Debt

[Dr2618]

Is $300k in debt financially doable as a DO graduate?

I have no debt from undergrad, will be attending OU-HCOM, but I will be living in a pretty expensive city (Cleveland- hoping the opportunities there will make up for it).

I have never thought of being anything other than a doctor, however, this much debt terrifies me.

Thoughts and/or opinions?

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[AnatomyGrey12]

Is $300k in debt financially doable as a DO graduate?

I have no debt from undergrad, will be attending OU-HCOM, but I will be living in a pretty expensive city (Cleveland- hoping the opportunities there will make up for it).

I have never thought of being anything other than a doctor, however, this much debt terrifies me.

Thoughts and/or opinions?

Welcome to the club.

 

[GypsyHummus]

Considering the lowest paid specialties (Fam med, general internal) still gross around 200-220K, which is about 130-140K take home, it is entirely feasible. You wont be able to buy all the luxery stuff the docs you shadowed were able to buy, and you might not be able to invest right away, but you could be debt free in 5 years if you really wanted to.

Its not unheard of for Primary care docs to make 500K+. You will either 1) be working long hours or 2) hire midlevels to work for you/ be a partner in a private practice.

Surgical specialties make bank, you'll be fine if you choose that route.

 

[Butters Stotch]

Lol you wildin thinking about debt this deep into the process

 

[mc_bio19]

If you're smart about your financial decisions and paying off your debt once you're in residency (and especially once you're an attending), you should be able to manage the debt just fine. You should also be able to get it paid off within 5-10 years if you really want to, but it will require financial discipline.

 

[cliquesh]

If you're smart about your financial decisions and paying off your debt once you're in residency (and especially once you're an attending), you should be able to manage the debt just fine. You should also be able to get it paid off within 5-10 years if you really want to, but it will require financial discipline.

It's not really realistic to pay much off as a resident, especially considering how much it will affect your lifestyle during a pretty grueling time in your life.

 

[Dagrimsta1]

https://studentloanhero.com/featured/repaye-revised-pay-as-you-earn-program-guide/

Do something like this
Or deny they exist
Works for me...

 

[Gulr]

@Dr2618 Congrats on OHHCOM Cle, Thats where I'm aiming to be in a year as well! That being said, The campus is like 20-25 mins outside the city of Cleveland and theres tons of affordable areas where you can commute to campus from without paying an arm and a leg! Also, compared to a lot of other cities/locations I feel as though Cle is super inexpensive and you can get a lot of value for your money here. Just me though! I'm from the area so feel free to pm me if you have any questions

 

[mc_bio19]

It's not really realistic to pay much off as a resident, especially considering how much it will affect your lifestyle during a pretty grueling time in your life.

I also don't think it's realistic to pay off a lot during residency either (and apologies if it came off that way). It's honestly a balance and it starts with paying what you can afford in residency and then really tackling it once you become an attending. For those wanting to pay off their debt as quickly as possible, they may have to sacrifice more of their attending pay (i.e. live close to the resident pay lifestyle for longer), but the reward is being debt-free sooner. There are many ways to tackle the debt, some smarter and faster, others.. well you get the point.

 

[gensurghopeful]

I'll be 200K in debt + whatever interest is. When I posted about it, I was chewed out by people saying it was nothing compared to others. We'll be docs making 200K min. We'll be fine.

 

[IntheClouds4ever]

Signing with a hospital system like UHS in 2nd year of residency = $50K (~$2k/month)
Sign on bonus for a particular hospital = $20K
Base salary for Family Med at rural hospital = $250K
Rvu incentives, MIPS/HCAP incentives = $35K+ And more as practice grows..

If you can’t pay off 300K as a Family Medicine doc, you are horrible with money (or just lazy; working 3 days a week or seeing only 15 patients a day)