Cost of Med School Panic Attacks!

[Supafly MD]

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Hey everyone,

With very low prospects of getting big $ scholarships or grants, is anyone else freeking out about being ~ 200k in the hole after graduation or is it just me?

Need some reassurance desperately.

Supa.

 

[Fenrezz]

Most doctors come out with that much debt or more. I haven't seen any of them flee the country because they had to run from their creditors.

I wouldn't worry about things like that. You'll make more than enough to cover your student loans. Remember you get around 20 years to pay them off.

 

[Supafly MD]

Thanks, Fenrezz!

I do feel a little bit better. But all this talk of Managed Care affecting MD salaries are really disheartening when you look at the cost of med school.

I don't thinks these med schools are going to decrease their tuition when admission remains so competitive.

BTW, do you know whether sticking to tight budgets are a major source of stress for med students?

SUPAFLY.

 

[geneman]

I think the debt becomes a real issue for those who attend an expensive school with little financial aid and go into primary care. $100-200k plus interest is a lot of debt to pay off on a $100-150k annual salary.

 

[KyGrlDr2B]

I was pretty worried when I found out my mom lost her job and I'd have to take out the full amount my school allows in loans. But my brother-in-law, who is a physical therapist, reassured me he knew tons of doctors with greater debts than I would have and not to worry about it. At least we will have jobs after med school 🙄 .

 

[Fenrezz]

•••quote:•••Originally posted by geneman:
•I think the debt becomes a real issue for those who attend an expensive school with little financial aid and go into primary care. $100-200k plus interest is a lot of debt to pay off on a $100-150k annual salary.•••••I disagree, of course I could be wrong. I calculated roughly what the repayment costs would be over 20 years on a $200,000 loan, and unless I'm wrong, it comes out to about $300 a week. With even a $100,000 a year salary, even after taxes are paid, the monthly repayments will hardly be felt.

 

[geneman]

•••quote:•••Originally posted by Fenrezz:
• •••quote:•••Originally posted by geneman:
•I think the debt becomes a real issue for those who attend an expensive school with little financial aid and go into primary care. $100-200k plus interest is a lot of debt to pay off on a $100-150k annual salary.•••••I disagree, of course I could be wrong. I calculated roughly what the repayment costs would be over 20 years on a $200,000 loan, and unless I'm wrong, it comes out to about $300 a week. With even a $100,000 a year salary, even after taxes are paid, the monthly repayments will hardly be felt.•••••I'm by no means an expert in financial aid. But I have two points to make here. One, 20 years is a LONG time. You'd still be paying off your debts when you're almost 50. Two, the monthly repayments are arguably substantial. If you make $100k per year, you make ~$70k after taxes. That comes out to about $1400 per week. Paying out $300 is over 20% of your original salary -- a large amount by anyone's standards. Granted, $1100 per week after taxes is still a very nice salary, but the point is that the debt is very real.

 

[Michelys]

It'll be okay Supa--we'll all be in the hole with you <img border="0" alt="[Laughy]" title="" src="graemlins/laughy.gif" /> ! I think next year we'll be all pullin' our hair out anyways--just think!!!

 

[Wifty]

•••quote:•••Originally posted by Fenrezz:
•I disagree, of course I could be wrong. I calculated roughly what the repayment costs would be over 20 years on a $200,000 loan, and unless I'm wrong, it comes out to about $300 a week. With even a $100,000 a year salary, even after taxes are paid, the monthly repayments will hardly be felt.•••••This is a good site by which to get an idea of what you will have to pay back after all is said and done. It has a calculator, and you just plug in the numbers. Good luck!

<a href="http://www.ed.gov/offices/OSFAP/DirectLoan/ConsolCalc/dlentry3.html" target="_blank">http://www.ed.gov/offices/OSFAP/DirectLoan/ConsolCalc/dlentry3.html</a>

Wifty

 

[Supafly MD]

Does anyone know of any bursary programs that require you to work in underserved areas in primary care after graduation(for non-US citizens/residents too)?

Any info greatly appreciated.