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Debt - Unrealistic? Too Much?

Discussion in 'UK & Ireland' started by stiz, Jun 5, 2008.

  1. stiz

    10+ Year Member

    Jun 6, 2006
    Likes Received:
    Resident [Any Field]
    I really, really, really like the idea of possibly attending one of the Irish Medical Schools....I just wanted some opinions with regard to the insane debt one would incur ...

    4 years at 38,500 Euros per year (~ 60K USD * 4) = 240K USD
    4 years living expenses 16,000 Euros per year (~25K USD * 4) = 100K USD

    So you're looking at 340,000 dollars. And that's probably a conservative
    estimate. Throw in a weaker dollar, existing student loan debt, student
    loan INTEREST accruing during school and residency .... etc....

    I mean, is this just TOO MUCH TO CONSIDER ???

    I'm not looking for the answer 'Well, then don't apply.' ... which very well
    may be the answer.

    I'm looking for some OTHER way to look at it ...

    Thanks (or Cheers!) ...

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  3. torontonerd

    2+ Year Member

    Oct 12, 2007
    Likes Received:
    ur absolutely correct, it is a massive number. and you forget to incorporate the ~5% or so "annual increment" in tuition fees.
    When i applied, ABP sent me an email saying that last year RCSI charged ~43k euros and every other school ~27k euros. Now in 2008, the 27k shot up to 38k euros. so the 38500 may become 40 something in a couple of years or even next year.
    anyhowwww, if you can manage to get in at this point and arrange for all this money, its good, give it a shot. but i would not apply next year if tuition goes up more than euro 40k, its just too big an investment (for me alleast).
    btw even if cork accepts me i will decline, i was stupid not to inquire abt LOCs from banks prior to application. theres no way i can get loans for these amounts.

    if Australia (thats US$ 40k/year) doesn't work for me, im set for the Caribbean, and that too not the most expensive one(sgu)..prolly ross or saba.. if it all comes down to how hard you work,i'd want to pay less and work more(considering i ain't richie rich).
    im sorry if i sidetracked from ur Q lol. my mind wanders around
    for numbers sake, the interest(@6%) for 340 000 comes to 20,400 pa. thats what u gotta pay on the amount you borrowed at graduation (assuming you made all ongoing interest payments by working like an *** during summers). I think in PGY1 base salary is 43 or 45 thousand...plus benefits, but wth thats still around 40 % of ur salary going towards INTEREST!!!
    i wishhhh..the lenders become more giving and interest rates fall...but if im wishing for THAT i mite as well wish for a 100 billion dollars and a personal genie:rolleyes:...it jus aint happening;);)
  4. student.ie

    student.ie Senior Member
    15+ Year Member

    Jan 21, 2003
    Likes Received:
    Attending Physician
    If you borrow $400,000 and defer during residency, you'll end up with $500000 after interest before you even start paying and you'll be paying $3000 per month for 30 years assuming 6% interest. If you have an average Dr. salary your take home pay after taxes and loan repayment is equivalent to someone making less than $100,000 per year without loans to repay, and you are starting to make that money 7-12 years later! (med school plus residency). It's like making $50000 less per year at current tax rates or worse if taxes go up (Obama style). Financially it does not make sense to go to medical schools that are so expensive unless you go into a specialty making well above average. Good luck with that for anyone, especially an FMG, since higher paying specialties also tend to be more competitive. Really good luck. :luck:
  5. Arb

    Arb Senior Member
    7+ Year Member

    Aug 30, 2004
    Likes Received:
    You'll get that back with your taxes...if you're Canadian. It is still a lot to pay back but if you can't live off $100K a year after making your loan payments, there's something wrong.
  6. jnuts

    10+ Year Member

    Jun 12, 2007
    Likes Received:
    Resident [Any Field]
    My decision was based on the options open to me considering my interests.

    1) Go to RCSI - costs above well described

    2) -Stay in research and buy a ****ty place in Toronto (home) -> almost as much debt, with a pay scale that wasn't liveable anyway.
    -Start the the PhD and maybe try for medicine later (way too much uncertainty when i'd been offered med)

    Option 2 means just as much debt on a barely livable minimum wage with really crap employment options afterwards.

    I'll take option #1 thanks.

    Money is a shorthand for trade offs, the real question you should be asking is how the debtload will change your life. What exactly are you giving up/ gaining by makng one decision over the other.

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