Debt of DO student

[haujun]

---

Members do not see this ad.

1) Do any DO schools (public or private) give out any grants to their students???I know several MD private medicals with tution over 30,000 give more than enough grants to allow their students take out only subsidized loans! 🙂

Perhaps this is why more and more DO students will feel the pressure to move away from primary care which kind of go against the DO schools' mission. 👎

 

[DrMom]

My school gives out $10,000/yr grants to students who meet certain MCAT/GPA requirements.

 

[H0mersimps0n]

nope, in fact I typically laugh in peoples faces when they ask me if I'm going to go into FP, when they get mad I throw my $75,000 (undergrad $30k + MSI $45k) loan statement at them and go tell them to F themself. Did I mention still three more years to go?

I'm bitter and it's a sour subject for me.

 

[Chronotropic]

I use to think that private tuition pretty much killed any thought of a primary care field. But then I talked to some people, crunched some numbers and saw that you can actually get by. 250K worth of loans, consolidate, and spread the payment out over 30 years and it works out to about 1K a month. Or about 12K a year, subtract that from your salary of 120K and that still leaves you with a very nice salary. The only problem is all this is dependent on rates staying low (definately will not) and reimburstment remaining the same (also a bit shaky). If rates go up only say 1% and a pcp's earning power doesn't decrease that much things should be ok.

 

[Angel]

I thought student loans are to be paid back within 10 years. I may be wrong however. Maybe someone else knows.

 

[Chronotropic]

Most are, but if you consolidate you can spread it out. THE has a nice consolidation program. You can pay an equal monthly payment for the duration of the loan or you can pay less at first (to coincide with your lower earning power right out of residency) and then a little more later once you've etablished yourself.

 

[Adapt]

I use to think that private tuition pretty much killed any thought of a primary care field. But then I talked to some people, crunched some numbers and saw that you can actually get by. 250K worth of loans, consolidate, and spread the payment out over 30 years and it works out to about 1K a month. Or about 12K a year, subtract that from your salary of 120K and that still leaves you with a very nice salary.

Yes your numbers are about right but you are forgetting that 120K significantly decreases after federal and state taxes. You are looking at making gross about $75K a year. so 75K - 12K= 63K a year or about 5K a month.

This is still a decent income. Stretching it over 30 years will make you pay more in the long run. You can either do 2K a month for 10 years or 1K a month for 30 years. To me the 2K a month looks better simply because you save 20 years of paying about 100K extra.

Plus, if your spouse makes some cash that 4-5K a month will increase.

 

[(nicedream)]

Are the salaries reported in salary surveys after malpractice?
Also, do salary surveys only report info on doctors who are salaried? In other words, doctors in private or group practices who are not salaried are not represented?
Third, aren't many salaried physician jobs without malpractice provided for you?

 

[fullefect1]

Yes. Thinking back, I remember DMU gives out 2 full scholarships to top applicants. That is what the applicants and students have mentioned on the forum at least. It kinda makes me think of applying to a place I don't even know what part of the country it is located because of this.