debt for FP doctors

[JohnUC33]

I know this post might belong in the financial aide forum, but I think most people in this forum would be able to answer it best.

Well, I have to make the choice this week of attending a $250,00 total in four years school or a $150,000 total in four years school.

I'm leaning towards going into primary care (FP and maybe IM). If I choose the $250,000 school, I would like that school better. So as far as debt goes, would the payments on that type debt be too much strain on a FP salary? I know many rural areas ( like I intend to practice in) offer loan repayment incentives. Would anyone know of any limitations on that type of repayment? Any other input would be appreciated.

Thanks in advance

 

[erichaj]

If you are going to a US school and want to do primary care, Choose the least expensive program.

It will not in any way decide if you get a better job or not. In the US program P = M.D. pass = M.D.

If you plan on a specialty and the cheaper school (most likely a state school) has many people that get into specilaty programs (and I suspect they do) then choose the cheaper school.

If you just like the pain on the wall in the more expensive school, then choose the cheaper school.

A 250000 dollar debt over 20 years is equal to about 1200 to 1500 dollars a month.

That is a house payment.

If you made 150 K per year, after taxes, that would be about 90 to 110 K per year.

1200 to 1500 of this would go to your student loan.

Pick the cheaper school. Unless there is something really amazing about the more expensive program.

 

[sophiejane]

amen, amen, amen to that.

nobody cares where you went to medical school when it's all said and done, unless you go to a very top-tier school and want to do a competitive residency. then it might help to have that name on your diploma, otherwise, take the money (or loans) and run...

as far as which school you will like better while you are there, just remember how very temporary it is. it will be over before you know it and your happiness in those 4 years is a relatively minor thing compared to the rest of your life.

if the two schools are comparable in educational quality, go cheaper all the way.

 

[Donkey Hote]

I know this post might belong in the financial aide forum, but I think most people in this forum would be able to answer it best.

Well, I have to make the choice this week of attending a $250,00 total in four years school or a $150,000 total in four years school.

I'm leaning towards going into primary care (FP and maybe IM). If I choose the $250,000 school, I would like that school better. So as far as debt goes, would the payments on that type debt be too much strain on a FP salary? I know many rural areas ( like I intend to practice in) offer loan repayment incentives. Would anyone know of any limitations on that type of repayment? Any other input would be appreciated.

Thanks in advance

This might not be totally related to the above question, however it has incited a rant...

I find it ridiculous and a cop-out that people claim the high cost of medical education and their educational debt as reason to not follow through with their interest in FP. For those of us who actually had the integrity to stay the track, and who are pursuing FP in order to better serve those who most need it, there are endless opportunities for scholarships and loan repayment. If one truly wants to work with the underserved as a FP, money isnt really an issue....now those who are looking to end up in the suburbs prescribing Viagra, thats another story.

So, if you truly want to go into FP, and specificially want to work with the underserved, I'd go for the 250 program if it really would make you happiest for those four years...then and apply to NHSC. Actually do it now, so you could be covered for four years.

 

[Newdoc2002]

This might not be totally related to the above question, however it has incited a rant...

I find it ridiculous and a cop-out that people claim the high cost of medical education and their educational debt as reason to not follow through with their interest in FP. For those of us who actually had the integrity to stay the track, and who are pursuing FP in order to better serve those who most need it, there are endless opportunities for scholarships and loan repayment. If one truly wants to work with the underserved as a FP, money isnt really an issue....now those who are looking to end up in the suburbs prescribing Viagra, thats another story.

So, if you truly want to go into FP, and specificially want to work with the underserved, I'd go for the 250 program if it really would make you happiest for those four years...then and apply to NHSC. Actually do it now, so you could be covered for four years.

This smacks of ingnorance. This is a very dangerous precendent and "rant" you speak and it shows you have little knowledge of economics or medicine in the real world. Please don't see it as an attack, but you are living in a dream world.

There are not "endless opportunities" for repayment and scholarships. They are less and less available. NHSC doesn't forgive your 250 loan just because it made you happy.

You don't have to live like a pauper and have a quarter million dollar debt to be a good family doc. And you shouldn't judge suburban doctors. They don't just Rx Viagra in the suburbs to their 50 year old yuppie patients. They serve just like the rest of the specialty. (by the way, I practice in a rural small town with a extremely high percentage of self-pay, medicare and medicaid patients).

While economics shouldn't totally sway a specialty choice you are ignorant if you think people can just ignore their debt. Climb down off your moral high horse and live in the now.

 

[cooldreams]

This smacks of ingnorance. This is a very dangerous precendent and "rant" you speak and it shows you have little knowledge of economics or medicine in the real world. Please don't see it as an attack, but you are living in a dream world.

There are not "endless opportunities" for repayment and scholarships. They are less and less available. NHSC doesn't forgive your 250 loan just because it made you happy.

You don't have to live like a pauper and have a quarter million dollar debt to be a good family doc. And you shouldn't judge suburban doctors. They don't just Rx Viagra in the suburbs to their 50 year old yuppie patients. They serve just like the rest of the specialty. (by the way, I practice in a rural small town with a extremely high percentage of self-pay, medicare and medicaid patients).

While economics shouldn't totally sway a specialty choice you are ignorant if you think people can just ignore their debt. Climb down off your moral high horse and live in the now.

cool...

yea yea, 150k salary - 250k debt... so what do you do with your 8 grand a month, assuming averages??

oh, and per month a 250k debt ~ 1500.. correct, however
per month a 150k debt ~ 900.

so i guess the real question is if school250k is worth giving up 6.5% more of your monthy pay to you than school150k?

a small town?? hmm i guess you would have around 5k a month left over from "normal people" living expenses, unless you have decided you need to live like "the doctor you are and live it up" ?

ok, so now that the "you have more than enough money" story is out of the bag, lets focus on getting that money?

150k?? is that all?? i guess you are the statistical average in the middle between male and female FPs? Males >$ because on ave they work more, on ave female <$ because take TIME OFF to raise kids. .... 150k?? i guess you are working for an HMO or something?? work for yourself make more?? yes.

250k debt?? you dont talk to many ppl eh? you are wrong, there ARE a number of opportunities to get this out of your hair.

1)live poor in school? maybe, wont help much though.

2)join military? possible. you basically sign your life over to them however. to some that is ok. to others, it is NEEDED hehehe... become a captain...

3)national program? possible. but again you are basically signing your life over to them. told where to work, etc. but more freedom than military.

4)state wide? yes, there are programs in nearly every state attracting FPs to work in their communities. cool but what incentive? on ave about 20k PER YEAR off of your loans. eh, not much. but, start it when you are in school, most of your tuition is gone. there are normally other incentives too like helping you get located WHERE YOU want to go, networking, etc.

5)community wide? yes, often towns or hospitals will work deals with prospective doctors for coming back, offerings vary widely so ASK AROUND.

6)scholarships?? every school has them, some more than others. ASK

personally, im free riding on a combo of options 4 and 6, and fulfilling my dream of being an FP... debt free.

good luck... hope im not too ignorant for you.

 

[erichaj]

This is for the last angry post.

If you read the original post. The question was if he should go to a school that will cost him more money or go to one that will cost him less and get his M.D. either way.

The numbers are an example. relax dude. become the FP you dream of and ignore the guy who is just trying to under you skin. You need to get out more.

In real life, 1500 v.s. 900 for twenty years is very important. When you go to get a loan for a house. They really look at that.

And Yes you may make 5000 more than the others who did not go to medical school. The other did not sacrfice 10 + years. But you know what, some plummers make six figures. Amazing right. So it's not fair to use the 5000 more than others as an example for anything.


You will be get into FP even if you go to the 150000 program. A dollar sign does not dictate what program you will get into.

The point is, the original post was a question about getting the best bang for your buck or going to a program that you may or may not like in the end.

As far as the viagra and the suburbs, well the last time I checked there are many people in the suburbs with diabeties, HTN, CHF, and the list continues.
So, GROW UP.

 

[skypilot]

What are the schools? Are you choosing between Harvard and Oklahoma State? At many schools students don't attend many of the classes anyway. The textbooks are all standardized. The inside of a library looks pretty much the same wherever you are. While a $250k debt is definitely manageable for someone who makes $150k per year, think long and hard about why you are making this decision because the debt will take away some of your flexibility after you graduate.