Aug 25, 2017
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hi, I am an undergrad pre med student. I would like to stay in state if possible. There are two MD and two DO schools in my state. I was wondering, about the DO schools, what debt is like after graduation and residency and getting a career. They are more expensive than the MD schools here. Looks to me like 300,000-400,000 of debt. Any info or insight on being a doctor with this much debt and what that's like is greatly appreciated!
 

edgerock24

5+ Year Member
Jul 28, 2012
999
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Medical Student
Part of the process unfortunately.

Another reason why LECOM should really be considered by a lot of applicants.
 
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thepoopologist

Ph.D in Clinical Meconium
10+ Year Member
Oct 24, 2009
3,585
755
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Attending Physician
I graduated with $380,000 of debt. This ballooned to $470,000 by the time residency finished 4 years later.

I'm doing IBR, but without it if I was on a standard 10 year repayment plan, the payments would be about 1/3 of my take home pay

Does it suck? Yes. Am I going to be in the poorhouse because of it? No. A house, car, family, vacations, etc are still all possible. I would've gone to a cheaper school if I had been accepted to one

I think the take home point is after you start, you absolutely have to get out early (within 1-2 semesters) if its not for you. Otherwise you have no choice but to succeed.
 

SLU Student

2+ Year Member
Apr 11, 2017
283
210
Status
Pre-Medical
You must be comparing your IS tuition at your MD schools with a private D.O. institution's tuition. Obviously, the latter will be much more expensive.

If you do succeed, the amount of debt will be manageable at the end. Just worry on getting in at this point, but obviously choose the cheaper school if you have the opportunity to.
 
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djtallahassee

2+ Year Member
Mar 8, 2017
454
340
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Pre-Medical
I graduated with $380,000 of debt. This ballooned to $470,000 by the time residency finished 4 years later.

I'm doing IBR, but without it if I was on a standard 10 year repayment plan, the payments would be about 1/3 of my take home pay

Does it suck? Yes. Am I going to be in the poorhouse because of it? No. A house, car, family, vacations, etc are still all possible. I would've gone to a cheaper school if I had been accepted to one

I think the take home point is after you start, you absolutely have to get out early (within 1-2 semesters) if its not for you. Otherwise you have no choice but to succeed.
Finishing with 380, what was the tuition of your school ?


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Jul 11, 2017
21
19
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Pre-Medical
Check out the Armed Forces Health Professions Scholarship Program. The military will pay for all of your tuition, no matter the cost AND they give you a stipend while in school. After residency you only owe 4 years of service. Can't beat it!
 
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GypsyHummus

7+ Year Member
Jun 12, 2011
4,280
2,637
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Pre-Health (Field Undecided)
My God.

Tho a 4 year residency should yield a high paying specialty. If your pulling in 250k, ur still bringing home like what, 160-170?

You could pay that off faster if you lived on 30k/year and paid the rest to debt.
I graduated with $380,000 of debt. This ballooned to $470,000 by the time residency finished 4 years later.

I'm doing IBR, but without it if I was on a standard 10 year repayment plan, the payments would be about 1/3 of my take home pay

Does it suck? Yes. Am I going to be in the poorhouse because of it? No. A house, car, family, vacations, etc are still all possible. I would've gone to a cheaper school if I had been accepted to one

I think the take home point is after you start, you absolutely have to get out early (within 1-2 semesters) if its not for you. Otherwise you have no choice but to succeed.
 

Xavieous

2+ Year Member
Mar 7, 2017
68
79
Status
Medical Student (Accepted)
Look up white coat investor if you are worried about all this, he posts alot here about finances pre/during/and post medical school. I've read his book (a very good read) and the debt is manageable with multiple avenues to get rid of it post school.
 

thepoopologist

Ph.D in Clinical Meconium
10+ Year Member
Oct 24, 2009
3,585
755
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Attending Physician
For the sake of talking it out for myself,

1. I have a high income in a high tax bracket. The question is: How can I get my adjusted gross income down?
My answer right now is: buy a house

2. I have significant student loans at 7%, currently on IBR. Options I have considered:
a. Live like a pauper until I pay it off
b. I work 4 days/week. If I work 5 days/week, I can add $5,000 take home/month and use that to pay off my loans. But then how does it affect IBR next year?
c. I have 4 out of 10 years for PSLF in the bag. Should I do IBR and hope PSLF works out in a couple years? Should I go the other way and put no faith in PSLF and refinance at 4% to lower my payments?
d. Some combination of the above.

The bottom line is, I'm not averse to debt and at this point I'm not willing to sacrifice any more years of my youth to living like garbage - which I've done for 8 years - so I can be "debt free."I also have a government pension that by itself, if I screw up everything else, will pay me $80-90k/year forever when I retire at 65 so that factors into the equation (as of now, unless I for some reason switch jobs in the future)
 
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GypsyHummus

7+ Year Member
Jun 12, 2011
4,280
2,637
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Pre-Health (Field Undecided)
You gotta do u boo, but I'd be wary of those government programs. They are not soluble.


For the sake of talking it out for myself,

1. I have a high income in a high tax bracket. The question is: How can I get my adjusted gross income down?
My answer right now is: buy a house

2. I have significant student loans at 7%, currently on IBR. Options I have considered:
a. Live like a pauper until I pay it off
b. I work 4 days/week. If I work 5 days/week, I can add $5,000 take home/month and use that to pay off my loans. But then how does it affect IBR next year?
c. I have 4 out of 10 years for PSLF in the bag. Should I do IBR and hope PSLF works out in a couple years? Should I go the other way and put no faith in PSLF and refinance at 4% to lower my payments?
d. Some combination of the above.

The bottom line is, I'm not averse to debt and at this point I'm not willing to sacrifice any more years of my youth to living like garbage - which I've done for 8 years - so I can be "debt free."I also have a government pension that by itself, if I screw up everything else, will pay me $80-90k/year forever when I retire at 65 so that factors into the equation (as of now, unless I for some reason switch jobs in the future)
 

Xavieous

2+ Year Member
Mar 7, 2017
68
79
Status
Medical Student (Accepted)
From what I've been reading from the guru (whitecoatinvestor) it is personal and depends on your goals but the bottom line is getting all your high interest loans paid off in descending order, then taking a serious look at the student loan's 7% a year. From what I've been reading I think you will probably be safe for the PSLF, although the risk (in my ignorant opinion) is there that they will reduce how much forgiveness occurs at the end of the 10 year period (to something closer say to $60k). Which is still decent and worth it to many. the only problem I see and you've obviously expressed is the peace of mind, which each person sees how valuable that is.

Me and my ladies goal once this is all over is to live like paupers for 4-5 years on around 40k take home which is better than we are doing now and burning up the student debt that I am accruing daily. But, to each their own.
 
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Medic741

2+ Year Member
Jan 18, 2017
1,062
1,520
Status
Medical Student
HPSP scholarship if you're interested in serving. 20k signing, comfortable living stipend, AD time over summers, good pay during residency + 30 days paid vacation as a resident aint bad. Plus, guaranteed PGY1 & you hit AD as a captain.

But really, check out MedScape for average salaries and you'll realize -- the debt just doesn't matter, esp if you manage the debt well & are on the hunt for loan restructuring programs. They're out there!
 
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Tyrone.

Y'all got any more of them acceptance letters?
2+ Year Member
Nov 25, 2016
181
98
Neverland Ranch
Status
Pre-Medical
When I read stuff like this I wonder if it's worth it to enter med school at 32, graduate around 36, residency until around 40, and then practice for... 30 years? I don't want to live like crap after giving up that much of my younger years to schooling and most of my life living like a student. Yes, I am in this because I want to be a physician and treat patients and change lives, but I also would be lying if I said the money wasn't a plus.
 
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Xavieous

2+ Year Member
Mar 7, 2017
68
79
Status
Medical Student (Accepted)
When I read stuff like this I wonder if it's worth it to enter med school at 32, graduate around 36, residency until around 40, and then practice for... 30 years? I don't want to live like crap after giving up that much of my younger years to schooling and most of my life living like a student. Yes, I am in this because I want to be a physician and treat patients and change lives, but I also would be lying if I said the money wasn't a plus.
I've worked many different jobs over the 15 years before medical school began and I realized something during that time: You gonna work hard no matter wat ya' do. I used to work 60 hours a week after graduate school, and that was making fine money. But, I still had to work it and the hours weren't gonna get any better as time went on and raises/promotions/upward career paths opened up. Ultimately, we all are gonna work 45+ hours a week (except for the lucky few lottery winners, winning stock pickers, and business genius's) so why worry about how much you make at the end of medical school and how that translates? Your income as a physician compensates well for the time investment you put into it, compared to if you didn't go to school. BUT, it's not gonna be the riches many tote it to be (unless once again you are the lucky few plastic surgeons, ortho surgeons, dermatologists...etc). So, instead, pick it for other reasons and assume the income will equal the investment.

Just my two cents and what I've come to realize as I get older (I'm coming up on 29 pretty quick and just started school).
 
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