spend $50,000 on hookers and blow while I'm there.

You could just keep letting it ride until you didn't have to go to med school or work at all.

 

[Chipster.]

$0.00

I've saved a few thousand dollars for a trip to Vegas this summer, where I'm gonna let it ride until I make $250,000. Total COA should be about $200,000, so I can spend $50,000 on hookers and blow while I'm there.

HE DID IT AGAIN!!!!!

 

[Docility]

~$340K (including previous loans for my master's degree...I might defer those, but interest still accrues while in med school )

 

[dcc23]

I figure this is a good place to put this article, for those brainstorming: http://abclocal.go.com/wtvd/story?section=news/local&id=9443746

Also, go Heels.

 

[Gene Parmesan]

You could just keep letting it ride until you didn't have to go to med school or work at all.

Genius! Farewell, SDN. Time to pursue my true calling.

 

[kyamh]

No parental help, ~$50k still left over from undergrad.

I guess $200k in state, $400k out of state?

 

[CarlosDanger]

probably 300

 

[nogolfinsnow]

I'm about to finish residency, picked primary care b/c you have to want to go to work each day. I went to an expensive med school, doing IBR in residency and debt has ballooned to 330k. A lot of you are going to have numbers similar or higher. I want to strongly urge you to keep expenses down as much as possible and develop a plan for how you're going to begin to pay off that debt while being sure you set yourself up for financial freedom after you finish residency (i.e. aggressively saving for retirement, house down payment, etc). One of the regular contributors in the finance and investment section runs an increasingly popular blog called the White Coat Investor. If you are like how I was and have zero to minimal personal finance and investing knowledge, you should think about heading over there and starting to get yourself educated. Your med school will probably not give a damn that they're plunging you in to this much debt, and they probably won't spend much time giving you any insight or tools into how to minimize this debt and secure your future financial freedom. I wouldn't have changed becoming an MD for anything in the world, but it's frustrating to spend 3.5k/month paying off loans after busting your hump in residency. Best of luck to all of you.

 

[TheWeeIceMan]

I'm about to finish residency, picked primary care b/c you have to want to go to work each day. I went to an expensive med school, doing IBR in residency and debt has ballooned to 330k. A lot of you are going to have numbers similar or higher. I want to strongly urge you to keep expenses down as much as possible and develop a plan for how you're going to begin to pay off that debt while being sure you set yourself up for financial freedom after you finish residency (i.e. aggressively saving for retirement, house down payment, etc). One of the regular contributors in the finance and investment section runs an increasingly popular blog called the White Coat Investor. If you are like how I was and have zero to minimal personal finance and investing knowledge, you should think about heading over there and starting to get yourself educated. Your med school will probably not give a damn that they're plunging you in to this much debt, and they probably won't spend much time giving you any insight or tools into how to minimize this debt and secure your future financial freedom. I wouldn't have changed becoming an MD for anything in the world, but it's frustrating to spend 3.5k/month paying off loans after busting your hump in residency. Best of luck to all of you.

This is good advice. They really should teach a personal finance class in med school. I've been meaning to lurk around White Coat Investor's blog for a while now. Maybe I'll pick up the book that he just came out with.

Btw, nice username.

 

[sazerac]

I'm about to finish residency, picked primary care b/c you have to want to go to work each day. I went to an expensive med school, doing IBR in residency and debt has ballooned to 330k. A lot of you are going to have numbers similar or higher. I want to strongly urge you to keep expenses down as much as possible and develop a plan for how you're going to begin to pay off that debt while being sure you set yourself up for financial freedom after you finish residency (i.e. aggressively saving for retirement, house down payment, etc). One of the regular contributors in the finance and investment section runs an increasingly popular blog called the White Coat Investor. If you are like how I was and have zero to minimal personal finance and investing knowledge, you should think about heading over there and starting to get yourself educated. Your med school will probably not give a damn that they're plunging you in to this much debt, and they probably won't spend much time giving you any insight or tools into how to minimize this debt and secure your future financial freedom. I wouldn't have changed becoming an MD for anything in the world, but it's frustrating to spend 3.5k/month paying off loans after busting your hump in residency. Best of luck to all of you.

Are you still going to do IBR as an attending?

 

[nogolfinsnow]

Are you still going to do IBR as an attending?

No, I don't think so.. I quickly punched the numbers into an IBR calculator the other day. I'd qualify for IBR initially, but after a few years the loan balance would get "low" enough so that I'd owe the standard payment rate, so I'd end up paying off the whole balance anyway except with a lot more interest (I am planning to spend a little more time examining this though). My rough draft plan is to refinance with either SoFi or DRB (http://whitecoatinvestor.com/refinance-your-medical-school-loans-at-a-lower-rate/) and probably go with a 15yr repayment plan. Sadly, my favorite field and career choice is in a "lower paying" field, so I probably won't be able to get much more aggressive than that. For people going into fields where they'll make 300+ out of residency, live in super low cost of living part of the country, or have lower debt, a 5 year repayment strategy is possible.

 

[NorthernMav]

380k (including master's) pre-interest... 'merica!

 

[sazerac]

No, I don't think so.. I quickly punched the numbers into an IBR calculator the other day. I'd qualify for IBR initially, but after a few years the loan balance would get "low" enough so that I'd owe the standard payment rate, so I'd end up paying off the whole balance anyway except with a lot more interest (I am planning to spend a little more time examining this though). My rough draft plan is to refinance with either SoFi or DRB (http://whitecoatinvestor.com/refinance-your-medical-school-loans-at-a-lower-rate/) and probably go with a 15yr repayment plan. Sadly, my favorite field and career choice is in a "lower paying" field, so I probably won't be able to get much more aggressive than that. For people going into fields where they'll make 300+ out of residency, live in super low cost of living part of the country, or have lower debt, a 5 year repayment strategy is possible.

You might want to run your numbers again... IBR bases your payment on your income, not your loan balance. Your current IBR payment is compared to your original 10-year repayment amount, and you always pay the smaller of the two numbers.

In any event, congratulations on being able to pay off principle while in IBR as an attending. For many pre meds reading this thread, that will not be true. Their loans will grow and grow until they get forgiven a couple decades later.

 

[mcrobbit]

Thankfully no undergrad debt.

Expecting to come out graduating with ~155,000 in debt (includes interest).

For med school, I think that's a pretty nice debt level (relatively speaking).

I'm going to try and pay back as aggressively as possible throughout the lifetime of these loans, as the interest rates on them are pretty disgusting. It'll take some sacrifices, but hey, that's life.

I'm not a fan of paying as little as possible and waiting for forgiveness cause I think it's just bad faith as a borrower and a citizen. Pay what you can, if you need stuff forgiven then after 10, 20 or 25 years, no foul.

 

[circulus vitios]

I understand that some hospitals employ physicians through a separate contracting group that is not non-profit, but assuming residents are employed under a PSLF qualifying non-profit entity, does residency count toward PSLF? I've found conflicting information on SDN: some day residency qualifies, others say it doesn't.

 

[xroc]

Best case scenario, around 50k, worst-case scenario, around 90k. I think I got fairly lucky with a somewhat unique situation.

 

[FluffyPolishUnicorn]

A lot. So far, I've been accepted to University of Colorado and I can't receive federal or state loans. COA is 85 grand. I am undocumented and I only qualify for private loans with a cosigner. I am praying for an in-state acceptance.

if you are undocumented then you wont be able to graduate, enter residency or work as a doctor? are you trying to fix your status?

you should bc otherwise you are just screwed...

 

[sazerac]

I understand that some hospitals employ physicians through a separate contracting group that is not non-profit, but assuming residents are employed under a PSLF qualifying non-profit entity, does residency count toward PSLF? I've found conflicting information on SDN: some day residency qualifies, others say it doesn't.

Yes, those minuscule PAYE payments as a poorly paid resident do count towards the 120 total months of payments needed for PSLF.

A 7 year residency plus 3 years of employment at a nonprofit hospital would qualify for tax free forgiveness.

 

[sazerac]

Thankfully no undergrad debt.

Expecting to come out graduating with ~155,000 in debt (includes interest).

For med school, I think that's a pretty nice debt level (relatively speaking).

I'm going to try and pay back as aggressively as possible throughout the lifetime of these loans, as the interest rates on them are pretty disgusting. It'll take some sacrifices, but hey, that's life.

I'm not a fan of paying as little as possible and waiting for forgiveness cause I think it's just bad faith as a borrower and a citizen. Pay what you can, if you need stuff forgiven then after 10, 20 or 25 years, no foul.

While that is a noble attitude to have, I think those of us with more significant debt will find that goal unattainable. When you have a cranky wife who is tired of living like a college student in her 30s, two children who have expenses of their own, and zero saved for retirement as you quickly approach middle age, the urge to "do the right thing" and pay off debt faster than the minimum will fall to the low priority list for most of us.

 

[Mik9083]

350-370k easy....300 med, 30 underg, and 30 private. Better get a neurosurg residency haha

 

[Life Sucks]

The Debt...
Is too damn high!