Dismiss Notice

Interview Feedback: Visit Interview Feedback to view and submit interview information.

Interviewing Masterclass: Free masterclass on interviewing from SDN and Medical College of Georgia

Cost of Med School Panic Attacks!

Discussion in 'Pre-Medical - MD' started by Supafly MD, Jun 22, 2002.

  1. Supafly MD

    Supafly MD Senior Member
    7+ Year Member

    Joined:
    Oct 8, 2001
    Messages:
    115
    Likes Received:
    0
    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.
     
  2. Fenrezz

    Fenrezz AT Stills Worst Nightmare
    7+ Year Member

    Joined:
    Apr 24, 2002
    Messages:
    1,072
    Likes Received:
    0
    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.
     
  3. Supafly MD

    Supafly MD Senior Member
    7+ Year Member

    Joined:
    Oct 8, 2001
    Messages:
    115
    Likes Received:
    0
    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.
     
  4. geneman

    geneman The Transgenic Hobo
    7+ Year Member

    Joined:
    May 5, 2002
    Messages:
    227
    Likes Received:
    0
    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.
     
  5. KyGrlDr2B

    7+ Year Member

    Joined:
    Oct 15, 2001
    Messages:
    2,045
    Likes Received:
    0
    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 :rolleyes: .
     
  6. Fenrezz

    Fenrezz AT Stills Worst Nightmare
    7+ Year Member

    Joined:
    Apr 24, 2002
    Messages:
    1,072
    Likes Received:
    0
    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by geneman:
    <strong>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.</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">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.
     
  7. geneman

    geneman The Transgenic Hobo
    7+ Year Member

    Joined:
    May 5, 2002
    Messages:
    227
    Likes Received:
    0
    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by Fenrezz:
    <strong> </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by geneman:
    <strong>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.</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">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.</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">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.
     
  8. Michelys

    Michelys Senior Member
    7+ Year Member

    Joined:
    Feb 28, 2002
    Messages:
    208
    Likes Received:
    0
    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!!!
     
  9. Wifty

    Wifty Eccentrically Silly
    Moderator Emeritus 7+ Year Member

    Joined:
    Oct 2, 2001
    Messages:
    335
    Likes Received:
    0
    Status:
    Non-Student
    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by Fenrezz:
    <strong>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.</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">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
     
  10. Supafly MD

    Supafly MD Senior Member
    7+ Year Member

    Joined:
    Oct 8, 2001
    Messages:
    115
    Likes Received:
    0
    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.
     

Share This Page